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House Journal: Page 1831: Monday, April 22, 1996

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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index Index: House Journal (76th General Assembly: Session 2)

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