Text: HF00144 Text: HF00146 Text: HF00100 - HF00199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 279.46, Code 1997, is amended to read 1 2 as follows: 1 3 279.46 RETIREMENT INCENTIVES – TAX. 1 4 The board of directors of a school district may adopt a 1 5 program for payment of a monetary bonus, continuation of 1 6 health or medical insurance coverage, or other incentives for 1 7 encouraging its employees to retire before the normal 1 8 retirement date as defined in chapter 97B. The program is 1 9 available only to employees betweenfifty-ninefifty-five and 1 10 sixty-five years of age who notify the board of directors 1 11 prior to March 1 of the fiscal year that they intend to retire 1 12 not later than the next following June 30. An employee 1 13 retiring under this section shall apply for a retirement 1 14 allowance under chapter 97B or chapter 294. If the total 1 15 estimated accumulated cost to a school district of the health 1 16 or medical insurance coverage, bonus, or other incentives for 1 17 employees who retire under this section does not exceed the 1 18 estimated savings in salaries and benefits for employees who 1 19 replace the employees who retire under the program, the board 1 20 may include in the district management levy an amount to pay 1 21 the costs of the program provided in this section. 1 22 Sec. 2. This Act applies to employees of a school district 1 23 retiring on or after March 1, 1998. 1 24 EXPLANATION 1 25 This bill lowers from 59 to 55 the age of a school district 1 26 employee to whom a school district board may offer a 1 27 retirement incentive program. 1 28 Currently, districts may adopt a program for payment of a 1 29 monetary bonus, continuation of health or medical insurance 1 30 coverage, or other incentives to encourage its employees to 1 31 retire before the normal retirement date provided under the 1 32 Iowa public employees' retirement system. Under the Code, the 1 33 districts can make such a program available to a school 1 34 employee who is between the ages of 59 and 65, and the school 1 35 district can pay for the program through the district 2 1 management levy if the total estimated accumulated program 2 2 cost to the school district does not exceed the estimated 2 3 savings. The Act applies to employees retiring on or after 2 4 March 1, 1998. 2 5 LSB 1934HH 77 2 6 kh/jj/8
Text: HF00144 Text: HF00146 Text: HF00100 - HF00199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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