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House Journal: Page 1796: Monday, April 22, 1996

Page  19

 1     (2)  One-twelfth of an amount equal to the
 2   applicable percentage multiplier established in
 3   subsection 5 of the member's three-year average
 4   covered wage multiplied by a fraction of years of
 5   service.  The fraction of years of service for
 6   purposes of this subparagraph shall be the actual
 7   years of service, not to exceed twenty-five, earned in
 8   a position described in subsection 16, paragraph "a",
 9   for which special service contributions were made,
10   divided by twenty-five.
11     (3)  One-twelfth of an amount equal to the
12   applicable percentage multiplier established in
13   subsection 5 of the member's three-year average
14   covered wage multiplied by a fraction of years of
15   service.  The fraction of years of service for
16   purposes of this subparagraph shall be the actual
17   years of service, not to exceed thirty, for which
18   regular service contributions were made, divided by
19   thirty.  However, any otherwise applicable age
20   reduction for early retirement shall apply to the
21   calculation under this subparagraph.
22     In calculating the fractions of years of service
23   under subparagraphs (1) and (2), a member shall not
24   receive special service credit for years of service
25   for which the member and the member's employer did not
26   make the required special service contributions to the
27   department.
28     b.  In calculating the combined monthly retirement
29   allowance pursuant to paragraph "a", the sum of the
30   fraction of years of service provided in paragraph
31   "a", subparagraphs (1), (2), and (3), shall not exceed
32   one.  If the sum of the fractions of years of service
33   would exceed one, the department shall deduct years of
34   service first from the calculation under paragraph
35   "a", subparagraph (3), and then from the calculation
36   under paragraph "a", subparagraph (2), if necessary,
37   so that the sum of the fractions of years of service
38   shall equal one.
39     c.  In calculating the combined monthly retirement
40   allowance pursuant to paragraph "a", for members
41   retiring on or after July 1, 1997, whose three-year
42   average covered wage exceeds fifty-five thousand
43   dollars, each calculation under paragraph "a",
44   subparagraphs (1), (2), and (3) of this subsection
45   shall be subject to reduction, calculated in the
46   manner provided in subsection 5, paragraph "e".
47     Sec. 37.  Section 97B.50, subsection 2, Code 1995,
48   is amended to read as follows:
49     2.  a.  A vested member who retires from the system
50   due to disability and commences receiving disability

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/01700/01796.html
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