Text: SSB00334 Text: SSB00336 Text: SSB00300 - SSB00399 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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 4and commenced receivingthe 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 July 1, 1 12 1995, 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.49, subsection 5, paragraph b, 1 23 unnumbered paragraph 5, Code 1995, is amended to read as 1 24 follows: 1 25 By November 15,19931995, the department shall set aside 1 26 from other moneys in the retirement fundtwothree million 1 27 eight hundredfiftysixty thousand dollars. The moneys set 1 28 aside shall be from the funds generated by the employer and 1 29 employee contributions in effect under section 97B.11 that 1 30 exceed the amount necessary to fund the system's existing 1 31 liabilities, as determined in the annual actuarial valuation 1 32 of the system as of June 30,19931995. If the annual 1 33 actuarial valuation indicates that the amount of the employer 1 34 and employee contributions in excess of the amount necessary 1 35 to fund existing liabilities is less thantwothree million 2 1 eight hundredfiftysixty thousand dollars, the department 2 2 shall set aside all funds that are available. The funds set 2 3 aside shall not be used indetermining the percentage2 4multiplier pursuant to this section on July 1, 1994, or in2 5 determining the covered wage limitation pursuant to section 2 6 97B.41, subsection 20, paragraph "b", subparagraph (11), on 2 7 January 1,19941996. However, any funds set aside which are 2 8 not specifically dedicated to a purpose by theSeventy-fifth2 9 Seventy-sixth General Assembly shall be used in determining 2 10 thepercentage multiplier and thecovered wage limitation 2 11 thereafter. 2 12 Sec. 4. Section 97B.49, subsection 13, paragraph c, Code 2 13 1995, is amended to read as follows: 2 14 c. Notwithstanding the determination of the amount of a 2 15 retirement dividend under paragraph "a", "b",or"d", or "f", 2 16 a retirement dividend shall not be less than twenty-five 2 17 dollars. 2 18 Sec. 5. Section 97B.49, subsection 13, Code 1995, is 2 19 amended by adding the following new paragraph: 2 20 NEW PARAGRAPH. f. A member who retired from the system 2 21 between July 1, 1986, and June 30, 1990, or a contingent 2 22 annuitant or beneficiary of such a member, shall receive with 2 23 the November 1996 and the November 1997 monthly benefit 2 24 payments a retirement dividend in an amount determined by the 2 25 general assembly. The retirement dividend does not affect the 2 26 amount of a monthly benefit payment. 2 27 Sec. 6. Section 97B.51, subsection 2, Code 1995, is 2 28 amended to read as follows: 2 29 2. The election by a memberor the contingent annuitantof 2 30 the option stated under subsection 1 of this section shall be 2 31 null and void if the member dies prior to thedepartment2 32issuing payment of the member's first retirement allowance2 33 member's first month of entitlement. 2 34 Sec. 7. Section 97B.52, subsections 1 and 2, Code 1995, 2 35 are amended to read as follows: 3 1 1. If a member dies prior to thedate themember'sfirst3 2retirement allowance is issued by the systemfirst month of 3 3 entitlement, the accumulated contributions of the member at 3 4 the date of death plus the product of an amount equal to the 3 5 highest year of covered wages of the deceased member and the 3 6 number of years of membership service divided by thirty shall 3 7 be paid to the member's beneficiary in a lump sum payment. 3 8 However, a lump sum payment made to a beneficiary under this 3 9 subsection due to the death of a member shall not be less than 3 10 the amount that would have been payable on the death of the 3 11 member on June 30, 1984, under this subsection as it appeared 3 12 in the 1983 Code. 3 13 Effective July 1, 1978, a method of payment under this 3 14 subsection filed with the department by a member does not 3 15 apply. 3 16 2. If a member dies on or after thedate the member's3 17first retirement allowance is issued by the retirement system3 18 first day of the member's first month of entitlement, the 3 19 excess, if any, of the accumulated contributions by the member 3 20 as of said date, over the total monthly retirement allowances 3 21 received by the member under the retirement system will be 3 22 paid to the member's beneficiary unless the retirement 3 23 allowance is then being paid in accordance with subsection 1, 3 24 4, 5, or 6 of section 97B.51. 3 25 EXPLANATION 3 26 This bill provides for additional moneys to be set aside in 3 27 the Iowa public employees' retirement system and provides that 3 28 the members who retired between July 1, 1986, and June 30, 3 29 1990, will receive a dividend in an amount determined by the 3 30 general assembly. 3 31 The bill also adds a definition for the first month of 3 32 entitlement commencing July 1, 1995, for a member retiring 3 33 under the Iowa public employees' retirement system. A member 3 34 who has terminated employment (if under 70 years of age), who 3 35 has been approved for benefits by the department of personnel, 4 1 and who has attained the month for which the member's first 4 2 retirement allowance is issued has reached the first month of 4 3 entitlement and is eligible to receive benefits under the 4 4 bill. 4 5 LSB 2234SC 76 4 6 rj/cf/24
Text: SSB00334 Text: SSB00336 Text: SSB00300 - SSB00399 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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