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 1804: Monday, April 22, 1996

Page  27

 1   five hundredths of one percent.  The average rate of
 2   interest earned and the interest dividend rate in
 3   percent shall be calculated to the nearest one
 4   hundredth, that is, to two decimal places.  Interest
 5   and interest dividends calculated pursuant to this
 6   subsection shall be compounded annually.
 7     2.  For calendar years beginning January 1, 1997, a
 8   per annum interest rate at one percent above the
 9   interest rate on one-year certificates of deposit
10   shall be credited to the member's contributions and
11   the employer's contributions to become part of the
12   accumulated contributions.  For purposes of this
13   subsection, the interest rate on one-year certificates
14   of deposit shall be determined by the department based
15   on the average rate for such certificates of deposit
16   as of the first business day of each year as published
17   in a publication of general acceptance in the business
18   community.  The per annum interest rate shall be
19   credited on a quarterly basis by applying one-quarter
20   of the annual interest rate to the sum of the
21   accumulated contributions as of the end of the
22   previous calendar quarter.
23     3.  Interest and interest dividends shall be
24   credited to the contributions of active members and
25   inactive vested members until the first of the month
26   coinciding with or next following the member's
27   retirement date.
28     4.  Effective upon the date that the department
29   determines that this subsection shall be implemented,
30   interest Interest and interest dividends shall be
31   credited to the contributions of a person who leaves
32   the contributions in the retirement fund upon
33   termination from covered employment prior to achieving
34   vested status, but who subsequently achieves vested
35   status.  The interest and interest dividends shall be
36   credited to the contributions commencing either upon
37   the date that the department determines that this
38   subsection shall be implemented, or the date on which
39   the person becomes a vested member, whichever is
40   later.  Interest and interest dividends shall cease
41   upon the first of the month coinciding with or next
42   following the person's retirement date.  If the
43   department no longer maintains the accumulated
44   contribution account of the person pursuant to section
45   97B.53, but the person submits satisfactory proof to
46   the department that the person did make the
47   contributions, the department shall credit interest
48   and interest dividends in the manner provided in this
49   subsection.  However, the department shall not
50   implement this subsection, unless and until the

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/01800/01804.html
jhf