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House Amendment 6034

Amendment Text

PAG LIN
  1  1    Amend the amendment, H-5515, to Senate File 2245,
  1  2 as amended, passed, and reprinted by the Senate, as
  1  3 follows:
  1  4    #1.  Page 14, line 3, by striking the words
  1  5 "paragraph "e"" and inserting the following:
  1  6 "paragraphs "e" and "f"".
  1  7    #2.  Page 14, line 42, by striking the words
  1  8 "paragraph "e"" and inserting the following:
  1  9 "paragraphs "e" and "f"".
  1 10    #3.  Page 16, by inserting after line 41 the
  1 11 following:
  1 12    "Sec.    .  Section 97B.49, subsection 5, Code
  1 13 Supplement 1995, is amended by adding the following
  1 14 new paragraph:
  1 15    NEW PARAGRAPH.  f.  For each active or inactive
  1 16 vested member retiring on or after July 1, 1996, the
  1 17 percentage multiplier of the three-year average
  1 18 covered wage used under subsections 5, 15, 16, and 17
  1 19 to calculate the monthly retirement allowance shall be
  1 20 increased by one-fourth of one percentage point for
  1 21 each additional calendar quarter of membership service
  1 22 beyond the applicable years of service, not to exceed
  1 23 a total of five additional percentage points.  For
  1 24 purposes of this paragraph, "the applicable years of
  1 25 service" shall be the following, based upon the
  1 26 service retirement allowance selected:
  1 27    (1)  For members receiving a retirement allowance
  1 28 for regular service under subsection 5 or 15, or
  1 29 receiving a combined retirement allowance under
  1 30 subsection 17, the applicable years of service is
  1 31 thirty.
  1 32    (2)  For members receiving a retirement allowance
  1 33 for service in a protection occupation under
  1 34 subsection 16, paragraph "a", the applicable years of
  1 35 service is twenty-five.
  1 36    (3)  For members receiving a retirement allowance
  1 37 for service as a sheriff, deputy sheriff, or airport
  1 38 fire fighter under subsection 16, paragraph "b",
  1 39 subparagraph (1) or (2), the applicable years of
  1 40 service is twenty-two."
  1 41    #4.  By striking page 16, line 42, through page 18,
  1 42 line 2, and inserting the following:
  1 43    "Sec.    .  Section 97B.49, subsection 13, Code
  1 44 Supplement 1995, is amended to read as follows:
  1 45    13.  a.  A member who retired from the system
  1 46 between January 1, 1976, and June 30, 1982, or a
  1 47 contingent annuitant or beneficiary of such a member,
  1 48 shall receive with the November 1994 and the November
  1 49 1995 1996 monthly benefit payments payment a
  1 50 retirement dividend equal to one two hundred eighty-
  2  1 one twenty-three percent of the monthly benefit
  2  2 payment the member received for the preceding June, or
  2  3 the most recently received benefit payment, whichever
  2  4 is greater.  The retirement dividend does not affect
  2  5 the amount of a monthly benefit payment.
  2  6    b.  Each member who retired from the system between
  2  7 July 4, 1953, and December 31, 1975, or a contingent
  2  8 annuitant or beneficiary of such a member, shall
  2  9 receive with the November 1994 and the November 1995
  2 10 1996 monthly benefit payments payment a retirement
  2 11 dividend equal to two hundred thirty-six ninety-two
  2 12 percent of the monthly benefit payment the member
  2 13 received for the preceding June, or the most recently
  2 14 received benefit payment, whichever is greater.  The
  2 15 retirement dividend does not affect the amount of a
  2 16 monthly benefit payment.
  2 17    c.  Notwithstanding the determination of the amount
  2 18 of a retirement dividend under paragraph "a", "b",
  2 19 "d", or "f", or "g", a retirement dividend shall not
  2 20 be less than twenty-five dollars.
