Text: HF00324 Text: HF00326 Text: HF00300 - HF00399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 97B.49, subsection 16, Code 1997, is
1 2 amended by adding the following new paragraph:
1 3 NEW PARAGRAPH. n. (1) For purposes of this paragraph,
1 4 unless the context otherwise requires:
1 5 (a) "Average accrued benefit" means the average of the
1 6 amounts representing the present value of the accrued benefit
1 7 earned by the member determined by the former system and the
1 8 present value of the accrued benefit earned by the member
1 9 determined by the current system.
1 10 (b) "Current system" means the eligible retirement system
1 11 created under this chapter in which a person has commenced
1 12 employment covered by the system after having terminated
1 13 employment covered by the former system.
1 14 (c) "Eligible retirement system" means the system created
1 15 under this chapter and the statewide fire and police
1 16 retirement system established in chapter 411.
1 17 (d) "Former system" means the eligible retirement system
1 18 established in chapter 411 in which a person has terminated
1 19 employment covered by the system prior to commencing
1 20 employment covered by the current system.
1 21 (2) Commencing July 1, 1997, a vested member of an
1 22 eligible retirement system who terminates employment covered
1 23 by the former system and, within sixty days, commences
1 24 employment covered by the current system as a sheriff or
1 25 deputy sheriff may elect to transfer the average accrued
1 26 benefit earned from the former system to the current system.
1 27 The member shall file an application with the current system
1 28 for transfer of the average accrued benefit within ninety days
1 29 of the commencement of employment with the current system.
1 30 (3) Upon receipt of an application for transfer of the
1 31 average accrued benefit, the current system shall calculate
1 32 the average accrued benefit and the former system shall
1 33 transfer to the current system assets in an amount equal to
1 34 the average accrued benefit. Once the transfer of the average
1 35 accrued benefit is completed, the member's service under the
2 1 former system shall be treated as membership service under the
2 2 current system as a sheriff or deputy sheriff for purposes of
2 3 this chapter and chapter 411.
2 4 Sec. 2. NEW SECTION. 411.32 OPTIONAL TRANSFERS WITH
2 5 CHAPTER 97B.
2 6 1. For purposes of this section unless the context
2 7 otherwise requires:
2 8 a. "Average accrued benefit" means the average of the
2 9 amounts representing the present value of the accrued benefit
2 10 earned by the member as a sheriff or deputy sheriff under the
2 11 former system determined by the former system and the present
2 12 value of the accrued benefit earned by the member determined
2 13 by the current system.
2 14 b. "Current system" means the eligible retirement system
2 15 created under this chapter in which a person has commenced
2 16 employment covered by the system after having terminated
2 17 employment covered by the former system.
2 18 c. "Eligible retirement system" means the system created
2 19 under this chapter and the Iowa public employees' retirement
2 20 system established in chapter 97B.
2 21 d. "Former system" means the eligible retirement system
2 22 established in chapter 97B in which a person has terminated
2 23 employment covered by the system prior to commencing
2 24 employment covered by the current system.
2 25 2. Commencing July 1, 1997, a vested member of an eligible
2 26 retirement system who terminates employment covered by the
2 27 former system and, within sixty days, commences employment
2 28 covered by the current system may elect to transfer the
2 29 average accrued benefit earned from the former system to the
2 30 current system. The member shall file an application with the
2 31 current system for transfer of the average accrued benefit
2 32 within ninety days of the commencement of employment with the
2 33 current system.
2 34 3. Upon receipt of an application for transfer of the
2 35 average accrued benefit, the current system shall calculate
3 1 the average accrued benefit and the former system shall
3 2 transfer to the current system assets in an amount equal to
3 3 the average accrued benefit. Once the transfer of the average
3 4 accrued benefit is completed, the member's service under the
3 5 former system as a sheriff or deputy sheriff, as defined in
3 6 section 97B.49, subsection 16, shall be treated as membership
3 7 service under the current system for purposes of this chapter
3 8 and chapter 97B.
3 9 EXPLANATION
3 10 This bill establishes a procedure for allowing vested
3 11 members of the Iowa public employees' retirement system
3 12 (IPERS) who are sheriffs or deputy sheriffs, and vested
3 13 members of the statewide fire and police retirement system
3 14 established in Code chapter 411 to transfer to the other
3 15 retirement system with credit for years of membership service
3 16 in the former system if the member becomes employed and
3 17 covered by the other retirement system on or after July 1,
3 18 1997. The bill limits the ability to transfer to persons who
3 19 transfer to, or from, employment covered under IPERS as a
3 20 sheriff or deputy sheriff. The bill provides for the transfer
3 21 of assets between the retirement systems to reflect the
3 22 transfer of years of service to the applicable retirement
3 23 system.
3 24 LSB 1909HH 77
3 25 ec/jw/5
Text: HF00324 Text: HF00326 Text: HF00300 - HF00399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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