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House Journal: Page 1791: Monday, April 22, 1996

Page  14

 1   on or after July 1, 1994, sixty percent.
 2     The applicable percentage multiplier shall be
 3   subject to adjustments as provided in paragraph "e".
 4     Commencing July 1, 1991, the department shall
 5   increase the percentage multiplier of the three-year
 6   average covered wage by an additional two percent each
 7   July 1 until reaching sixty percent of the three-year
 8   average covered wage if the annual actuarial valuation
 9   of the retirement system indicates for that year that
10   the cost of this increase in the percentage of the
11   three-year average covered wage used in computing
12   retirement benefits can be absorbed within the
13   employer and employee contribution rates in effect
14   under section 97B.11.  However, commencing July 1,
15   1994, if the annual actuarial valuation of the
16   retirement system indicates that the employer and
17   employee contribution rates in effect under section
18   97B.11 can absorb an increase in the percentage
19   multiplier in excess of two percent, the department
20   shall increase the percentage multiplier for that year
21   beyond two percent to the extent which the increase
22   can be absorbed by the contribution rates in effect,
23   not to exceed a maximum percentage multiplier of sixty
24   percent.  The increase in the percentage multiplier
25   for a year applies only to the members retiring on or
26   after July 1 of the respective year.
27     If the annual actuarial valuation of the retirement
28   system in any year indicates that the full cost of the
29   increase provided under this paragraph cannot be
30   absorbed within the employer and employee contribution
31   rates in effect under section 97B.11, the department
32   shall reduce the increase to a level which the
33   department determines can be so absorbed.
34     Notwithstanding any other provision of this chapter
35   providing for the payment of the benefits provided in
36   subsection 16 or 17, the department shall establish
37   apply the percentage multiplier which applies to
38   members covered under subsection 16 or 17 at the same
39   level as is established under this subsection for
40   other members of the system, including any
41   modification in the percentage multiplier as provided
42   in paragraph "e".
43     By November 15, 1995, the department shall set
44   aside from other moneys in the retirement fund three
45   million eight hundred sixty thousand dollars.  The
46   moneys set aside shall be from the funds generated by
47   the employer and employee contributions in effect
48   under section 97B.11 that exceed the amount necessary
49   to fund the system's existing liabilities, as
50   determined in the annual actuarial valuation of the

Iowa General Assembly

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

© 1996 Cornell College and League of Women Voters of Iowa

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Last update: Tue Apr 23 13:30:03 CDT 1996
URL: /DOCS/GA/76GA/Session.2/HJournal/01700/01791.html
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