This file contains STRIKE and UNDERSCORE. If you cannot see either STRIKE or UNDERSCORE attributes or would like to change how these attributes are displayed, please use the following form to make the desired changes.

House Journal: Page 1830: Monday, April 22, 1996

13   received for the preceding June, or the most recently
14   received benefit payment, whichever is greater.  The
15   retirement dividend does not affect the amount of a
16   monthly benefit payment.
17     c.  Notwithstanding the determination of the amount
18   of a retirement dividend under paragraph "a", "b",
19   "d", or "f", or "g", a retirement dividend shall not
20   be less than twenty-five dollars.
21     d.  A member who retired from the system between
22   July 1, 1982, and June 30, 1986, or a contingent
23   annuitant or beneficiary of such a member, shall
24   receive with the November 1994 and the November 1995
25   1996 monthly benefit payments payment a
retirement
26   dividend equal to forty-nine seventy-four percent of
27   the monthly benefit payment the member received for
28   the preceding June, or the most recently received
29   benefit payment, whichever is greater.  The retirement
30   dividend does not affect the amount of a monthly
31   benefit payment.
32     e.  If the member dies on or after July 1 of the
33   dividend year but before the payment date, the full
34   amount of the retirement dividend for that year shall
35   be paid to the designated beneficiary to the
member's
36   account, upon notification of the member's death. 
If
37   there is no beneficiary designated by the member, the
38   department shall pay the dividend to the member's
39   estate.  The beneficiary, or the representative of the
40   member's estate, must apply for the dividend within
41   two years after the dividend is payable or the
42   dividend is forfeited.
43     f.  A member who retired from the system between
44   July 1, 1986, and June 30, 1990, or a contingent
45   annuitant or beneficiary of such a member, shall
46   receive with the November 1996 and the November 1997
47   monthly benefit payments payment a retirement
dividend
48   in an amount determined by the general assembly
equal
49   to twenty-four percent of the monthly benefit payment
50   the member received for the preceding June, or the

Page   3

 1   most recently received benefit payment, whichever is
 2   greater.  The retirement dividend does not affect the
 3   amount of a monthly benefit payment.
 4     Sec. ___.  Section 97B.49, subsection 13, Code
 5   Supplement 1995, is amended by adding the following
 6   new paragraph:
 7     NEW PARAGRAPH.  g.  Effective July 1, 1997,
 8   commencing with dividends payable in November 1997,
 9   and for each subsequent year, all members who retired
10   prior to July 1, 1990, shall be eligible for annual
11   dividend payments, payable in November of that year,
12   pursuant to the requirements of this paragraph.  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/01800/01830.html
jhf