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House Journal: Page 1810: Monday, April 22, 1996

Page  33

 1   unnumbered paragraph 1, Code Supplement 1993.
 2     Sec. 60.  Section 97B.73A, unnumbered paragraph 3,
 3   Code Supplement 1995, is amended to read as follows:
 4     However, effective January 1, 1994, the department
 5   shall ensure that the member, in exercising an option
 6   provided in this section, does not exceed the amount
 7   of annual additions to a member's account permitted
 8   pursuant to section 415 of the federal Internal
 9   Revenue Code.
10     Sec. 61.  Section 97B.74, unnumbered paragraphs 1
11   and 2, Code Supplement 1995, are amended to read as
12   follows:
13     An active, A vested, or retired member who
was a
14   member of the system at any time on or after July 4,
15   1953, and who received a refund of the member's
16   contributions for that period of membership service,
17   may elect in writing to the department to make
18   contributions to the system for all or a portion of
19   the period of membership service for which a refund of
20   contributions was made, and receive credit for the
21   period of membership service for which contributions
22   are made.  The contributions repaid by the member for
23   such service shall be equal to the accumulated
24   contributions, as defined in section 97B.41,
25   subsection 2, received by the member for the
26   applicable period of membership service plus interest
27   on the accumulated contributions for the applicable
28   period from the date of receipt by the member to the
29   date of repayment equal to two percent plus at the
30   interest dividend rate provided in section 97B.70
31   applicable for each year compounded annually as
32   provided in section 97B.70.
33     An active member must have at least one quarter's
34   reportable wages on file and have membership service,
35   including that period of membership service for which
36   a refund of contributions was made, sufficient to give
37   the member vested status.  A member making
38   contributions pursuant to this section may make the
39   contributions either for the entire applicable period
40   of service, or, effective upon the date that the
41   department determines that the amendments to this
42   paragraph and unnumbered paragraph 1 contained in 1994
43   Iowa Acts, chapter 1183, shall be implemented, for
44   portions of the period of service, and if
45   contributions are made for portions of the period of
46   service, the contributions shall be in increments of
47   one or more years, as long as the increments represent
48   full years and not a portion of a year calendar
49   quarters.  However, the department shall not
implement
50   the amendments to this paragraph or unnumbered

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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URL: /DOCS/GA/76GA/Session.2/HJournal/01800/01810.html
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