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Text: SF00309                           Text: SF00311
Text: SF00300 - SF00399                 Text: SF Index
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Senate File 310

Partial Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 97B.41, subsection 14, Code 1995, is
  1  2 amended to read as follows:
  1  3    14.  "Retired member" means a member who has applied for
  1  4 and commenced receiving the member's retirement allowance and
  1  5 has attained at least the first day of the member's first
  1  6 month of entitlement.
  1  7    Sec. 2.  Section 97B.41, Code 1995, is amended by adding
  1  8 the following new subsection:
  1  9    NEW SUBSECTION.  9A.  "First month of entitlement" means
  1 10 the first month for which a member is qualified to receive
  1 11 retirement benefits under this chapter.  Effective January 1,
  1 12 1992, a member who meets all of the following requirements is
  1 13 qualified to receive retirement benefits under this chapter:
  1 14    a.  If the member has not attained seventy years of age,
  1 15 has terminated employment with all of the member's employers,
  1 16 as employer is defined in this section, effective on the date
  1 17 of the member's retirement.
  1 18    b.  Has filed a completed application for benefits which
  1 19 has been approved by the department.
  1 20    c.  Has attained the month for which the member's first
  1 21 retirement allowance is issued by the system.
  1 22    Sec. 3.  Section 97B.51, subsection 2, Code 1995, is
  1 23 amended to read as follows:
  1 24    2.  The election by a member or the contingent annuitant of
  1 25 the option stated under subsection 1 of this section shall be
  1 26 null and void if the member dies prior to the department
  1 27 issuing payment of the member's first retirement allowance
  1 28 member's first month of entitlement.
  1 29    Sec. 4.  Section 97B.52, subsections 1 and 2, Code 1995,
  1 30 are amended to read as follows:
  1 31    1.  If a member dies prior to the date the member's first
  1 32 retirement allowance is issued by the system first month of
  1 33 entitlement, the accumulated contributions of the member at
  1 34 the date of death plus the product of an amount equal to the
  1 35 highest year of covered wages of the deceased member and the
  2  1 number of years of membership service divided by thirty shall
  2  2 be paid to the member's beneficiary in a lump sum payment.
  2  3 However, a lump sum payment made to a beneficiary under this
  2  4 subsection due to the death of a member shall not be less than
  2  5 the amount that would have been payable on the death of the
  2  6 member on June 30, 1984, under this subsection as it appeared
  2  7 in the 1983 Code.
  2  8    Effective July 1, 1978, a method of payment under this
  2  9 subsection filed with the department by a member does not
  2 10 apply.
  2 11    2.  If a member dies on or after the date the member's
  2 12 first retirement allowance is issued by the retirement system
  2 13 first day of the member's first month of entitlement, the
  2 14 excess, if any, of the accumulated contributions by the member
  2 15 as of said date, over the total monthly retirement allowances
  2 16 received by the member under the retirement system will be
  2 17 paid to the member's beneficiary unless the retirement
  2 18 allowance is then being paid in accordance with subsection 1,
  2 19 4, 5, or 6 of section 97B.51.
  2 20    Sec. 5.  EFFECTIVE AND RETROACTIVE APPLICABILITY DATES.
  2 21 This Act, being deemed of immediate importance, takes effect
  2 22 upon enactment and applies retroactively to January 1, 1992.  
  2 23                           EXPLANATION
  2 24    This bill adds a definition for the first month of
  2 25 entitlement, for a member retiring under the Iowa public
  2 26 employees' retirement system.  A member who has terminated
  2 27 employment (if under 70 years of age), who has been approved
  2 28 for benefits by the department of personnel, and who has
  2 29 attained the month for which the member's first retirement
  2 30 allowance is issued has reached the first month of entitlement
  2 31 and is eligible to receive benefits.
  2 32    The bill takes effect immediately and is retroactive to
  2 33 January 1, 1992.  
  2 34 LSB 1905SS 76
  2 35 rj/cf/24
     
Text: SF00309                           Text: SF00311
Text: SF00300 - SF00399                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index
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