Text: HF00381 Text: HF00383 Text: HF00300 - HF00399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 97A.6, subsection 1, paragraph a, Code 1 2 1995, is amended to read as follows: 1 3 a. Any member in service may retire upon the member's 1 4 written application to the board of trustees, setting forth at 1 5 what time, not less than thirty nor more than ninety days 1 6 subsequent to the execution and filing therefor, the member 1 7 desires to be retired, provided, that the said member at the 1 8 time so specified for retirement shall have attained the age 1 9 of fifty-five and shall have completed twenty-two years or 1 10 more of creditable service, and notwithstanding that, during 1 11 such period of notification, the member may have separated 1 12 from the service. However, a member may retire at fifty years 1 13 of age and receive a reduced retirement allowance pursuant to 1 14 subsection 2A. 1 15 Sec. 2. Section 97A.6, subsection 14, paragraph d, Code 1 16 1995, is amended to read as follows: 1 17 d. A retired member eligible for benefits under the 1 18 provisions of subsection 1 is not eligible for the annual 1 19 readjustment of pensions provided in this subsection unless 1 20 the member served twenty-two years and attained the age of 1 21 fifty-five years, or fifty years as provided in subsection 2A, 1 22 prior to the member's termination of employment. 1 23 Sec. 3. Section 97A.6, Code 1995, is amended by adding the 1 24 following new subsection: 1 25 NEW SUBSECTION. 2A. EARLY RETIREMENT BENEFITS. 1 26 Notwithstanding the calculation of retirement benefits under 1 27 subsection 2, a member who has completed twenty-two years or 1 28 more of creditable service and is at least fifty years of age, 1 29 but less than fifty-five years of age, who has otherwise 1 30 completed the requirements for retirement under subsection 1 1 31 may retire and receive a reduced service retirement allowance 1 32 pursuant to this subsection. The amount of the member's 1 33 service retirement allowance under this subsection shall be 1 34 calculated pursuant to subsection 2 after reducing the percent 1 35 of the average final compensation determined under subsection 2 1 2 by one percent for each year the member is retiring prior to 2 2 attaining fifty-five years of age. 2 3 Sec. 4. Section 411.6, subsection 1, paragraph a, Code 2 4 1995, is amended to read as follows: 2 5 a. Any member in service may retire upon written 2 6 application to the system, setting forth at what time, not 2 7 less than thirty nor more than ninety days subsequent to the 2 8 execution and filing of the application, the member desires to 2 9 be retired. However, the member at the time specified for 2 10 retirement shall have attained the age of fifty-five and shall 2 11 have served twenty-two years or more, and notwithstanding 2 12 that, during the period of notification, the member may have 2 13 separated from the service. However, a member may retire at 2 14 fifty years of age and receive a reduced retirement allowance 2 15 pursuant to subsection 2A. 2 16 Sec. 5. Section 411.6, subsection 12, paragraph d, Code 2 17 1995, is amended to read as follows: 2 18 d. A retired member eligible for benefits under subsection 2 19 1 of this section is not eligible for the readjustment of 2 20 pensions provided in this subsection unless the member served 2 21 twenty-two years and attained the age of fifty-five years, or 2 22 fifty years as provided in subsection 2A, prior to the 2 23 member's termination of employment. 2 24 Sec. 6. Section 411.6, Code 1995, is amended by adding the 2 25 following new subsection: 2 26 NEW SUBSECTION. 2A. EARLY RETIREMENT BENEFITS. 2 27 Notwithstanding the calculation of retirement benefits under 2 28 subsection 2, a member who has completed twenty-two years or 2 29 more of creditable service and is at least fifty years of age, 2 30 but less than fifty-five years of age, who has otherwise 2 31 completed the requirements for retirement under subsection 1 2 32 may retire and receive a reduced service retirement allowance 2 33 pursuant to this subsection. The amount of the member's 2 34 service retirement allowance under this subsection shall be 2 35 calculated pursuant to subsection 2 after reducing the percent 3 1 of the average final compensation determined under subsection 3 2 2 by one percent for each year the member is retiring prior to 3 3 attaining fifty-five years of age. 3 4 Sec. 7. Section 411.6A, subsections 1, 2, and 3, Code 3 5 1995, are amended to read as follows: 3 6 1. In lieu of the payment of a service retirement 3 7 allowance under section 411.6, subsection 2 or 2A, and the 3 8 payment of a pension to the spouse of a deceased pensioned 3 9 member under section 411.6, subsection 11, a member may select 3 10 an option provided under this section. The board of trustees 3 11 shall adopt rules under section 411.5, subsection 3, providing 3 12 the optional forms of payment that may be selected by the 3 13 member. The optional forms of payment may provide adjustments 3 14 to the amount of the retirement allowance paid to the member, 3 15 may alter the pension amount and period of payment to the 3 16 member's spouse after the death of the member, and may provide 3 17 for payments to a designated recipient other than the member's 3 18 spouse for a designated period of time or an unlimited period 3 19 of time. 3 20 2. Prior to the member's retirement and as a part of the 3 21 application for a service retirement allowance, the member 3 22 shall elect, in writing, either the benefits provided under 3 23 section 411.6,subsectionssubsection 2 or 2A and subsection 3 24 11, or one of the optional forms adopted by the board of 3 25 trustees. If the member is married at the time of application 3 26 and the member elects an optional form, the member's spouse 3 27 must consent in writing to the optional form selected and to 3 28 the receipt of payments to a designated recipient, if 3 29 applicable. Upon acceptance by a member of an initial 3 30 retirement benefit paid in accordance with the election under 3 31 this section, the election of the member is irrevocable. 3 32 3. The optional forms of payment determined by the board 3 33 of trustees under this section, shall be the actuarial 3 34 equivalent of the amount of retirement benefits payable to the 3 35 member and the member's spouse pursuant to section 411.6, 4 1subsectionssubsection 2 or 2A and subsection 11. The 4 2 actuarial equivalent shall be based upon the actuarial 4 3 assumptions adopted for this purpose pursuant to section 4 4 411.5. Election of an optional form adopted by the board of 4 5 trustees shall not affect the benefits, if any, payable to the 4 6 member's child or children pursuant to section 411.6, 4 7 subsection 11. 4 8 Sec. 8. EFFECTIVE AND APPLICABILITY DATE PROVISIONS. This 4 9 Act takes effect July 1, 1995, and applies to members of the 4 10 retirement systems established in chapters 97A and 411 who 4 11 retire on or after July 1, 1995. 4 12 EXPLANATION 4 13 This bill provides that members of the peace officers' 4 14 retirement, accident, and disability system and members of the 4 15 statewide police and fire retirement system who have at least 4 16 22 years of creditable service under their respective systems 4 17 may retire at 50 years of age rather than at the present 55 4 18 years of age. However, the percent of the member's average 4 19 annual compensation used to calculate the benefits is reduced 4 20 by 1 percent for each year the member retires prior to 4 21 attaining 55 years of age. 4 22 The bill takes effect July 1, 1995, and applies to members 4 23 retiring on or after that date. 4 24 The bill may include a state mandate as defined in section 4 25 25B.3. However, under section 25B.2, public employee 4 26 retirement systems are excluded from provisions concerning 4 27 state appropriations to fund a mandate. 4 28 LSB 1964YH 76 4 29 rj/sc/14
Text: HF00381 Text: HF00383 Text: HF00300 - HF00399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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