  2 21    d.  A member who retired from the system between
  2 22 July 1, 1982, and June 30, 1986, or a contingent
  2 23 annuitant or beneficiary of such a member, shall
  2 24 receive with the November 1994 and the November 1995
  2 25 1996 monthly benefit payments payment a retirement
  2 26 dividend equal to forty-nine seventy-four percent of
  2 27 the monthly benefit payment the member received for
  2 28 the preceding June, or the most recently received
  2 29 benefit payment, whichever is greater.  The retirement
  2 30 dividend does not affect the amount of a monthly
  2 31 benefit payment.
  2 32    e.  If the member dies on or after July 1 of the
  2 33 dividend year but before the payment date, the full
  2 34 amount of the retirement dividend for that year shall
  2 35 be paid to the designated beneficiary to the member's
  2 36 account, upon notification of the member's death.  If
  2 37 there is no beneficiary designated by the member, the
  2 38 department shall pay the dividend to the member's
  2 39 estate.  The beneficiary, or the representative of the
  2 40 member's estate, must apply for the dividend within
  2 41 two years after the dividend is payable or the
  2 42 dividend is forfeited.
  2 43    f.  A member who retired from the system between
  2 44 July 1, 1986, and June 30, 1990, or a contingent
  2 45 annuitant or beneficiary of such a member, shall
  2 46 receive with the November 1996 and the November 1997
  2 47 monthly benefit payments payment a retirement dividend
  2 48 in an amount determined by the general assembly equal
  2 49 to twenty-four percent of the monthly benefit payment
  2 50 the member received for the preceding June, or the
  3  1 most recently received benefit payment, whichever is
  3  2 greater.  The retirement dividend does not affect the
  3  3 amount of a monthly benefit payment.
  3  4    Sec.    .  Section 97B.49, subsection 13, Code
  3  5 Supplement 1995, is amended by adding the following
  3  6 new paragraph:
  3  7    NEW PARAGRAPH.  g.  Effective July 1, 1997,
  3  8 commencing with dividends payable in November 1997,
  3  9 and for each subsequent year, all members who retired
  3 10 prior to July 1, 1990, shall be eligible for annual
  3 11 dividend payments, payable in November of that year,
  3 12 pursuant to the requirements of this paragraph.  The
  3 13 dividend payable in any given year shall be the sum of
  3 14 the dollar amount of the dividend payable in the
  3 15 previous November and the dividend adjustment.
  3 16    The dividend adjustment for a given year shall be
  3 17 calculated by multiplying the total of the retiree's
  3 18 monthly benefit payments and the dividend payable to
  3 19 the retiree in the previous calendar year by the
  3 20 applicable percentage as determined by this paragraph.
  3 21 The applicable percentage shall be the least of the
  3 22 following percentages:
  3 23    (1)  The percentage representing eighty percent of
  3 24 the percentage increase in the consumer price index
  3 25 published in the federal register by the federal
  3 26 department of labor, bureau of labor statistics, that
  3 27 reflects the percentage increase in the consumer price
  3 28 index for the twelve-month period ending June 30 of
  3 29 the year that the dividend is to be paid.
  3 30    (2)  The percentage representing the percentage
  3 31 amount the actuary has certified, in the annual
  3 32 actuarial valuation of the system as of June 30 of the
  3 33 year in which the dividend is to be paid, that the
  3 34 fund can absorb without requiring an increase in the
  3 35 employer and employee contributions to the fund.
  3 36    (3)  Three percent.
  3 37    The dividend determined pursuant to this paragraph
  3 38 shall not be used to increase the monthly benefit
  3 39 amount payable."
  3 40    #5.  Page 18, by inserting before line 3 the
  3 41 following:
  3 42    "Sec.    .  Section 97B.49, subsection 15,
  3 43 paragraph b, Code Supplement 1995, is amended to read
  3 44 as follows:
  3 45    b.  For each active or inactive vested member
  3 46 retiring on or after July 1, 1990, and before July 1,
  3 47 1996, who is at least fifty-five years of age and for
  3 48 which the sum of the number of years of membership
  3 49 service and prior service and the member's age in
  3 50 years as of the member's last birthday equals or
  4  1 exceeds ninety-two, a monthly benefit shall be
  4  2 computed which is equal to one-twelfth of the same
  4  3 percentage of the three-year average covered wage of
  4  4 the member as is provided in subsection 5.
