Text: S03708 Text: S03710 Text: S03700 - S03799 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend Senate File 129 as follows: 1 2 #1. Page 2, by inserting before line 1 the 1 3 following: 1 4 "Sec. 101. Section 97A.8, subsection 1, paragraph 1 5 i, Code 1997, is amended to read as follows: 1 6 i. (1) Notwithstanding paragraph "g" or other 1 7 provisions of this chapter, beginning January 1, 1995, 1 8 for federal income tax purposes, and beginning January 1 9 1, 1998, for state income tax purposes, member 1 10 contributions required under paragraph "f" or "h" 1 11 which are picked up by the department shall be 1 12 considered employer contributions for federal and 1 13 state income tax purposes, and the department shall 1 14 pick up the member contributions to be made under 1 15 paragraph "f" or "h" by its employees. The department 1 16 shall pick up these contributions by reducing the 1 17 salary of each of its employees covered by this 1 18 chapter by the amount which each employee is required 1 19 to contribute under paragraph "f" or "h" and shall 1 20 certify the amount picked up in lieu of the member 1 21 contributions to the department of revenue and 1 22 finance. The department of revenue and finance shall 1 23 forward the amount of the contributions picked up to 1 24 the board of trustees for recording and deposit in the 1 25 pension accumulation fund. 1 26 (2) Member contributions picked up by the 1 27 department under subparagraph (1) shall be treated as 1 28 employer contributions for federal and state income 1 29 tax purposes only and for all other purposes of this 1 30 chapterand the laws of this stateshall be treated as 1 31 employee contributions and deemed part of the 1 32 employee's earnable compensation or salary. 1 33 Sec. 201. Section 97B.11A, Code 1997, is amended 1 34 to read as follows: 1 35 97B.11A PICKUP OF EMPLOYEE CONTRIBUTIONS. 1 36 1. Notwithstanding section 97B.11 or other 1 37 provisions of this chapter, beginning January 1, 1995, 1 38 for federal income tax purposes, and beginning January 1 39 1, 1998, for state income tax purposes, member 1 40 contributions required under section 97B.11 which are 1 41 picked up by the employer shall be considered employer 1 42 contributions for federal and state income tax 1 43 purposes, and each employer shall pick up the member 1 44 contributions to be made under section 97B.11 by its 1 45 employees. Each employer shall pick up these 1 46 contributions by reducing the salary of each of its 1 47 employees covered by this chapter by the amount which 1 48 each employee is required to contribute under section 1 49 97B.11 and shall pay the amount picked up in lieu of 1 50 the member contributions as provided in section 2 1 97B.14. 2 2 2. Member contributions picked up by each employer 2 3 under subsection 1 shall be treated as employer 2 4 contributions for federal and state income tax 2 5 purposes only and for all other purposes of this 2 6 chapterand the laws of this stateshall be treated as 2 7 employee contributions and deemed part of the 2 8 employee's wages or salary. 2 9 Sec. 301. Section 294.10A, Code 1997, is amended 2 10 to read as follows: 2 11 294.10A PICKUP OF TEACHER ASSESSMENTS. 2 12 1. Notwithstanding section 294.9 or other 2 13 provisions of this chapter, for federal income tax 2 14 purposes beginning January 1 following the submission 2 15 by a board of trustees of an application to the 2 16 federal internal revenue service requesting 2 17 qualification of a plan in accordance with the 2 18 requirements of the Internal Revenue Code, as defined 2 19 in section 422.3, and for state income tax purposes 2 20 beginning January 1, 1998, or January 1 following an 2 21 application for qualification, whichever is later, 2 22 teacher assessments required under section 294.9 which 2 23 are picked up by an employing school district shall be 2 24 considered employer contributions for federal and 2 25 state income tax purposes, and each employing school 2 26 district establishing a pension and annuity retirement 2 27 system pursuant to this chapter shall pick up the 2 28 teacher assessments to be made under section 294.9 by 2 29 its employees commencing on theJanuary 1 following an2 30application for qualificationapplicable date under 2 31 this subsection. Each employing school district shall 2 32 pick up these teacher assessments by reducing the 2 33 salary of each of the teachers covered by this chapter 2 34 by the amount which each teacher is required to 2 35 contribute through assessments under section 294.9 and 2 36 shall pay to the board of trustees the amount picked 2 37 up in lieu of the teacher assessments for recording 2 38 and deposit in the fund. 2 39 2. Teacher assessments picked up by each employing 2 40 school district under subsection 1 shall be treated as 2 41 employer contributions for federal and state income 2 42 tax purposes only and for all other purposes of this 2 43 chapterand the laws of this stateshall be treated as 2 44 teacher assessments and deemed part of the teacher's 2 45 wages or salary. 2 46 Sec. 401. Section 411.8, subsection 1, paragraph 2 47 i, Code 1997, is amended to read as follows: 2 48 i. (1) Notwithstanding paragraph "g" or other 2 49 provisions of this chapter, beginning January 1, 1995, 2 50 for federal income tax purposes, and beginning January 3 1 1, 1998, for state income tax purposes, member 3 2 contributions required under paragraph "f" or "h" 3 3 which are picked up by the city shall be considered 3 4 employer contributions for federal and state income 3 5 tax purposes, and each city shall pick up the member 3 6 contributions to be made under paragraph "f" or "h" by 3 7 its employees. Each city shall pick up these 3 8 contributions by reducing the salary of each of its 3 9 employees covered by this chapter by the amount which 3 10 each employee is required to contribute under 3 11 paragraph "f" or "h" and shall pay the amount picked 3 12 up in lieu of the member contributions to the board of 3 13 trustees for recording and deposit in the fund. 3 14 (2) Member contributions picked up by each city 3 15 under subparagraph (1) shall be treated as employer 3 16 contributions for federal and state income tax 3 17 purposes only and for all other purposes of this 3 18 chapterand the laws of this stateshall be treated as 3 19 employee contributions and deemed part of the 3 20 employee's earnable compensation or salary." 3 21 #2. Page 2, by inserting after line 14 the 3 22 following: 3 23 "Sec. 501. Section 422.7, subsections 29 through 3 24 31, Code 1997, are amended by striking the 3 25 subsections." 3 26 #3. Page 3, by striking lines 25 through 28 and 3 27 inserting the following: 3 28 "Sec. 601. EFFECTIVE AND APPLICABILITY DATES. 3 29 Sections 101, 201, 301, 401, and 501 of this Act take 3 30 effect January 1, 1998, and apply to tax years 3 31 beginning on or after January 1, 1998. Sections 1, 2, 3 32 3, 4, 5, 6, and 7, being deemed of immediate 3 33 importance, take effect upon enactment and apply 3 34 retroactively to January 1, 1996, for tax years 3 35 beginning on or after that date." 3 36 #4. Title page, line 2, by inserting after the 3 37 word "Code" the following: "modifying the taxation of 3 38 contributions to public retirement systems,". 3 39 #5. By renumbering as necessary. 3 40 3 41 3 42 3 43 JOHN P. KIBBIE 3 44 3 45 3 46 3 47 JOHNIE HAMMOND 3 48 3 49 3 50 4 1 PATRICK J. DELUHERY 4 2 4 3 4 4 4 5 MARY A. LUNDBY 4 6 4 7 4 8 4 9 MARY LOU FREEMAN 4 10 MIKE CONNOLLY 4 11 SF 129.502 77 4 12 sc/jw/28
Text: S03708 Text: S03710 Text: S03700 - S03799 Text: S Index Bills and Amendments: General Index Bill History: General Index
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