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House Journal: Page 1798: Monday, April 22, 1996

Page  21

 1   contributions.  The amount designated shall not lower
 2   the monthly retirement allowance of the member by more
 3   than one-half the amount payable under section 97B.49,
 4   subsection 1 or 5.  A member may designate a different
 5   beneficiary if the original named beneficiary
 6   predeceases the member.
 7     Sec. 40.  Section 97B.51, subsection 6, Code
 8   Supplement 1995, is amended to read as follows:
 9     6.  A member may elect to receive a decreased
10   retirement allowance during the member's lifetime with
11   provision that in event of the member's death during
12   the first one hundred twenty months of retirement,
13   monthly payments of the member's decreased retirement
14   allowance shall be made to the member's beneficiary
15   until a combined total of one hundred twenty monthly
16   payments have been made to the member and the member's
17   beneficiary.  When the member designates multiple
18   beneficiaries, the present value of the remaining
19   payments shall be paid in a lump sum to each
20   beneficiary, either in equal shares to the
21   beneficiaries, or if the member specifies otherwise in
22   a written request, in the specified proportion.  A
23   member may designate a different beneficiary if the
24   original named beneficiary predeceases the member.
25     Sec. 41.  Section 97B.52, subsection 1, Code
26   Supplement 1995, is amended to read as follows:
27     1.  If a member dies prior to the member's first
28   month of entitlement, the accumulated contributions of
29   the member at the date of death plus the product of an
30   amount equal to the highest year of covered wages of
31   the deceased member and the number of years of
32   membership service divided by thirty the applicable
33   denominator shall be paid to the member's beneficiary
34   in a lump sum payment.  However, a lump sum payment
35   made to a beneficiary under this subsection due to the
36   death of a member shall not be less than the amount
37   that would have been payable on the death of the
38   member on June 30, 1984, under this subsection as it
39   appeared in the 1983 Code.
40     As used in this subsection, "applicable
41   denominator" means the following, based upon the type
42   of membership service in which the member served
43   either on the date of death, or if the member died
44   after terminating service, on the date of the member's
45   last termination of service:
46     a.  For regular service, the applicable denominator
47   is thirty.
48     b.  For service in a protection occupation, as
49   defined in section 97B.49, subsection 16, paragraph
50   "d", the applicable denominator is twenty-five.

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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