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House Journal: Page 1812: Monday, April 22, 1996

Page  35

 1   payment is made.  Verification of active duty service
 2   and payment of contributions shall be made to the
 3   department.  However, a member is not eligible to make
 4   contributions under this section if the member is
 5   receiving, is eligible to receive, or may in the
 6   future be eligible to receive retirement pay from the
 7   United States government for active duty in the armed
 8   forces, except for retirement pay granted by the
 9   United States government under retired pay for
10   nonregular service (10 U.S.C. "/g" 1331, et seq.).  A
11   member receiving retired pay for nonregular service
12   who makes contributions under this section shall
13   provide information required by the department
14   documenting time periods covered under retired pay for
15   nonregular service.
16     Sec. 64.  Section 97B.80, unnumbered paragraph 3,
17   Code 1995, is amended to read as follows:
18     However, effective January 1, 1994, the department
19   shall ensure that the member, in exercising an option
20   provided in this section, does not exceed the amount
21   of annual additions to a member's account permitted
22   pursuant to section 415 of the federal Internal
23   Revenue Code.
24     Sec. 65.  DEVELOPMENT OF PROPOSAL FOR ESTABLISHING
25   A DEFINED CONTRIBUTION OPTION - IOWA PUBLIC
26   EMPLOYEES' RETIREMENT SYSTEM - REPORT.  The Iowa
27   public employees' retirement system division, in
28   consultation with the public retirement systems
29   committee established in section 97D.4, shall develop
30   a proposal concerning various alternatives for
31   establishing a defined contribution option for members
32   of the Iowa public employees' retirement system.  On
33   or before September 1, 1997, the Iowa public
34   employees' retirement system division shall file a
35   report with the legislative service bureau, for
36   distribution to the public retirement systems
37   committee, which contains a proposal, or proposals,
38   for establishing a defined contribution option.  The
39   report shall also contain actuarial information
40   concerning the costs of the proposal or proposals.
41                                       DIVISION II
42      TEACHERS' PENSION AND ANNUITY RETIREMENT SYSTEMS
43     Sec. 66.  Section 12B.10, subsection 6, Code 1995,
44   is amended by adding the following new paragraph e and
45   relettering the subsequent paragraphs:
46     NEW PARAGRAPH.  e.  A pension and annuity
47   retirement system governed by chapter 294.
48     Sec. 67.  Section 12B.10A, subsection 6, Code 1995,
49   is amended by adding the following new paragraph e and
50   relettering the subsequent paragraphs:

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/01800/01812.html
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