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House Journal: Page 1789: Monday, April 22, 1996

Page  12

 1   a lump sum in an actuarial equivalent amount equal
to
 2   the sum of the member's and employer's accumulated
 3   contributions and the retirement dividends standing to
 4   the member's credit before December 31, 1966.  Receipt
 5   of the lump-sum payment by a member shall terminate
 6   any and all entitlement for the period of service
 7   covered of the member under this chapter.
 8     Sec. 28.  Section 97B.48A, subsection 1, Code 1995,
 9   is amended to read as follows:
10     1.  If, after the first day of the month in which
11   the member attains the age of fifty-five years and
12   until the member's sixty-fifth birthday, a member
who
13   has not reached the member's sixty-fifth birthday and
14   who has a bona fide retirement under this chapter is
15   in regular full-time employment during a calendar
16   year, the member's retirement allowance shall be
17   suspended for as long as the member remains in
18   employment for the remainder of that calendar year
19   reduced by fifty cents for each dollar the member
20   earns over the limit provided in this subsection.
21   However, effective January 1, 1992, employment is not
22   full-time employment until the member receives
23   remuneration in an amount in excess of seven thousand
24   four hundred forty dollars for a calendar year, or an
25   amount equal to the amount of remuneration permitted
26   for a calendar year for persons under sixty-five years
27   of age before a reduction in federal Social Security
28   retirement benefits is required, whichever is higher.
29   Effective the first of the month in which a member
30   attains the age of sixty-five years, a retired member
31   may receive a retirement allowance without a reduction
32   after return to covered employment regardless of the
33   amount of remuneration received.
34     If a member dies and the full amount of the
35   reduction from retirement allowances required under
36   this subsection has not been paid, the remaining
37   amounts shall be deducted from the payments made, if
38   any, to the member's designated beneficiary or
39   contingent annuitant.  If the member has selected an
40   option under which remaining payments are not required
41   or the remaining payments are insufficient to satisfy
42   the full amount of the reduction from retirement
43   allowances required under this subsection, the amount
44   still unpaid shall be a claim against the member's
45   estate.
46     Sec. 29.  Section 97B.48A, subsection 4, Code 1995,
47   is amended to read as follows:
48     4.  The department shall pay to the member the
49   accumulated contributions of the member and to the
50   employer the employer contributions, plus two percent

Iowa General Assembly

Index: House Journal (76th General Assembly: Session 2)

© 1996 Cornell College and League of Women Voters of Iowa

Comments? hjourn@legis.iowa.gov.

Last update: Tue Apr 23 13:30:03 CDT 1996
URL: /DOCS/GA/76GA/Session.2/HJournal/01700/01789.html
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