Text: HSB00116 Text: HSB00118 Text: HSB00100 - HSB00199 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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, which is issued by or through a 1 7 nonprofit corporation issuing retirement annuities exclusively 1 8 to educational institutions and their employees or, for 1 9 persons newly entering employment on or after July 1, 1997, 1 10 which is issued by or through an insurance company authorized 1 11 to issue annuity contracts in this state, in lieu of coverage 1 12 under the Iowa public employees' retirement system, but only 1 13 if the person is already a member of the alternative system. 1 14 An election to participate in the alternative retirement 1 15 benefits system is irrevocable as to the person's employment 1 16 with that community college and any other community college in 1 17 this state. 1 18 Sec. 2. Section 260C.14, subsection 18, Code 1997, is 1 19 amended to read as follows: 1 20 18. Provide for an alternative retirement benefits system, 1 21 which is issued by or through a nonprofit corporation issuing 1 22 retirement annuities exclusively to educational institutions 1 23 and their employees, for persons newly employed after July 1, 1 24 1990, or, in addition, which is issued by or thorough an 1 25 insurance company authorized to issue annuity contracts in 1 26 this state, for persons newly employed on or after July 1, 1 27 1997, who are already members of the alternative system and 1 28 who elect coverage under that system pursuant to section 1 29 97B.42, in lieu of coverage under the Iowa public employees' 1 30 retirement system. The system for employee and employer 1 31 contributions under the alternative system shall be 1 32 substantially the same as provided by the state board of 1 33 regents under the teachers insurance annuity association- 1 34 college retirement equities fund, and the employer's 1 35 contribution rate shall not exceed the employer's contribution 2 1 rate established for employees of the state board of regents 2 2 who are under that system. 2 3 Sec. 3. APPLICABILITY DATE. This Act applies to persons 2 4 newly entering employment with a community college on or after 2 5 July 1, 1997. 2 6 EXPLANATION 2 7 The bill permits new employees of community colleges who 2 8 are members of a retirement plan issued by an insurance 2 9 company authorized to issue annuities in this state when they 2 10 are hired to elect to continue their retirement coverage with 2 11 that plan instead of IPERS. Current law permits new employees 2 12 to continue coverage in a retirement annuity issued by a 2 13 nonprofit corporation and for the exclusive benefit of 2 14 employees of educational institutions. The bill requires the 2 15 board of directors of each community college to provide for 2 16 this alternative retirement plan and that the plan would have 2 17 to be substantially equivalent to the retirement plan provided 2 18 by the board of regents and the employer's contribution rate 2 19 could not exceed that for employees who are members of the 2 20 board of regents plan. 2 21 The bill applies to new employees hired on or after July 1, 2 22 1997. 2 23 LSB 1719HC 77 2 24 ec/cf/24
Text: HSB00116 Text: HSB00118 Text: HSB00100 - HSB00199 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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