Text: SF00102 Text: SF00104 Text: SF00100 - SF00199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 97B.45, unnumbered paragraph 2, Code 1 2 1995, is amended to read as follows: 1 3 A member may retire after the member's sixty-fifth birthday 1 4 except as otherwise provided in section 97B.46. A member 1 5 retiring on or after the normal retirement date, as provided 1 6 in section 97B.46, shall submit a written notice to the 1 7 department setting forth the date the retirement is to become 1 8 effective.TheExcept as otherwise provided in section 1 9 97B.52, subsection 1A, the date shall be after the member's 1 10 last day of service and not before the first day of the sixth 1 11 calendar month preceding the month in which the notice is 1 12 filed. 1 13 Sec. 2. Section 97B.47, Code 1995, is amended to read as 1 14 follows: 1 15 97B.47 EARLY RETIREMENT DATE. 1 16AExcept as otherwise provided in section 97B.52, 1 17 subsection 1A, a member's early retirement date shall be the 1 18 first of the month in which a member attains the age of fifty- 1 19 five years or the first of any month after attaining the age 1 20 of fifty-five years prior to the member's normal retirement 1 21 date, provided such date shall be after the last day of 1 22 service. A member may retire on the member's early retirement 1 23 date by submitting written notice to the department setting 1 24 forth the early retirement date which shall not be before the 1 25 first day of the sixth calendar month preceding the month in 1 26 which such notice is filed. 1 27 Sec. 3. Section 97B.48, subsection 2, Code 1995, is 1 28 amended to read as follows: 1 29 2.TheExcept as otherwise provided in section 97B.52, 1 30 subsection 1A, the first monthly payment of a normal 1 31 retirement allowance shall be paid as of the normal retirement 1 32 effective date, which date shall be the later of the normal 1 33 retirement date or the first day of the sixth calendar month 1 34 preceding the month in which written notice of normal 1 35 retirement is submitted to the department. Written notice 2 1 under this section may consist of submission of a completed 2 2 estimate request form, a completed application for retirement 2 3 form, or a letter from the member requesting information on 2 4 retirement benefits, whichever is received first by the 2 5 department. However, a letter requesting information on 2 6 benefits or submission of a completed estimate request form is 2 7 only valid for six months following the date of its receipt by 2 8 the department, unless during that six-month period the 2 9 department receives a completed application for retirement 2 10 form from the member. A retirement allowance may only be 2 11 provided retroactively for a single six-month period. Payment 2 12 of an early retirement allowance or an allowance for 2 13 retirement after the normal retirement date shall be paid as 2 14 of the effective date of retirement subject to section 97B.45, 2 15 97B.46, or 97B.47. The payments shall be continued thereafter 2 16 for the lifetime of the retired member except as provided in 2 17 section 97B.48A. 2 18 Sec. 4. Section 97B.51, subsection 2, Code 1995, is 2 19 amended to read as follows: 2 20 2.TheExcept as otherwise provided in section 97B.52, 2 21 subsection 1A, the election by a member or the contingent 2 22 annuitant of the option stated under subsection 1 of this 2 23 section shall be null and void if the member dies prior to the 2 24 department issuing payment of the member's first retirement 2 25 allowance. 2 26 Sec. 5. Section 97B.52, Code 1995, is amended by adding 2 27 the following new subsection: 2 28 NEW SUBSECTION. 1A. If a member dies prior to the date 2 29 the member's first retirement allowance is issued by the 2 30 system but the member meets all of the following criteria, the 2 31 member's contingent annuitant is eligible to receive the 2 32 retirement allowance provided under section 97B.51, subsection 2 33 1: 2 34 a. The member is eligible to retire under the system and 2 35 has set a retirement date to take effect not more than sixty 3 1 days after the member's death. 3 2 b. The member has elected to have the member's retirement 3 3 allowance payable under section 97B.51, subsection 1. 3 4 c. The member is in employment, but is unable to work and 3 5 is using sick leave provided by the employer at the time of 3 6 the member's death. 3 7 Sec. 6. Section 97B.52, subsection 2, unnumbered paragraph 3 8 1, Code 1995, is amended to read as follows: 3 9IfExcept as otherwise provided in subsection 1A, if a 3 10 member dies after the date the member's first retirement 3 11 allowance is issued by the retirement system, the excess, if 3 12 any, of the accumulated contributions by the member as of said 3 13 date, over the total monthly retirement allowances received by 3 14 the member under the retirement system will be paid to the 3 15 member's beneficiary unless the retirement allowance is then 3 16 being paid in accordance with subsection 1, 4, 5, or 6 of 3 17 section 97B.51. 3 18 Sec. 7. Section 97B.52A, subsection 2, Code 1995, is 3 19 amended to read as follows: 3 20 2.AExcept as otherwise provided in section 97B.52, 3 21 subsection 1A, a member may commence receiving retirement 3 22 benefits under this chapter upon satisfying eligibility 3 23 requirements and remaining out of covered employment for one 3 24 calendar month. However, a retired member who commences 3 25 receiving a retirement allowance but returns to employment 3 26 before the expiration of the one hundred twenty consecutive 3 27 day period, does not have a bona fide retirement and any 3 28 retirement allowance received by such a member must be 3 29 returned to the system together with interest earned on the 3 30 retirement allowance calculated at a rate determined by the 3 31 department. Until the member has repaid the retirement 3 32 allowance and interest, the department may withhold any future 3 33 retirement allowance for which the member may qualify. 3 34 Sec. 8. EFFECTIVE AND RETROACTIVE APPLICABILITY DATES. 3 35 This Act, being deemed of immediate importance, takes effect 4 1 upon enactment and applies retroactively to July 1, 1994. 4 2 EXPLANATION 4 3 This bill provides for payment of a retirement allowance 4 4 under the Iowa public employees' retirement system to a 4 5 contingent annuitant named by a member if the member is 4 6 eligible to retire and has specified a retirement date but has 4 7 not yet received a retirement allowance because the member has 4 8 died within 60 days of the retirement date specified by the 4 9 member, if the member is unable to work and is using sick 4 10 leave at the time of the member's death. The member must have 4 11 selected an optional method of payment of retirement benefits 4 12 under which the member would have received a reduced 4 13 retirement allowance which continues to be paid during the 4 14 lifetime of the specified contingent annuitant. 4 15 The bill takes effect upon enactment and applies 4 16 retroactively to July 1, 1994. 4 17 LSB 1211XS 76 4 18 rj/jj/8
Text: SF00102 Text: SF00104 Text: SF00100 - SF00199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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