Text: HSB00681 Text: HSB00683 Text: HSB00600 - HSB00699 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 97B.41, Code Supplement 1995, is 1 2 amended by adding the following new subsections: 1 3 NEW SUBSECTION. 13A. "Regular service" means service for 1 4 an employer other than special service. 1 5 NEW SUBSECTION. 16A. "Special service" means service for 1 6 an employer while employed in a protection occupation as 1 7 provided in section 97B.49, subsection 16, paragraph "a", or 1 8 as a county sheriff, deputy sheriff, or airport fire fighter 1 9 as provided in section 97B.49, subsection 16, paragraph "b". 1 10 Sec. 2. Section 97B.41, subsection 20, paragraph b, 1 11 subparagraph (11), unnumbered paragraph 3, Code Supplement 1 12 1995, is amended to read as follows: 1 13 Notwithstanding any other provision of this chapter 1 14 providing for the payment of the benefits provided in section 1 15 97B.49, subsection 16 or 17, the department shall establish 1 16 the covered wages limitation which applies to members covered 1 17 under section 97B.49, subsection 16 or 17, at the same level 1 18 as is established under this subparagraph for other members of 1 19 the system. 1 20 Sec. 3. Section 97B.45, unnumbered paragraph 2, Code 1995, 1 21 is amended to read as follows: 1 22 A member may retire after the member's sixty-fifth birthday 1 23except as otherwise provided in section 97B.46. A member 1 24 retiring on or after the normal retirement date, as provided 1 25 in section 97B.46, shall submit a written notice to the 1 26 department setting forth the date the retirement is to become 1 27 effective. The date shall be after the member's last day of 1 28 service and not before the first day of the sixth calendar 1 29 month preceding the month in which the notice is filed. 1 30 Sec. 4. Section 97B.46, subsection 2, Code 1995, is 1 31 amended by striking the subsection. 1 32 Sec. 5. Section 97B.49, subsection 5, paragraph b, 1 33 unnumbered paragraph 4, Code Supplement 1995, is amended to 1 34 read as follows: 1 35 Notwithstanding any other provision of this chapter 2 1 providing for the payment of the benefits provided in 2 2 subsection 16 or 17, the department shall establish the 2 3 percentage multiplier which applies to members covered under 2 4 subsection 16 or 17 at the same level as is established under 2 5 this subsection for other members of the system. 2 6 Sec. 6. Section 97B.49, Code Supplement 1995, is amended 2 7 by adding the following new subsection: 2 8 NEW SUBSECTION. 17. a. An active or inactive vested 2 9 member, who is or has been employed in both special service 2 10 and regular service, who retires on or after July 1, 1996, 2 11 with four or more completed years of service and at the time 2 12 of retirement is at least fifty-five years of age, may elect 2 13 to receive, in lieu of the receipt of any other benefits under 2 14 this section, a combined monthly retirement allowance equal to 2 15 the sum of the following: 2 16 (1) One-twelfth of an amount equal to the applicable 2 17 percentage multiplier established in subsection 5 of the 2 18 member's three-year average covered wage multiplied by a 2 19 fraction of years of service. The fraction of years of 2 20 service for purposes of this subparagraph shall be the actual 2 21 years of service, not to exceed twenty-two, earned in a 2 22 position described in subsection 16, paragraph "b", for which 2 23 special service contributions were made, divided by twenty- 2 24 two. 2 25 (2) One-twelfth of an amount equal to the applicable 2 26 percentage multiplier established in subsection 5 of the 2 27 member's three-year average covered wage multiplied by a 2 28 fraction of years of service. The fraction of years of 2 29 service for purposes of this subparagraph shall be the actual 2 30 years of service, not to exceed twenty-five, earned in a 2 31 position described in subsection 16, paragraph "a", for which 2 32 special service contributions were made, divided by twenty- 2 33 five. 2 34 (3) One-twelfth of an amount equal to the applicable 2 35 percentage multiplier established in subsection 5 of the 3 1 member's three-year average covered wage multiplied by a 3 2 fraction of years of service. The fraction of years of 3 3 service for purposes of this subparagraph shall be the actual 3 4 years of service, not to exceed thirty, for which regular 3 5 service contributions were made, divided by thirty. However, 3 6 any otherwise applicable age reduction for early retirement 3 7 shall apply to the calculation under this subparagraph. 