  4  5    Sec.    .  Section 97B.49, subsection 15, Code
  4  6 Supplement 1995, is amended by adding the following
  4  7 new paragraphs:
  4  8    NEW PARAGRAPH.  c.  For each active or inactive
  4  9 vested member retiring on or after July 1, 1996, and
  4 10 before the implementation date provided in paragraph
  4 11 "d", subparagraph (2), who is at least fifty-five
  4 12 years of age and for which the sum of the number of
  4 13 years of membership service and prior service and the
  4 14 member's age in years as of the member's last birthday
  4 15 equals or exceeds ninety, a monthly benefit shall be
  4 16 computed which is equal to one-twelfth of the same
  4 17 percentage of the three-year average covered wage of
  4 18 the member as is provided in subsection 5, multiplied
  4 19 by a fraction of years of service as is provided in
  4 20 subsection 5.
  4 21    NEW PARAGRAPH.  d.  (1)  For each active or
  4 22 inactive vested member retiring on or after the
  4 23 implementation date provided in subparagraph (2), who
  4 24 is at least fifty-five years of age and for which the
  4 25 sum of the number of years of membership service and
  4 26 prior service and the member's age in years as of the
  4 27 member's last birthday equals or exceeds eighty-eight,
  4 28 a monthly benefit shall be computed which is equal to
  4 29 one-twelfth of the same percentage of the three-year
  4 30 average covered wage of the member as is provided in
  4 31 subsection 5, multiplied by a fraction of years of
  4 32 service as is provided in subsection 5.
  4 33    (2)  The department shall implement this paragraph
  4 34 on July 1, 1997, or on the date that the department
  4 35 determines that the most recent annual actuarial
  4 36 valuation of the system indicates that the employer
  4 37 and employee contribution rates in effect under
  4 38 section 97B.11 can absorb the costs of this paragraph,
  4 39 whichever is later.  However, until this paragraph is
  4 40 implemented, the department shall not pay a dividend
  4 41 adjustment pursuant to subsection 13, paragraph "g"."
  4 42    #6.  Page 19, line 39, by inserting after the
  4 43 letter "c." the following:  "(1)".
  4 44    #7.  Page 19, by inserting after line 46 the
  4 45 following:
  4 46    "(2)  In calculating the combined monthly
  4 47 retirement allowance pursuant to paragraph "a", and in
  4 48 determining the applicable percentage multiplier
  4 49 established in subsection 5, the member shall be
  4 50 entitled to an addition in the percentage multiplier
  5  1 in accordance with subsection 5, paragraph "f", only
  5  2 for those years of service in excess of thirty years.
  5  3 Any addition in the percentage multiplier shall be
  5  4 included in the calculations required under paragraph
  5  5 "a", subparagraphs (1), (2), and (3) of this
  5  6 subsection."
  5  7    #8.  Page 35, by inserting after line 40 the
  5  8 following:
  5  9    "Sec.    .  STUDY OF PROPOSALS CONCERNING
  5 10 CONTRIBUTION RATES – IOWA PUBLIC EMPLOYEES'
  5 11 RETIREMENT SYSTEM – REPORT.  The Iowa public
  5 12 employees' retirement system division, in consultation
  5 13 with the public retirement systems committee
  5 14 established in section 97D.4, shall study proposals
  5 15 concerning various options for establishing equitable
  5 16 contribution rates for both employers and employees
  5 17 covered by the Iowa public employees' retirement
  5 18 system.  In conducting the study, the division shall
  5 19 consider a proposal to provide that the employee and
  5 20 employer contribution rate be equal.  On or before
  5 21 September 1, 1997, the Iowa public employees'
  5 22 retirement system division shall file a report with
  5 23 the legislative service bureau, for distribution to
  5 24 the public retirement systems committee, which
  5 25 contains the results of the study and any proposal, or
  5 26 proposals, for establishing employer and employee
  5 27 contribution rates.  The report shall also contain
  5 28 actuarial information concerning the costs of the
  5 29 proposal or proposals.
