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House Journal: Page 1807: Monday, April 22, 1996

Page  30

 1   may make the contributions either for the entire
 2   applicable period of service, or for portions of the
 3   period of service, and, effective upon the date that
 4   the department determines that the amendments to this
 5   paragraph contained in 1994 Iowa Acts, chapter 1183,
 6   shall be implemented, if contributions are made for
 7   portions of the period of service, the contributions
 8   shall be in increments of one or more years, as long
 9   as the increments represent full years and not a
10   portion of a year calendar quarters.  The member of
11   the system shall submit proof to the department of
12   membership in the general assembly.  The department
13   shall credit the member with the period of membership
14   service for which contributions are made.  However,
15   the department shall not implement the amendments to
16   this paragraph, as enacted in 1994 Iowa Acts, chapter
17   1183, unless and until the department determines that
18   the most recent annual actuarial valuation of the
19   retirement system indicates that the employer and
20   employee contribution rates in effect under section
21   97B.11 can absorb the amendments to this paragraph and
22   to section 97B.66, unnumbered paragraphs 1 and 2,
23   section 97B.72, unnumbered paragraphs 1 and 2, section
24   97B.73A, unnumbered paragraph 1, and section 97B.74,
25   unnumbered paragraphs 1 and 2, contained in 1994 Iowa
26   Acts, chapter 1183, after meeting the other
27   established priority of the system, as defined in
28   section 97B.66.  Until the amendments are implemented,
29   the department shall continue to implement the
30   provisions of section 97B.72A, subsection 1,
31   unnumbered paragraph 1, Code Supplement 1993.
32     There is appropriated from the general fund of the
33   state to the department an amount sufficient to pay
34   the contributions of the employer based on the period
35   of service of members of the general assembly for
36   which the member paid accumulated contributions under
37   this section.  The amount appropriated is equal to the
38   employer contributions which would have been made if
39   the members of the system who made employee
40   contributions had been members of the system during
41   the period for which they made employee contributions
42   plus two percent interest plus the interest dividend
43   rate applicable at the rate provided in section
97B.70
44   for each year compounded annually as provided in
45   section 97B.70.
46     Sec. 56.  Section 97B.72A, subsection 2, Code
47   Supplement 1995, is amended to read as follows:
48     2.  Effective January 1, 1994, however However,
the
49   department shall ensure that the member, in exercising
50   an option provided in this section, does not exceed

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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