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House Journal: Page 1801: Monday, April 22, 1996

Page  24

 1   of service and wages earned during the applicable
 2   period of service under the teachers insurance and
 3   annuity association-college retirement equity fund,
 4   may make employer and employee contributions to the
 5   system based upon the covered wages of the member and
 6   the covered wages and the contribution rates in effect
 7   for all or a portion of that period of service and
 8   receive credit for membership service under this
 9   system equivalent to the applicable period of
10   membership service in the teachers insurance and
11   annuity association-college retirement equity fund for
12   which the contributions have been made.  In addition,
13   a member making employer and employee contributions
14   because of membership in the teachers insurance and
15   annuity association-college retirement equity fund
16   under this section who was a member of the system on
17   June 30, 1967 and withdrew the member's accumulated
18   contributions because of membership on July 1, 1967 in
19   the teachers insurance and annuity association-college
20   retirement equity fund, may make employee
21   contributions to the system for all or a portion of
22   the period of service under the system prior to July
23   1, 1967.  A member making contributions pursuant to
24   this section may make the contributions either for the
25   entire applicable period of service, or, effective
26   upon the date that the department determines that the
27   amendments to this paragraph and unnumbered paragraph
28   2 contained in 1994 Iowa Acts, chapter 1183, shall be
29   implemented, for portions of the period of service,
30   and if contributions are made for portions of the
31   period of service, the contributions shall be in
32   increments of one or more years, as long as the
33   increments represent full years and not a portion of a
34   year calendar quarters.  However, the department
shall
35   not implement the amendments to this paragraph or
36   unnumbered paragraph 2, as enacted in 1994 Iowa Acts,
37   chapter 1183, unless and until the department
38   determines that the most recent annual actuarial
39   valuation of the retirement system indicates that the
40   employer and employee contribution rates in effect
41   under section 97B.11 can absorb the amendments to this
42   paragraph and unnumbered paragraph 2 and to section
43   97B.72, unnumbered paragraphs 1 and 2, section
44   97B.72A, subsection 1, unnumbered paragraph 1, section
45   97B.73A, unnumbered paragraph 1, and section 97B.74,
46   unnumbered paragraphs 1 and 2, contained in 1994 Iowa
47   Acts, chapter 1183, after meeting the other
48   established priority of the system.  Until the
49   amendments are implemented, the department shall
50   continue to implement the provisions of section

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/01800/01801.html
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