  5 30    Sec.    .  STUDY OF PROPOSALS REGARDING DISABILITY
  5 31 RETIREMENT BENEFITS – IOWA PUBLIC EMPLOYEES'
  5 32 RETIREMENT SYSTEM – REPORT.  The Iowa public
  5 33 employees' retirement system division, in consultation
  5 34 with the public retirement systems committee
  5 35 established in section 97D.4, shall study proposals
  5 36 concerning various options for establishing disability
  5 37 retirement benefits for employees, or certain
  5 38 employees, covered by the Iowa public employees'
  5 39 retirement system.  In conducting the study, the
  5 40 division shall consider a proposal to provide
  5 41 disability retirement benefits for sheriffs, deputy
  5 42 sheriffs, airport fire fighters, or members of a
  5 43 protection occupation in a manner similar to the
  5 44 disability retirement benefits provided under chapters
  5 45 97A and 411.  On or before September 1, 1997, the Iowa
  5 46 public employees' retirement system division shall
  5 47 file a report with the legislative service bureau, for
  5 48 distribution to the public retirement systems
  5 49 committee, which contains the results of the study and
  5 50 any proposal, or proposals, for establishing
  6  1 disability retirement benefits.  The report shall also
  6  2 contain actuarial information concerning the costs of
  6  3 the proposal or proposals.
  6  4    Sec.    .  STUDY OF PROPOSALS CONCERNING INCLUSION
  6  5 OF MEMBERS IN A PROTECTION OCCUPATION – IOWA PUBLIC
  6  6 EMPLOYEES' RETIREMENT SYSTEM – REPORT.  The Iowa
  6  7 public employees' retirement system division, in
  6  8 consultation with the public retirement systems
  6  9 committee established in section 97D.4, shall study
  6 10 proposals concerning various options for determining
  6 11 additional occupations of members who should be
  6 12 eligible for inclusion as members in a protection
  6 13 occupation as provided in section 97B.49, subsection
  6 14 16, paragraph "d".  On or before September 1, 1997,
  6 15 the Iowa public employees' retirement system division
  6 16 shall file a report with the legislative service
  6 17 bureau, for distribution to the public retirement
  6 18 systems committee, which contains the results of the
  6 19 study and any proposal, or proposals, for establishing
  6 20 which occupations should qualify for inclusion in a
  6 21 protection occupation.  The report shall also contain
  6 22 actuarial information concerning the costs of the
  6 23 proposal or proposals.
  6 24    Sec.    .  STUDY CONCERNING ORGANIZATIONAL
  6 25 STRUCTURE OF THE IOWA PUBLIC EMPLOYEES' RETIREMENT
  6 26 SYSTEM.  The public retirement systems committee
  6 27 established in section 97D.4 shall study the
  6 28 feasibility of changing the organizational structure
  6 29 and governance of the Iowa public employees'
  6 30 retirement system.  The committee shall consider the
  6 31 recommendations of the Buck Consultants Inc. report
  6 32 submitted to the Iowa public employees' retirement
  6 33 system in 1995, the Iowa public employees' retirement
  6 34 system division, and the department of personnel.  The
  6 35 public retirement systems committee shall submit a
  6 36 report to the general assembly on or before January
  6 37 31, 1998, containing its findings and
  6 38 recommendations."
  6 39    #9.  By renumbering as necessary.  
  6 40 
  6 41 
  6 42                               
  6 43 MARTIN of Scott
  6 44 
  6 45 
  6 46                               
  6 47 JACOBS of Polk
  6 48 
  6 49 
  6 50                               
  7  1 GIPP of Winneshiek
  7  2 SF 2245.322 76
  7  3 ec/cf
     

Text: H06033                            Text: H06035
Text: H06000 - H06099                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index

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