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13 dividend payable in any given year shall be the sum of 14 the dollar amount of the dividend payable in the 15 previous November and the dividend adjustment. 16 The dividend adjustment for a given year shall be 17 calculated by multiplying the total of the retiree's 18 monthly benefit payments and the dividend payable to 19 the retiree in the previous calendar year by the 20 applicable percentage as determined by this paragraph. 21 The applicable percentage shall be the least of the 22 following percentages: 23 (1) The percentage representing eighty percent of 24 the percentage increase in the consumer price index 25 published in the federal register by the federal 26 department of labor, bureau of labor statistics, that 27 reflects the percentage increase in the consumer price 28 index for the twelve-month period ending June 30 of 29 the year that the dividend is to be paid. 30 (2) The percentage representing the percentage 31 amount the actuary has certified, in the annual 32 actuarial valuation of the system as of June 30 of the 33 year in which the dividend is to be paid, that the 34 fund can absorb without requiring an increase in the 35 employer and employee contributions to the fund. 36 (3) Three percent. 37 The dividend determined pursuant to this paragraph 38 shall not be used to increase the monthly benefit 39 amount payable." 40 5. Page 18, by inserting before line 3 the 41 following: 42 "Sec. ___. Section 97B.49, subsection 15, 43 paragraph b, Code Supplement 1995, is amended to read 44 as follows: 45 b. For each active or inactive vested member 46 retiring on or after July 1, 1990, and before July 1, 47 1996, who is at least fifty-five years of age and for 48 which the sum of the number of years of membership 49 service and prior service and the member's age in 50 years as of the member's last birthday equals or Page 4 1 exceeds ninety-two, a monthly benefit shall be 2 computed which is equal to one-twelfth of the same 3 percentage of the three-year average covered wage of 4 the member as is provided in subsection 5. 5 Sec. ___. Section 97B.49, subsection 15, Code 6 Supplement 1995, is amended by adding the following 7 new paragraphs: 8 NEW PARAGRAPH. c. For each active or inactive 9 vested member retiring on or after July 1, 1996, and 10 before the implementation date provided in paragraph 11 "d", subparagraph (2), who is at least fifty-five 12 years of age and for which the sum of the number of
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Last update: Tue Apr 23 13:30:03 CDT 1996
URL: /DOCS/GA/76GA/Session.2/HJournal/01800/01831.html
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