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House Journal: Page 1808: Monday, April 22, 1996

Page  31

 1   the amount of annual additions to a member's account
 2   permitted pursuant to section 415 of the federal
 3   Internal Revenue Code.
 4     Sec. 57.  Section 97B.73, unnumbered paragraph 1,
 5   Code 1995, is amended to read as follows:
 6     A vested or retired member who was in public
 7   employment comparable to employment covered under this
 8   chapter in another state or in the federal government,
 9   or who was a member of another public retirement
10   system in this state, including but not limited to the
11   teachers insurance annuity association-college
12   retirement equities fund, but who was not retired
13   under that system, upon submitting verification of
14   membership and service in the other public system to
15   the department, including proof that the member has no
16   further claim upon a retirement benefit from that
17   other public system, may make employer and employee
18   contributions to the system either for the entire
19   period of service in the other public system, or for
20   partial service in the other public system in
21   increments of one or more years, as long as the
22   increments represent full years and not a portion of a
23   year calendar quarters.  The member may also make
one
24   lump sum contribution to the system which represents
25   the entire period of service in the other public
26   system, even if the period of time exceeds one year or
27   includes a portion of a year.  If the member wishes to
28   transfer only a portion of the service value of
29   another public system to this system and the other
30   public system allows a partial withdrawal of a
31   member's system credits, the member shall receive
32   credit for membership service in this system
33   equivalent to the number of years period of service
34   transferred from the other public system.  The
35   contribution payable shall be based upon the member's
36   covered wages for the most recent full calendar year
37   at the applicable rates in effect for that calendar
38   year under sections 97B.11 and 97B.49 and multiplied
39   by the member's years of service in other public
40   employment.  If the member's most recent covered wages
41   were earned prior to the most recent calendar year,
42   the member's covered wages shall be adjusted by the
43   department by an inflation factor to reflect changes
44   in the economy since the covered wages were earned.
45     Sec. 58.  Section 97B.73, unnumbered paragraph 6,
46   Code 1995, is amended to read as follows:
47     However, effective January 1, 1994, the department
48   shall ensure that the member, in exercising an option
49   provided in this section, does not exceed the amount
50   of annual additions to a member's account permitted

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/01800/01808.html
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