3 8 In calculating the fractions of years of service under 3 9 subparagraphs (1) and (2), a member shall not receive special 3 10 service credit for years of service for which the member and 3 11 the member's employer did not make the required special 3 12 service contributions to the department. 3 13 b. In calculating the combined monthly retirement 3 14 allowance pursuant to paragraph "a", the sum of the fraction 3 15 of years of service provided in paragraph "a", subparagraphs 3 16 (1), (2), and (3), shall not exceed one. If the sum of the 3 17 fractions of years of service would exceed one, the department 3 18 shall deduct years of service first from the calculation under 3 19 paragraph "a", subparagraph (3), and then from the calculation 3 20 under paragraph "a", subparagraph (2), if necessary, so that 3 21 the sum of the fractions of years of service shall equal one. 3 22 Sec. 7. Section 97B.52, subsection 1, Code Supplement 3 23 1995, is amended to read as follows: 3 24 1. If a member dies prior to the member's first month of 3 25 entitlement, the accumulated contributions of the member at 3 26 the date of death plus the product of an amount equal to the 3 27 highest year of covered wages of the deceased member and the 3 28 number of years of membership service divided bythirtythe 3 29 applicable denominator shall be paid to the member's 3 30 beneficiary in a lump sum payment. However, a lump sum 3 31 payment made to a beneficiary under this subsection due to the 3 32 death of a member shall not be less than the amount that would 3 33 have been payable on the death of the member on June 30, 1984, 3 34 under this subsection as it appeared in the 1983 Code. 3 35 As used in this subsection, "applicable denominator" means 4 1 the following, based upon the type of membership service in 4 2 which the member served either on the date of death, or if the 4 3 member died after terminating service, on the date of the 4 4 member's last termination of service: 4 5 a. For regular service, the applicable denominator is 4 6 thirty. 4 7 b. For service in a protection occupation, as defined in 4 8 section 97B.49, subsection 16, paragraph "d", the applicable 4 9 denominator is twenty-five. 4 10 c. For service as a sheriff, deputy sheriff, or airport 4 11 fire fighter, as provided in section 97B.49, subsection 16, 4 12 paragraph "b", the applicable denominator is twenty-two. 4 13 Effective July 1, 1978, a method of payment under this 4 14 subsection filed with the department by a member does not 4 15 apply. 4 16 EXPLANATION 4 17 This bill provides changes to the Iowa public employees' 4 18 retirement system (IPERS) concerning members of a protection 4 19 occupation, sheriffs, deputy sheriffs, and airport fire 4 20 fighters. This bill may include a state mandate as defined in 4 21 section 25B.3. The state mandate funding requirement in 4 22 section 25B.2, however, does not apply to public employee 4 23 retirement systems. 4 24 Section 97B.41, concerning definitions, is amended. New 4 25 subsections 13A and 16A add two definitions concerning regular 4 26 and special service. Special service is defined as service as 4 27 a member of a protection occupation, and service as a county 4 28 sheriff, deputy sheriff, or airport fire fighter, all as 4 29 described in section 97B.49, subsection 16. Regular service 4 30 is defined as service other than special service. 4 31 Sections 97B.45 and 97B.46 are amended by striking the 4 32 provision that a member shall not be employed as a peace 4 33 officer or fire fighter after attaining 65 years of age. 4 34 Section 97B.49 is amended to add a new subsection 17 that 4 35 establishes a hybrid retirement formula to be used in 5 1 computing the retirement allowance for members who earned 5 2 service as a regular IPERS member and who earned service as a 5 3 member of a protection occupation or a county sheriff, deputy 5 4 sheriff, or airport fire fighter. 5 5 Section 97B.52 is amended to provide that payment to a 5 6 member's beneficiary, if the member dies prior to the member's 5 7 first month of entitlement, is calculated based on years of 5 8 service divided by 22, 25, or 30, depending upon the member's 5 9 last membership service. 5 10 LSB 4339HC 76 5 11 ec/cf/24
Text: HSB00681 Text: HSB00683 Text: HSB00600 - HSB00699 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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