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House Journal: Page 1802: Monday, April 22, 1996

Page  25

 1   97B.66, unnumbered paragraphs 1 and 2, Code Supplement
 2   1993.  As used in this section, unless the context
 3   otherwise requires, "other established priority of the
 4   system" means that commencing January 1 following the
 5   most recent annual actuarial valuation of the system,
 6   the department has increased the covered wage
 7   limitation from the previous year by three thousand
 8   dollars, in accordance with section 97B.41, subsection
 9   20, paragraph "b", subparagraph (11).
10     Sec. 48.  Section 97B.66, unnumbered paragraph 2,
11   Code Supplement 1995, is amended to read as follows:
12     The contributions paid by the vested or retired
13   member shall be equal to the accumulated contributions
14   as defined in section 97B.41, subsection 2, by the
15   member for the applicable period of service, and the
16   employer contribution for the applicable period of
17   service under the teachers insurance and annuity
18   association-college retirement equity fund, that would
19   have been or had been contributed by the vested or
20   retired member and the employer, if applicable, plus
21   interest on the contributions that would have accrued
22   for the applicable period from the date the previous
23   applicable period of service commenced under this
24   system or from the date the service of the member in
25   the teachers insurance and annuity association-college
26   retirement equity fund commenced to the date of
27   payment of the contributions by the member equal to
28   two percent plus the interest dividend rate applicable
29   for each year as provided in section 97B.70.
30     Sec. 49.  Section 97B.66, unnumbered paragraph 3,
31   Code Supplement 1995, is amended to read as follows:
32     However, effective January 1, 1994, the department
33   shall ensure that the member, in exercising an option
34   provided in this section, does not exceed the amount
35   of annual additions to a member's account permitted
36   pursuant to section 415 of the federal Internal
37   Revenue Code.
38     Sec. 50.  Section 97B.68, subsection 1, Code 1995,
39   is amended to read as follows:
40     1.  Effective July 1, 1988 1996, a person who is a
41   member of the federal civil service retirement program
42   or the federal employee's retirement system is not
43   eligible for membership in the Iowa public employees'
44   retirement system for the same position, and this
45   chapter does not apply to that employee.  An employee
46   whose membership in the federal civil service
47   retirement program or the federal employee's
48   retirement system is subsequently terminated shall
49   immediately notify the employee's employer and the
50   department of personnel of that fact, and the employee

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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