Text: SF00436 Text: SF00438 Text: SF00400 - SF00499 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 97B.41, subsection 8, paragraph b, 1 2 subparagraph (1), Code 1995, is amended to read as follows: 1 3 (1) Elective officials in positions for which the 1 4 compensation is on a fee basis, elective officials of school 1 5 districts, elective officials of townships, and elective 1 6 officials of other political subdivisions who are in part-time 1 7 positions, unless the elective official makes an application 1 8 to the department to be covered under this chapter. An 1 9 elective official who made an application to the department to 1 10 be covered under this chapter may terminate membership under 1 11 this chapter by informing the department in writing of the 1 12 expiration of the member'stermination from covered employment1 13 term of office. A county attorney is an employee for purposes 1 14 of this chapter whether that county attorney is employed on a 1 15 full-time or part-time basis. 1 16 Sec. 2. Section 97B.41, subsection 8, paragraph b, 1 17 subparagraph (4), unnumbered paragraph 1, Code 1995, is 1 18 amended to read as follows: 1 19 Members of the general assembly of Iowa and temporary 1 20 employees of the general assembly of Iowa, unless such members 1 21 or employees make an application to the department to be 1 22 covered under this chapter. A member of the general assembly 1 23 who made an application to the department to be covered under 1 24 this chapter may terminate membership under this chapter by 1 25 informing the department in writing of the member's 1 26termination from covered employmentintent to terminate 1 27 membership. 1 28 Sec. 3. Section 97B.41, subsection 14, Code 1995, is 1 29 amended to read as follows: 1 30 14. "Retired member" means a member who has applied for 1 31and commenced receivingthe member's retirement allowance and 1 32 has survived into at least the first day of the member's first 1 33 month of entitlement. 1 34 Sec. 4. Section 97B.41, Code 1995, is amended by adding 1 35 the following new subsection: 2 1 NEW SUBSECTION. 9A. "First month of entitlement" means 2 2 the first month for which a member is qualified to receive 2 3 retirement benefits under this chapter. Effective January 1, 2 4 1995, a member who meets all of the following requirements is 2 5 qualified to receive retirement benefits under this chapter: 2 6 a. Has attained the minimum age for retirement. 2 7 b. If the member has not attained seventy years of age, 2 8 has terminated all employment covered under the chapter or 2 9 formerly covered under the chapter pursuant to section 97B.42. 2 10 c. Has filed a completed application for benefits. 2 11 d. Has survived into the month for which the member's 2 12 first retirement allowance is payable by the system. 2 13 Sec. 5. Section 97B.49, subsection 5, paragraph b, 2 14 unnumbered paragraph 5, Code 1995, is amended to read as 2 15 follows: 2 16 By November 15,19931995, the department shall set aside 2 17 from other moneys in the retirement fundtwothree million 2 18 eight hundredfiftysixty thousand dollars. The moneys set 2 19 aside shall be from the funds generated by the employer and 2 20 employee contributions in effect under section 97B.11 that 2 21 exceed the amount necessary to fund the system's existing 2 22 liabilities, as determined in the annual actuarial valuation 2 23 of the system as of June 30,19931995. If the annual 2 24 actuarial valuation indicates that the amount of the employer 2 25 and employee contributions in excess of the amount necessary 2 26 to fund existing liabilities is less thantwothree million 2 27 eight hundredfiftysixty thousand dollars, the department 2 28 shall set aside all funds that are available. The funds set 2 29 aside shall not be used indetermining the percentage2 30multiplier pursuant to this section on July 1, 1994, or in2 31 determining the covered wage limitation pursuant to section 2 32 97B.41, subsection 20, paragraph "b", subparagraph (11), on 2 33 January 1,19941996. However, any funds set aside which are 2 34 not specifically dedicated to a purpose by theSeventy-fifth2 35 Seventy-sixth General Assembly shall be used in determining 3 1 thepercentage multiplier and thecovered wage limitation 3 2 thereafter. 3 3 Sec. 6. Section 97B.49, subsection 13, paragraph c, Code 3 4 1995, is amended to read as follows: 3 5 c. Notwithstanding the determination of the amount of a 3 6 retirement dividend under paragraph "a", "b",or"d", or "f", 3 7 a retirement dividend shall not be less than twenty-five 3 8 dollars. 