Text: HF00402 Text: HF00404 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 97B.48A, subsection 1, Code 1995, is 1 2 amended to read as follows: 1 3 1. If, after the first day of the month in which the 1 4 member attains the age of fifty-five years and until the 1 5 member's sixty-fifth birthday, a member who has a bona fide 1 6 retirement under this chapter is in regular full-time 1 7 employment during a calendar year, the member's retirement 1 8 allowance shall be suspended for as long as the member remains 1 9 in employment for the remainder of that calendar year. 1 10 However, effective January 1,19921995, employment is not 1 11 full-time employment until the member receives remuneration in 1 12 an amount in excess ofseven thousand four hundred forty1 13dollars for a calendar yearthe amount exempt from the annual 1 14 earnings test for recipients of federal social security 1 15 benefits pursuant to 42 U.S.C. } 403b and regulations 1 16 implementing that section. Effective the first of the month 1 17 in which a member attains the age of sixty-five years, a 1 18 retired member may receive a retirement allowance after return 1 19 to covered employment regardless of the amount of remuneration 1 20 received. 1 21 Sec. 2. EFFECTIVE AND RETROACTIVE APPLICABILITY DATES. 1 22 This Act, being deemed of immediate importance, takes effect 1 23 upon enactment and applies retroactively to January 1, 1995, 1 24 for earnings on and after that date. 1 25 EXPLANATION 1 26 This bill ties the maximum amount for earnings for members 1 27 of the Iowa public employees' retirement system who retire 1 28 between the ages of 55 and 65 to the amount exempt from the 1 29 annual earnings test under federal social security. The 1 30 amount under the present law under the Iowa public employees' 1 31 retirement system is $7,440 and the amount exempt from the 1 32 annual earnings test for social security is $8,160. 1 33 LSB 2433HH 76 1 34 rj/jj/8
Text: HF00402 Text: HF00404 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
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