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House Journal: Page 1815: Monday, April 22, 1996

Page  38

 1   member's written application to the board of trustees,
 2   setting forth at what time, not less than thirty nor
 3   more than ninety days subsequent to the execution and
 4   filing therefor, the member desires to be retired,
 5   provided, that the said member at the time so
 6   specified for retirement shall have attained the age
 7   of fifty-five and shall have completed twenty-two
 8   years or more of creditable service, and
 9   notwithstanding that, during such period of
10   notification, the member may have separated from the
11   service.  However, a member may retire at fifty years
12   of age and receive a reduced retirement allowance
13   pursuant to subsection 2A.
14     Sec. 75.  Section 97A.6, subsection 2, paragraph d,
15   subparagraph (3), Code 1995, is amended to read as
16   follows:
17     (3)  For a member who terminates service, other
18   than by death or disability, on or after October 16,
19   1992, but before July 1, 1996, and who does not
20   withdraw the member's contributions pursuant to
21   section 97A.16, upon the member's retirement there
22   shall be added six-tenths percent of the member's
23   average final compensation for each year of service
24   over twenty-two years.  However, this subparagraph
25   does not apply to more than eight additional years of
26   service.
27     Sec. 76.  Section 97A.6, subsection 2, paragraph d,
28   Code 1995, is amended by adding the following new
29   subparagraph:
30     NEW SUBPARAGRAPH.  (4)  For a member who terminates
31   service, other than by death or disability, on or
32   after July 1, 1996, and who does not withdraw the
33   member's contributions pursuant to section 97A.16,
34   upon the member's retirement there shall be added one
35   and one-half percent of the member's average final
36   compensation for each year of service over twenty-two
37   years.  However, this subparagraph does not apply to
38   more than eight additional years of service.
39     Sec. 77.  Section 97A.6, subsection 10, Code 1995,
40   is amended to read as follows:
41     10.  OPTIONAL ALLOWANCE.  With the provision that
42   no optional selection shall be effective in case a
43   beneficiary dies within thirty days after retirement,
44   in which event such a beneficiary shall be considered
45   as an active member at the time of death, until the
46   first payment on account of any benefit becomes
47   normally due, any beneficiary may elect to receive the
48   beneficiary's benefit in a retirement allowance
49   payable throughout life, or may elect to receive the
50   actuarial equivalent at that time of the beneficiary's

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/01800/01815.html
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