This file contains STRIKE and UNDERSCORE. If you cannot see either STRIKE or UNDERSCORE attributes or would like to change how these attributes are displayed, please use the following form to make the desired changes.

House Journal: Page 1800: Monday, April 22, 1996

Page  23

 1     NEW SUBSECTION.  3.  A member who terminates
 2   covered employment but maintains an employment
 3   relationship with an employer that made contributions
 4   to the system on the member's behalf does not have a
 5   bona fide retirement until all employment, including
 6   employment which is not covered by this chapter, with
 7   such employer is terminated for at least thirty days.
 8   In order to receive retirement benefits, the member
 9   must file a completed application for benefits form
10   with the department before returning to any employment
11   with the same employer.
12     Sec. 45.  Section 97B.53, subsection 3, Code
13   Supplement 1995, is amended to read as follows:
14     3.  The accumulated contributions of a terminated,
15   vested member shall be credited with interest,
16   including interest dividends, in the manner provided
17   in section 97B.70.  Interest and interest dividends
18   shall be credited to the accumulated contributions of
19   members who terminate service and subsequently become
20   vested in accordance with section 97B.70.  However,
21   the department shall not implement the amendments to
22   this subsection or to subsection 6, unnumbered
23   paragraph 1, or to subsection 7, as enacted in 1994
24   Iowa Acts, chapter 1183, unless and until the
25   department determines that the most recent annual
26   actuarial valuation of the retirement system indicates
27   that the employer and employee contribution rates in
28   effect under section 97B.11 can absorb the amendments
29   to these provisions of this section and the amendments
30   to section 97B.41, subsection 12, and section 97B.70,
31   by enacting a new subsection 4, contained in 1994 Iowa
32   Acts, chapter 1183, after meeting the other
33   established priorities of the system, as defined in
34   section 97B.41, subsection 12.  Until the amendments
35   are implemented, the department shall continue to
36   implement the provisions of section 97B.53,
37   subsections 3 and 7, and section 97B.53, subsection 6,
38   unnumbered paragraph 1, 1993 Code of Iowa.
39     Sec. 46.  Section 97B.53B, subsection 1, paragraph
40   c, subparagraph (4), Code 1995, is amended to read as
41   follows:
42     (4)  A distribution Annual distributions of less
43   than two hundred dollars of taxable income.
44     Sec. 47.  Section 97B.66, unnumbered paragraph 1,
45   Code Supplement 1995, is amended to read as follows:
46     A vested or retired member who was a member of the
47   teachers insurance and annuity association-college
48   retirement equity fund at any time between July 1,
49   1967 and June 30, 1971 and who became a member of the
50   system on July 1, 1971, upon submitting verification

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/01800/01800.html
jhf