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 1814: Monday, April 22, 1996

Page  37

 1   of such the investigation, the actuary shall
recommend
 2   for adoption by the board of trustees such shall
adopt
 3   the tables and such the rates as are required in
 4   subsection 11 of this section.  The board of trustees
 5   shall adopt the rate of interest and tables, and
 6   certify rates of contributions to be used by the
 7   system.
 8     11.  ACTUARIAL INVESTIGATION.  In the year 1952,
 9   and at At least once in each two-year period
10   thereafter, the state commissioner of insurance
the
11   actuary hired by the board of trustees shall make an
12   actuarial investigation in the mortality, service, and
13   compensation experience of the members and
14   beneficiaries of the system, and the interest and
15   other earnings on the moneys and other assets of the
16   system, and shall make a valuation of the assets and
17   liabilities of the funds of the system, and taking
18   into account the results of such the investigation
and
19   valuation, the board of trustees shall:
20     a.  Adopt for the system such interest rate,
21   mortality and other tables as shall be deemed
22   necessary;
23     b.  Certify the rates of contribution payable by
24   the state of Iowa in accordance with section 97A.8.
25     12.  VALUATION.  On the basis of such the rate of
26   interest and such tables as adopted by the
board of
27   trustees shall adopt, the state commissioner of
28   insurance the actuary hired by the board of trustees
29   shall make an annual valuation of the assets and
30   liabilities of the funds of the system created by this
31   chapter.
32     Sec. 73.  Section 97A.5, Code 1995, is amended by
33   adding the following new subsections:
34     NEW SUBSECTION.  14.  INVESTMENT CONTRACTS.  The
35   board of trustees may execute contracts and agreements
36   with investment advisors, consultants, and investment
37   management and benefit consultant firms in the
38   administration of the funds established in section
39   97A.8.
40     NEW SUBSECTION.  15.  LIABILITY.  The department,
41   the board of trustees, and the treasurer of state are
42   not personally liable for claims based upon an act or
43   omission of the person performed in the discharge of
44   the person's duties under this chapter, even if those
45   actions or omissions violate the standards established
46   in section 97A.7, except for acts or omissions which
47   involve malicious or wanton misconduct.
48     Sec. 74.  Section 97A.6, subsection 1, paragraph a,
49   Code 1995, is amended to read as follows:
50     a.  Any member in service may retire upon 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/01800/01814.html
jhf