Text: HF02299                           Text: HF02301
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House File 2300

Partial Bill History

Bill Introduced: H.J. 259
Complete Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 97B.48A, subsection 1, unnumbered
  1  2 paragraph 1, Code 1997, is amended to read as follows:
  1  3    If a member who has not reached the member's sixty-fifth
  1  4 birthday and who has a bona fide retirement under this chapter
  1  5 is in regular full-time employment during a calendar year, the
  1  6 member's retirement allowance shall be reduced by fifty cents
  1  7 for each dollar the member earns over the limit provided in
  1  8 this subsection.  However, employment is not full-time
  1  9 employment until the member receives remuneration in an amount
  1 10 in excess of seven twelve thousand four hundred forty dollars
  1 11 for a calendar year, or an amount equal to the amount of
  1 12 remuneration permitted for a calendar year for persons under
  1 13 sixty-five years of age before a reduction in federal social
  1 14 security retirement benefits is required, whichever is higher.
  1 15 Effective the first of the month in which a member attains the
  1 16 age of sixty-five years, a retired member may receive a
  1 17 retirement allowance without a reduction after return to
  1 18 covered employment regardless of the amount of remuneration
  1 19 received.
  1 20    Sec. 2.  Section 97B.48A, Code 1997, is amended by adding
  1 21 the following new subsection:
  1 22    NEW SUBSECTION.  5.  Notwithstanding any provision of this
  1 23 chapter to the contrary, if a retired member returns to
  1 24 employment that would otherwise be covered under this chapter,
  1 25 the member shall be covered under this chapter unless the
  1 26 member files an application with appropriate documentation to
  1 27 the department within sixty days of reemployment in the
  1 28 position to affirmatively elect out of coverage.  An election
  1 29 to opt out of coverage under this chapter is irrevocable upon
  1 30 approval from the department.
  1 31    Sec. 3.  Section 97B.52A, subsections 1 and 2, Code 1997,
  1 32 are amended to read as follows:
  1 33    1.  Effective January 1, 1995, a member has a bona fide
  1 34 retirement when the member terminates all employment covered
  1 35 under the chapter or formerly covered under the chapter
  2  1 pursuant to section 97B.42, files a completed application for
  2  2 benefits form with the department, survives into the month for
  2  3 which benefits are first payable, and does not return to
  2  4 employment as defined in this chapter until the member has
  2  5 qualified for no fewer than four calendar months of retirement
  2  6 benefits.  Effective January 1, 1999, the number of months of
  2  7 qualification for retirement benefits is three.
  2  8    2.  A member may commence receiving retirement benefits
  2  9 under this chapter upon satisfying eligibility requirements.
  2 10 However, a retired member who commences receiving a retirement
  2 11 allowance but returns to employment before qualifying for no
  2 12 fewer than four three calendar months of retirement benefits
  2 13 does not have a bona fide retirement and any retirement
  2 14 allowance received by such a member must be returned to the
  2 15 system together with interest earned on the retirement
  2 16 allowance calculated at a rate determined by the department.
  2 17 Until the member has repaid the retirement allowance and
  2 18 interest, the department may withhold any future retirement
  2 19 allowance for which the member may qualify.  
  2 20                           EXPLANATION
  2 21    This bill concerns the rights of persons retired under the
  2 22 Iowa public employees' retirement system (IPERS) who return to
  2 23 employment that would ordinarily be covered by IPERS.
  2 24    Code section 97B.48A, subsection 1, is amended to increase
  2 25 the earned income limit before a member's retirement allowance
  2 26 is reduced pursuant to that section.  Currently, a member can
  2 27 earn the greater of $7,440 or the amount of income permitted
  2 28 under social security before a reduction is potentially
  2 29 applied.  The bill provides that the $7,440 be increased to
  2 30 $12,000.
  2 31    New subsection 5 is added to Code section 97B.48A and
  2 32 provides that a retired member under IPERS may opt out of
  2 33 coverage under IPERS even if the member returns to employment
  2 34 that would otherwise be covered under IPERS.  The new
  2 35 subsection provides that the member will be covered under
  3  1 IPERS unless the member submits a valid application with the
  3  2 department within 60 days of the reemployment to opt out of
  3  3 coverage under IPERS.
  3  4    Code section 97B.52A is amended to change from four
  3  5 calendar months to three the number of months a member under
  3  6 IPERS who retires has to remain retired before commencing
  3  7 employment that would otherwise be covered under Code chapter
  3  8 97B in order for the member to be considered to have a bona
  3  9 fide retirement and be eligible to continue to receive a
  3 10 retirement allowance.  
  3 11 LSB 4021HH 77
  3 12 ec/jw/5

Text: HF02299                           Text: HF02301
Text: HF02300 - HF02399                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

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