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House Journal: Page 1797: Monday, April 22, 1996

Page  20

 1   benefits pursuant to the federal Social Security Act,
 2   42 U.S.C. "/g" 423 et seq., and who has not reached the
 3   normal retirement date, shall receive benefits under
 4   section 97B.49 and shall not have benefits reduced
 5   upon retirement as required under subsection 1
 6   regardless of whether the member has completed thirty
 7   or more years of membership service.  However, the
 8   benefits shall be suspended during any period in which
 9   the member returns to covered employment.  This
10   section takes effect July 1, 1990, for a member
11   meeting the requirements of this paragraph who retired
12   from the system at any time after July 4, 1953.
13   Eligible members are entitled to the receipt of
14   retroactive adjustment payments back to July 1, 1990,
15   notwithstanding the requirements of subsection 4.
16     b.  A vested member who retires from the system due
17   to disability and commences receiving disability
18   benefits pursuant to the federal Railroad Retirement
19   Act, 45 U.S.C. "/g" 231 et seq., and who has not reached
20   the normal retirement date, shall receive benefits
21   under section 97B.49 and shall not have benefits
22   reduced upon retirement as required under subsection 1
23   regardless of whether the member has completed thirty
24   or more years of membership service.  However, the
25   benefits shall be suspended during any period in which
26   the member returns to covered employment.  This
27   section takes effect July 1, 1990, for a member
28   meeting the requirements of this paragraph who retired
29   from the system at any time since July 4, 1953.
30   Eligible members are entitled to the receipt of
31   retroactive adjustment payments back to July 1, 1990,
32   notwithstanding the requirements of subsection 4.
33     Sec. 38.  Section 97B.51, subsection 3, Code
34   Supplement 1995, is amended to read as follows:
35     3.  A member who had elected to take the option
36   stated in subsection 1 of this section may, at any
37   time prior to retirement, revoke such an election by
38   written notice to the department.  A member shall not
39   change or revoke an election once the first retirement
40   allowance is paid.
41     Sec. 39.  Section 97B.51, subsection 5, Code
42   Supplement 1995, is amended to read as follows:
43     5.  At retirement, a member may designate that upon
44   the member's death, a specified amount of money shall
45   be paid to a named beneficiary, and the member's
46   monthly retirement allowance shall be reduced by an
47   actuarially determined amount to provide for the lump
48   sum payment.  The amount designated by the member must
49   be in thousand dollar increments, and the and shall
be
50   limited to the amount of the member's accumulated

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/01700/01797.html
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