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House Journal: Page 1793: Monday, April 22, 1996

Page  16

 1   thousand dollars, one-twelfth of an amount equal to
 2   the applicable percentage multiplier otherwise
 3   provided in this subsection, reduced by ten percentage
 4   points, multiplied by that portion.
 5     (3)  For that portion of a member's three-year
 6   average covered wage that exceeds sixty-five thousand
 7   dollars but is less than or equal to seventy-five
 8   thousand dollars, one-twelfth of an amount equal to
 9   the applicable percentage multiplier otherwise
10   provided in this subsection, reduced by fifteen
11   percentage points, multiplied by that portion.
12     (4)  For that portion of a member's three-year
13   average covered wage that exceeds seventy-five
14   thousand dollars but is less than or equal to eighty-
15   five thousand dollars, one-twelfth of an amount equal
16   to the applicable percentage multiplier otherwise
17   provided in this subsection, reduced by twenty
18   percentage points, multiplied by that portion.
19     (5)  For that portion of a member's three-year
20   average covered wage that exceeds eighty-five thousand
21   dollars but is less than or equal to ninety-five
22   thousand dollars, one-twelfth of an amount equal to
23   the applicable percentage multiplier otherwise
24   provided in this subsection, reduced by thirty
25   percentage points, multiplied by that portion.
26     (6)  For that portion of a member's three-year
27   average covered wage that exceeds ninety-five thousand
28   dollars, one-twelfth of an amount equal to the
29   applicable percentage multiplier otherwise provided in
30   this subsection, reduced by forty percentage points,
31   multiplied by that portion.
32     The covered wage categories referred to in
33   subparagraphs (1) through (6) of this paragraph and
34   the fifty-five thousand dollar amount otherwise
35   specified in this paragraph shall be increased by the
36   department for each fiscal year, beginning July 1,
37   1998, by an amount that represents the increase in the
38   consumer price index during the previous twelve-month
39   period ending on June 30, as published annually in the
40   federal register by the federal department of labor,
41   bureau of labor statistics.
42     Sec. 33.  Section 97B.49, subsection 13, Code
43   Supplement 1995, is amended to read as follows:
44     13.  a.  A member who retired from the system
45   between January 1, 1976, and June 30, 1982, or a
46   contingent annuitant or beneficiary of such a member,
47   shall receive with the November 1994 1996 and the
48   November 1995 1997 monthly benefit payments a
49   retirement dividend equal to one two hundred
eighty-
50   one twenty-three percent of the monthly benefit

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/01700/01793.html
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