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House Journal: Page 1825: Monday, April 22, 1996

Page  48

 1   covered by the system after having terminated
 2   employment covered by the former system.
 3     c.  "Eligible retirement system" means the system
 4   created under this chapter and the Iowa department of
 5   public safety peace officers' retirement, accident,
 6   and disability system established in chapter 97A.
 7     d.  "Former system" means the eligible retirement
 8   system in which a person has terminated employment
 9   covered by the system prior to commencing employment
10   covered by the current system.
11     2.  Commencing July 1, 1996, a vested member of an
12   eligible retirement system who terminates employment
13   covered by one eligible retirement system and, within
14   sixty days, commences employment covered by the other
15   eligible retirement system may elect to transfer the
16   average accrued benefit earned from the former system
17   to the current system.  The member shall file an
18   application with the current system for transfer of
19   the average accrued benefit within ninety days of the
20   commencement of employment with the current system.
21     3.  Notwithstanding subsection 2, a vested member
22   whose employment with the current system commenced
23   prior to July 1, 1996, may elect to transfer the
24   average accrued benefit earned under the former system
25   to the current system by filing an application with
26   the current system for transfer of the average accrued
27   benefit on or before July 1, 1997.
28     4.  Upon receipt of an application for transfer of
29   the average accrued benefit, the current system shall
30   calculate the average accrued benefit and the former
31   system shall transfer to the current system assets in
32   an amount equal to the average accrued benefit.  Once
33   the transfer of the average accrued benefit is
34   completed, the member's service under the former
35   system shall be treated as membership service under
36   the current system for purposes of this chapter and
37   chapter 97A.
38     Sec. 97.  Section 411.37, subsection 2, Code 1995,
39   is amended to read as follows:
40     2.  The board shall include in the transition plan
41   or other transition documents, provisions to
42   facilitate continuity under sections 411.20, 411.21,
43   and 411.30 and a recommendation for an equitable
44   process for determining earnable compensation changes
45   when calculating adjustments to pensions under section
46   411.6, subsection 12, to be submitted to the general
47   assembly meeting in 1991.
48     Sec. 98.  Section 411.38, subsection 1, paragraph
49   b, unnumbered paragraph 1, Code 1995, is amended to
50   read as follows:

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/01800/01825.html
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