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House Journal: Page 1794: Monday, April 22, 1996

Page  17

 1   payment the member received for the preceding June, or
 2   the most recently received benefit payment, whichever
 3   is greater.  The retirement dividend does not affect
 4   the amount of a monthly benefit payment.
 5     b.  Each member who retired from the system between
 6   July 4, 1953, and December 31, 1975, or a contingent
 7   annuitant or beneficiary of such a member, shall
 8   receive with the November 1994 1996 and the November
 9   1995 1997 monthly benefit payments a retirement
10   dividend equal to two hundred thirty-six ninety-two
11   percent of the monthly benefit payment the member
12   received for the preceding June, or the most recently
13   received benefit payment, whichever is greater.  The
14   retirement dividend does not affect the amount of a
15   monthly benefit payment.
16     c.  Notwithstanding the determination of the amount
17   of a retirement dividend under paragraph "a", "b",
18   "d", or "f", a retirement dividend shall not be less
19   than twenty-five dollars.
20     d.  A member who retired from the system between
21   July 1, 1982, and June 30, 1986, or a contingent
22   annuitant or beneficiary of such a member, shall
23   receive with the November 1994 1996 and the November
24   1995 1997 monthly benefit payments a retirement
25   dividend equal to forty-nine seventy-four percent of
26   the monthly benefit payment the member received for
27   the preceding June, or the most recently received
28   benefit payment, whichever is greater.  The retirement
29   dividend does not affect the amount of a monthly
30   benefit payment.
31     e.  If the member dies on or after July 1 of the
32   dividend year but before the payment date, the full
33   amount of the retirement dividend for that year shall
34   be paid to the designated beneficiary to the
member's
35   account, upon notification of the member's death. 
If
36   there is no beneficiary designated by the member, the
37   department shall pay the dividend to the member's
38   estate.  The beneficiary, or the representative of the
39   member's estate, must apply for the dividend within
40   two years after the dividend is payable or the
41   dividend is forfeited.
42     f.  A member who retired from the system between
43   July 1, 1986, and June 30, 1990, or a contingent
44   annuitant or beneficiary of such a member, shall
45   receive with the November 1996 and the November 1997
46   monthly benefit payments a retirement dividend in an
47   amount determined by the general assembly equal to
48   twenty-four percent of the monthly benefit payment the
49   member received for the preceding June, or the most
50   recently received benefit payment, whichever is

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/01700/01794.html
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