Text: HF00311 Text: HF00313 Text: HF00300 - HF00399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 97B.42, unnumbered paragraph 6, Code 1 2 1995, is amended to read as follows: 1 3 Notwithstanding any other provision of this section, 1 4 commencing July 1, 1994, a member who is employed by a 1 5 community college may elect coverage under an alternative 1 6 retirement benefits system, which is issued by or through a 1 7 nonprofit corporation issuing retirement annuities exclusively 1 8 to educational institutions and their employees, in lieu of 1 9 continuing or commencing contributions to the Iowa public 1 10 employees' retirement system, if the board of directors of the 1 11 community college has approved the alternative system pursuant 1 12 to section 260C.14. However, the employer's annual 1 13 contribution in dollars to the alternative retirement benefits 1 14 system shall not exceed the annual contribution in dollars 1 15 which the employer would contribute if the employee had 1 16 elected to remain an active member under this chapter, as set 1 17 forth in section 97B.11. A member employed by a community 1 18 college who elects coverage under an alternative retirement 1 19 benefits system may withdraw the member's accumulated 1 20 contributions effective when coverage under the alternative 1 21 benefits system commences. A member who is employed by a 1 22 community college prior to July 1, 1994, must file an election 1 23 for coverage under the alternative retirement benefits system 1 24 with the department and the employing community college within 1 25eighteen monthstwo years of the first day on which coverage 1 26 commences under the community college's alternative retirement 1 27 benefits system, or the employee shall remain a member under 1 28 this chapter and shall not be eligible to elect to participate 1 29 in that community college's alternative retirement benefits 1 30 system at a later date. Employees of a community college 1 31 hired on or after July 1, 1994, must file an election for 1 32 coverage under the alternative retirement benefits system with 1 33 the department and the employing community college within 1 34 sixty days of commencing employment, or the employee shall 1 35 remain a member under this chapter and shall not be eligible 2 1 to elect to participate in that community college's 2 2 alternative retirement benefits system at a later date. The 2 3 department shall cooperate with the boards of directors of the 2 4 community colleges to facilitate the implementation of this 2 5 provision. 2 6 EXPLANATION 2 7 This bill extends from 18 months to two years the period 2 8 during which an individual who commenced employment with a 2 9 community college prior to July 1, 1994, may file an election 2 10 so that the employee is covered under an alternative re- 2 11 tirement benefits system rather than the Iowa public 2 12 employees' retirement system. The election must be filed with 2 13 both the department of personnel and the community college. 2 14 LSB 2387HH 76 2 15 rj/jw/5
Text: HF00311 Text: HF00313 Text: HF00300 - HF00399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
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