3 9 Sec. 7. Section 97B.49, subsection 13, Code 1995, is 3 10 amended by adding the following new paragraph: 3 11 NEW PARAGRAPH. f. A member who retired from the system 3 12 between July 1, 1986, and June 30, 1990, or a contingent 3 13 annuitant or beneficiary of such a member, shall receive with 3 14 the November 1996 and the November 1997 monthly benefit 3 15 payments a retirement dividend in an amount determined by the 3 16 general assembly. The retirement dividend does not affect the 3 17 amount of a monthly benefit payment. 3 18 Sec. 8. Section 97B.51, subsection 2, Code 1995, is 3 19 amended to read as follows: 3 20 2. The election by a memberor the contingent annuitantof 3 21 the option stated under subsection 1 of this section shall be 3 22 null and void if the member dies prior to thedepartment3 23issuing payment of the member's first retirement allowance3 24 member's first month of entitlement. 3 25 Sec. 9. Section 97B.52, subsections 1 and 2, Code 1995, 3 26 are amended to read as follows: 3 27 1. If a member dies prior to thedate themember'sfirst3 28retirement allowance is issued by the systemfirst month of 3 29 entitlement, the accumulated contributions of the member at 3 30 the date of death plus the product of an amount equal to the 3 31 highest year of covered wages of the deceased member and the 3 32 number of years of membership service divided by thirty shall 3 33 be paid to the member's beneficiary in a lump sum payment. 3 34 However, a lump sum payment made to a beneficiary under this 3 35 subsection due to the death of a member shall not be less than 4 1 the amount that would have been payable on the death of the 4 2 member on June 30, 1984, under this subsection as it appeared 4 3 in the 1983 Code. 4 4 Effective July 1, 1978, a method of payment under this 4 5 subsection filed with the department by a member does not 4 6 apply. 4 7 2. If a member dies on or after thedate the member's4 8first retirement allowance is issued by the retirement system4 9 first day of the member's first month of entitlement, the 4 10 excess, if any, of the accumulated contributions by the member 4 11 as of said date, over the total monthly retirement allowances 4 12 received by the member under the retirement system will be 4 13 paid to the member's beneficiary unless the retirement 4 14 allowance is then being paid in accordance with section 4 15 97B.48A or with section 97B.51, subsection 1, 4, 5, or 6of4 16section 97B.51. 4 17 Sec. 10. Section 97B.52A, Code 1995, is amended to read as 4 18 follows: 4 19 97B.52A ELIGIBILITY FOR BENEFITS &endash; BONA FIDE RETIREMENT. 4 20 1.AEffective January 1, 1995, a member has a bona fide 4 21 retirement when the member terminates all employmentand4 22remains out of employment for at least one hundred twenty4 23consecutive dayscovered under the chapter or formerly covered 4 24 under the chapter pursuant to section 97B.42, filesana 4 25 completed application for benefits form with the department, 4 26 survives into the month for which benefits are first payable, 4 27 and does not return to employment as defined in this chapter 4 28 until the member has qualified for no fewer than four calendar 4 29month'smonths of retirement benefits. 4 30 2. A member may commence receiving retirement benefits 4 31 under this chapter upon satisfying eligibility requirements 4 32and remaining out of covered employment for one calendar4 33month. However, a retired member who commences receiving a 4 34 retirement allowance but returns to employment beforethe4 35expiration of the one hundred twenty consecutive day period5 1 qualifying for no fewer than four calendar months of 5 2 retirement benefits, does not have a bona fide retirement and 5 3 any retirement allowance received by such a member must be 5 4 returned to the system together with interest earned on the 5 5 retirement allowance calculated at a rate determined by the 5 6 department. Until the member has repaid the retirement 5 7 allowance and interest, the department may withhold any future 5 8 retirement allowance for which the member may qualify. 5 9 Sec. 11. EFFECTIVE AND RETROACTIVE APPLICABILITY DATES. 5 10 This Act, being deemed of immediate importance, takes effect 5 11 upon enactment and applies retroactively to January 1, 1995. 5 12 SF 437 5 13 rj/cc/26
Text: SF00436 Text: SF00438 Text: SF00400 - SF00499 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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