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House Journal: Page 1829: Monday, April 22, 1996

13   Supplement 1995, is amended by adding the following
14   new paragraph:
15     NEW PARAGRAPH.  f.  For each active or inactive
16   vested member retiring on or after July 1, 1996, the
17   percentage multiplier of the three-year average
18   covered wage used under subsections 5, 15, 16, and 17
19   to calculate the monthly retirement allowance shall be
20   increased by one-fourth of one percentage point for
21   each additional calendar quarter of membership service
22   beyond the applicable years of service, not to exceed
23   a total of five additional percentage points.  For
24   purposes of this paragraph, "the applicable years of
25   service" shall be the following, based upon the
26   service retirement allowance selected:
27     (1)  For members receiving a retirement allowance
28   for regular service under subsection 5 or 15, or
29   receiving a combined retirement allowance under
30   subsection 17, the applicable years of service is
31   thirty.
32     (2)  For members receiving a retirement allowance
33   for service in a protection occupation under
34   subsection 16, paragraph "a", the applicable years of
35   service is twenty-five.
36     (3)  For members receiving a retirement allowance
37   for service as a sheriff, deputy sheriff, or airport
38   fire fighter under subsection 16, paragraph "b",
39   subparagraph (1) or (2), the applicable years of
40   service is twenty-two."
41     4.  By striking page 16, line 42, through page 18,
42   line 2, and inserting the following:
43     "Sec. ___.  Section 97B.49, subsection 13, Code
44   Supplement 1995, is amended to read as follows:
45     13.  a.  A member who retired from the system
46   between January 1, 1976, and June 30, 1982, or a
47   contingent annuitant or beneficiary of such a member,
48   shall receive with the November 1994 and the November
49   1995 1996 monthly benefit payments payment a
50   retirement dividend equal to one two hundred
eighty-

Page 2  

 1   one twenty-three percent of the monthly benefit
 2   payment the member received for the preceding June, or
 3   the most recently received benefit payment, whichever
 4   is greater.  The retirement dividend does not affect
 5   the amount of a monthly benefit payment.
 6     b.  Each member who retired from the system between
 7   July 4, 1953, and December 31, 1975, or a contingent
 8   annuitant or beneficiary of such a member, shall
 9   receive with the November 1994 and the November 1995
10   1996 monthly benefit payments payment a
retirement
11   dividend equal to two hundred thirty-six ninety-two
12   percent of the monthly benefit payment the member

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/01800/01829.html
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