This file contains STRIKE and UNDERSCORE. If you cannot see either STRIKE or UNDERSCORE attributes or would like to change how these attributes are displayed, please use the following form to make the desired changes.

House Journal: Page 1790: Monday, April 22, 1996

Page  13

 1   interest plus interest dividends as provided in
 2   section 97B.70, for all completed calendar years,
 3   compounded annually as provided in section 97B.70,
on
 4   the covered wages earned by a retired member that are
 5   not used in the recalculation of the retirement
 6   allowance of a member.
 7     Sec. 30.  Section 97B.49, subsection 4, Code
 8   Supplement 1995, is amended by adding the following
 9   new unnumbered paragraph:
10     NEW UNNUMBERED PARAGRAPH.  Effective January 1,
11   1997, for members who retired on or after July 1,
12   1953, and before July 1, 1990, with at least ten years
13   of prior and membership service, the minimum monthly
14   benefit payable at the normal retirement date for
15   prior and membership service shall be two hundred
16   dollars.  The minimum monthly benefit payable shall be
17   increased by ten dollars for each year of prior and
18   membership service beyond ten years, up to a maximum
19   of twenty additional years of prior and membership
20   service.  If benefits commenced on an early retirement
21   date, the amount of the benefit shall be reduced in
22   accordance with section 97B.50.  If an optional
23   allowance was selected under section 97B.51, the
24   amount payable shall be the actuarial equivalent of
25   the minimum benefit.
26     Sec. 31.  Section 97B.49, subsection 5, paragraph
27   b, Code Supplement 1995, is amended to read as
28   follows:
29     b.  For each active or inactive vested member
30   retiring on or after July 1, 1990, with four or more
31   complete years of service, a monthly benefit shall be
32   computed which is equal to one-twelfth of an amount
33   equal to fifty-two percent the applicable percentage
34   multiplier of the three-year average covered wage
35   multiplied by a fraction of years of service.  The
36   applicable percentage multiplier shall be the
37   following:
38     (1)  For active or inactive vested members retiring
39   on or after July 1, 1990, but before July 1, 1991,
40   fifty-two percent.
41     (2)  For active or inactive vested members retiring
42   on or after July 1, 1991, but before July 1, 1992,
43   fifty-four percent.
44     (3)  For active or inactive vested members retiring
45   on or after July 1, 1992, but before July 1, 1993,
46   fifty-six percent.
47     (4)  For active or inactive vested members retiring
48   on or after July 1, 1993, but before July 1, 1994,
49   fifty-seven and four-tenths percent.
50     (5)  For active or inactive vested members retiring

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/01700/01790.html
jhf