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House Journal: Page 1826: Monday, April 22, 1996

Page  49

 1     Transfer from each terminated city fire or police
 2   retirement system to the statewide system amounts
 3   sufficient to cover the accrued liabilities of that
 4   terminated system as determined by the actuary of the
 5   statewide system.  The actuary of the statewide system
 6   shall redetermine the accrued liabilities of the
 7   terminated systems as necessary to take into account
 8   additional amounts payable by the city which are
 9   attributable to errors or omissions which occurred
10   prior to January 1, 1992, or to matters pending as of
11   January 1, 1992.  If the actuary of the statewide
12   system determines that the assets transferred by a
13   terminated system are insufficient to fully fund the
14   accrued liabilities of the terminated system as
15   determined by the actuary as of January 1, 1992, the
16   participating city shall pay to the statewide system
17   an amount equal to the unfunded liability plus
18   interest for the period beginning January 1, 1992, and
19   ending with the date of payment or the date of entry
20   into an amortization agreement pursuant to this
21   section.  Interest on the unfunded liability shall be
22   computed at a rate equal to the greater of the
23   actuarial interest rate assumption on investments of
24   the moneys in the fund or the actual investment
25   earnings of the fund for the applicable calendar year.
26   The participating city may enter into an agreement
27   with the statewide system to make additional annual
28   contributions sufficient to amortize the unfunded
29   accrued liability of the terminated system.  The terms
30   of an amortization agreement shall be based upon the
31   recommendation of the actuary of the statewide system,
32   and the agreement shall do each of the following:
33     Sec. 99.  NEW SECTION.  411.40  VOLUNTARY BENEFIT
34   PROGRAMS.
35     The board of trustees may establish voluntary
36   benefit programs for members subject to the following
37   conditions:
38     1.  The voluntary benefit programs may provide
39   benefits including, but not limited to, retiree health
40   benefits, long-term care, and life insurance.
41     2.  Participation in the voluntary benefit programs
42   by members shall be voluntary.
43     3.  Contributions to the voluntary benefit programs
44   shall be paid entirely by each participating member by
45   means of payroll deduction.  Cities employing members
46   participating in voluntary benefit programs shall
47   forward the amounts deducted to the board of trustees
48   for deposit in the voluntary benefit fund.
49     4.  The voluntary benefit programs and the
50   voluntary benefit fund shall be administered under the

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/01800/01826.html
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