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 1817: Monday, April 22, 1996

Page  40

 1   five or more years of membership service who are
 2   receiving an ordinary disability retirement allowance.
 3   However, effective July 1, 1990, for members who
 4   retired before that date, thirty percent shall be the
 5   applicable percentage for members under this
 6   subparagraph.
 7     (3)  Twelve and one-half Fifteen percent for
 8   members with less than five years of membership
 9   service who are receiving an ordinary disability
10   retirement allowance, and for beneficiaries receiving
11   a pension under subsection 8 of this section.
12   However, effective July 1, 1990, for members who
13   retired before that date, fifteen percent shall be the
14   applicable percentage for members and beneficiaries
15   under this subparagraph.
16     Sec. 81.  Section 97A.6, subsection 14, paragraph
17   d, Code 1995, is amended to read as follows:
18     d.  A retired member eligible for benefits under
19   the provisions of subsection 1 is not eligible for the
20   annual readjustment of pensions provided in this
21   subsection unless the member served at least twenty-
22   two years and attained the age of fifty-five years
23   prior to the member's termination of employment.
24     Sec. 82.  Section 97A.6, Code 1995, is amended by
25   adding the following new subsection:
26     NEW SUBSECTION.  2A.  EARLY RETIREMENT BENEFITS.
27     a.  Notwithstanding the calculation of the service
28   retirement allowance under subsection 2, beginning
29   July 1, 1996, a member who has completed twenty-two
30   years or more of creditable service and is at least
31   fifty years of age, but less than fifty-five years of
32   age, who has otherwise completed the requirements for
33   retirement under subsection 1, may retire and receive
34   a reduced service retirement allowance pursuant to
35   this subsection.  The service retirement allowance for
36   a member less than fifty-five years of age shall be
37   calculated in the manner prescribed in subsection 2,
38   except that the percentage multiplier of the member's
39   average final compensation used in the determination
40   of the service retirement allowance shall be reduced
41   by the board of trustees pursuant to paragraph "b".
42     b.  On July 1, 1996, and on each July 1 thereafter,
43   the board of trustees shall determine for the
44   respective fiscal year the percent by which the
45   percentage multiplier under subsection 2 shall be
46   reduced for each month that a member's retirement date
47   precedes the member's fifty-fifth birthday.  The board
48   of trustees shall make this determination based upon
49   the most recent actuarial valuation of the system, the
50   calculation of the acturial cost for each month of

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/01800/01817.html
jhf