Iowa General Assembly Banner

 
Text: HF00456                           Text: HF00458
Text: HF00400 - HF00499                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

House File 457

Partial Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 97B.42, unnumbered paragraph 7, Code
  1  2 1997, is amended to read as follows:
  1  3    Notwithstanding any other provision of this section, a
  1  4 person newly entering employment with a community college on
  1  5 or after July 1, 1990, may elect coverage under an alternative
  1  6 retirement benefits system, as defined in section 260C.14,
  1  7 subsection 18, which is issued by or through a nonprofit
  1  8 corporation issuing retirement annuities exclusively to
  1  9 educational institutions and their employees or, for persons
  1 10 newly entering employment on or after July 1, 1997, which is
  1 11 issued by or through an insurance company authorized to issue
  1 12 annuity contracts in this state, in lieu of coverage under the
  1 13 Iowa public employees' retirement system, but only if the
  1 14 person is already a member of the alternative retirement
  1 15 benefits system.  An election to participate in the
  1 16 alternative retirement benefits system is irrevocable as to
  1 17 the person's employment with that community college and any
  1 18 other community college in this state.
  1 19    Sec. 2.  Section 260C.14, subsection 18, Code 1997, is
  1 20 amended to read as follows:
  1 21    18.  Provide for an alternative retirement benefits system,
  1 22 which is issued by or through a nonprofit corporation issuing
  1 23 retirement annuities exclusively to educational institutions
  1 24 and their employees, for persons newly employed after July 1,
  1 25 1990, or, in addition, which is issued by or thorough an
  1 26 insurance company authorized to issue annuity contracts in
  1 27 this state, for persons newly employed on or after July 1,
  1 28 1997, who are already members of the alternative retirement
  1 29 benefits system and who elect coverage under that system
  1 30 pursuant to section 97B.42, in lieu of coverage under the Iowa
  1 31 public employees' retirement system.  The system for employee
  1 32 and employer contributions under the alternative system shall
  1 33 be substantially the same as provided by the state board of
  1 34 regents under the teachers insurance annuity association-
  1 35 college retirement equities fund, and the employer's
  2  1 contribution rate shall not exceed the employer's contribution
  2  2 rate established for employees of the state board of regents
  2  3 who are under that system.  However, the employer's annual
  2  4 contribution in dollars under the alternative retirement
  2  5 benefits system shall not exceed the annual contribution in
  2  6 dollars which the employer would contribute if the employee
  2  7 had elected to remain an active member pursuant to the Iowa
  2  8 public employees' retirement system, as set forth in section
  2  9 97B.11.  For purposes of this subsection, "alternative
  2 10 retirement benefits system" means an employer sponsored
  2 11 primary pension plan requiring mandatory employer
  2 12 contributions that meets the requirements of section 401(a),
  2 13 403(a), or 403(b) of the Internal Revenue Code.
  2 14    Sec. 3.  APPLICABILITY DATE.  This Act applies to persons
  2 15 newly entering employment with a community college on or after
  2 16 July 1, 1997.  
  2 17                           EXPLANATION
  2 18    The bill permits new employees of community colleges who
  2 19 are members of certain retirement plans issued by an insurance
  2 20 company authorized to issue annuities in this state when they
  2 21 are hired to elect to continue their retirement coverage with
  2 22 that plan instead of IPERS.  The bill provides that eligible
  2 23 retirement plans under the bill are employee-sponsored pension
  2 24 plans with mandatory employer contributions that meet the
  2 25 requirements of section 401(a), 403(a), or 403(b) of the
  2 26 Internal Revenue Code.  Current law permits new employees to
  2 27 continue coverage in a retirement annuity issued by a
  2 28 nonprofit corporation and for the exclusive benefit of
  2 29 employees of educational institutions.  The bill requires the
  2 30 board of directors of each community college to provide for
  2 31 this alternative retirement plan and that the employer's
  2 32 contribution rate under the retirement plan shall not exceed
  2 33 that for employees who are members of IPERS.
  2 34    The bill applies to new employees hired on or after July 1,
  2 35 1997.  
  3  1 LSB 1719HV 77
  3  2 ec/cf/24
     
Text: HF00456                           Text: HF00458
Text: HF00400 - HF00499                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index
Return To Home Iowa General Assembly

index Search: House Bills and Amendments (77th General Assembly)

© 1997 Cornell College and League of Women Voters of Iowa

Comments about this site or page? webmaster@legis.iowa.gov. Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.

Last update: Wed Apr 2 03:41:21 CST 1997
URL: /DOCS/GA/77GA/Legislation/HF/00400/HF00457/970305.html
jhf