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House Journal: Page 1820: Monday, April 22, 1996

Page  43

 1   chapter.
 2     b.  Fees and costs for safekeeping fund assets.
 3     c.  Costs for performance and compliance
 4   monitoring, and accounting for fund investments.
 5     d.  Any other costs necessary to prudently invest
 6   or protect the assets of the fund.
 7     Sec. 88.  Section 97A.12, Code 1995, is amended to
 8   read as follows:
 9     97A.12  EXEMPTION FROM EXECUTION AND OTHER PROCESS
10   OR ASSIGNMENT.
11     The right of any person to a pension, annuity, or
12   retirement allowance, to the return of contributions,
13   the pension, annuity, or retirement allowance itself,
14   any optional benefit or death benefit, any other right
15   accrued or accruing to any person under this chapter,
16   and the moneys in the various funds created under this
17   chapter, are not subject to execution, garnishment,
18   attachment, or any other process whatsoever, and are
19   unassignable except for the purposes of enforcing
20   child, spousal, or medical support obligations or
21   marital property orders, or as in this chapter
22   otherwise specifically provided in this chapter. 
For
23   the purposes of enforcing child, spousal, or medical
24   support obligations, the garnishment or attachment of
25   or the execution against compensation due a person
26   under this chapter shall not exceed the amount
27   specified in 15 U.S.C. "/g" 1673(b).
28     Sec. 89.  NEW SECTION.  97A.17  OPTIONAL TRANSFERS
29   WITH CHAPTER 411.
30     1.  For purposes of this section unless the context
31   otherwise requires:
32     a.  "Average accrued benefit" means the average of
33   the amounts representing the present value of the
34   accrued benefit earned by the member determined by the
35   former system and the present value of the accrued
36   benefit earned by the member determined by the current
37   system.
38     b.  "Current system" means the eligible retirement
39   system in which a person has commenced employment
40   covered by the system after having terminated
41   employment covered by the former system.
42     c.  "Eligible retirement system" means the system
43   created under this chapter and the statewide fire and
44   police retirement system established in chapter 411.
45     d.  "Former system" means the eligible retirement
46   system in which a person has terminated employment
47   covered by the system prior to commencing employment
48   covered by the current system.
49     2.  Commencing July 1, 1996, a vested member of an
50   eligible retirement system who terminates employment

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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Last update: Tue Apr 23 13:30:03 CDT 1996
URL: /DOCS/GA/76GA/Session.2/HJournal/01800/01820.html
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