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House Journal: Page 1819: Monday, April 22, 1996

Page  42

 1   chapter, beginning July 1, 1996, and each fiscal year
 2   thereafter, the member's contribution rate shall be
 3   equivalent to the member's contribution rate provided
 4   under section 411.8, subsection 1, paragraph "f", for
 5   the statewide fire and police retirement system for
 6   the applicable fiscal year an amount equal to the
 7   member's contribution rate times each member's
 8   compensation shall be paid to the pension accumulation
 9   fund from the earnable compensation of the member.
10   For the purposes of this subparagraph, the member's
11   contribution rate shall be nine and thirty-five
12   hundredths percent.  However, the system shall
13   increase the member's contribution rate as necessary
14   to cover any increase in cost to the system resulting
15   from statutory changes which are enacted by any
16   session of the general assembly meeting after January
17   1, 1995, if the increase cannot be absorbed within the
18   contribution rates otherwise established pursuant to
19   this paragraph, but subject to a maximum employee
20   contribution rate of eleven and three-tenths percent.
21   After the employee contribution reaches eleven and
22   three-tenths percent, sixty percent of the additional
23   cost of such statutory changes shall be paid by the
24   employer under paragraph "c" and forty percent of the
25   additional cost shall be paid by employees under this
26   paragraph.
27     Sec. 87.  Section 97A.8, subsection 3, Code 1995,
28   is amended to read as follows:
29     3.  EXPENSE FUND.  The expense fund shall be the
30   fund to which shall be credited all money provided by
31   the state of Iowa to pay the administration expenses
32   of the system and from which shall be paid all the
33   expenses necessary in connection with the
34   administration and operation of the system.
35   Biennially the board of trustees shall estimate the
36   amount of money necessary to be paid into the expense
37   fund during the ensuing biennium to provide for the
38   expense of operation of the system.  Investment
39   management expenses shall be charged to the investment
40   income of the system and there is appropriated from
41   the system an amount required for the investment
42   management expenses.  The board of trustees shall
43   report the investment management expenses for the
44   fiscal year as a percent of the market value of the
45   system.
46     For purposes of this subsection, investment
47   management expenses are limited to the following:
48     a.  Fees for investment advisors, consultants, and
49   investment management and benefit consultant firms
50   hired by the board of trustees in administering this

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/01800/01819.html
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