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House Journal: Page 1832: Monday, April 22, 1996

13   years of membership service and prior service and the
14   member's age in years as of the member's last birthday
15   equals or exceeds ninety, a monthly benefit shall be
16   computed which is equal to one-twelfth of the same
17   percentage of the three-year average covered wage of
18   the member as is provided in subsection 5, multiplied
19   by a fraction of years of service as is provided in
20   subsection 5.
21     NEW PARAGRAPH.  d.  (1)  For each active or
22   inactive vested member retiring on or after the
23   implementation date provided in subparagraph (2), who
24   is at least fifty-five years of age and for which the
25   sum of the number of years of membership service and
26   prior service and the member's age in years as of the
27   member's last birthday equals or exceeds eighty-eight,
28   a monthly benefit shall be computed which is equal to
29   one-twelfth of the same percentage of the three-year
30   average covered wage of the member as is provided in
31   subsection 5, multiplied by a fraction of years of
32   service as is provided in subsection 5.
33     (2)  The department shall implement this paragraph
34   on July 1, 1997, or on the date that the department
35   determines that the most recent annual actuarial
36   valuation of the system indicates that the employer
37   and employee contribution rates in effect under
38   section 97B.11 can absorb the costs of this paragraph,
39   whichever is later.  However, until this paragraph is
40   implemented, the department shall not pay a dividend
41   adjustment pursuant to subsection 13, paragraph "g"."
42     6.  Page 19, line 39, by inserting after the
43   letter "c." the following:  "(1)".
44     7.  Page 19, by inserting after line 46 the
45   following:
46     "(2)  In calculating the combined monthly
47   retirement allowance pursuant to paragraph "a", and in
48   determining the applicable percentage multiplier
49   established in subsection 5, the member shall be
50   entitled to an addition in the percentage multiplier

Page   5

 1   in accordance with subsection 5, paragraph "f", only
 2   for those years of service in excess of thirty years.
 3   Any addition in the percentage multiplier shall be
 4   included in the calculations required under paragraph
 5   "a", subparagraphs (1), (2), and (3) of this
 6   subsection."
 7     8.  Page 35, by inserting after line 40 the
 8   following:
 9     "Sec. ___.  STUDY OF PROPOSALS CONCERNING
10   CONTRIBUTION RATES - IOWA PUBLIC EMPLOYEES'
11   RETIREMENT SYSTEM - REPORT.  The Iowa public
12   employees' retirement system division, in consultation

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/01800/01832.html
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