Text: S03736 Text: S03738 Text: S03700 - S03799 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend the House amendment, S-3122, to Senate File 1 2 129 as passed by the Senate as follows: 1 3 #1. Page 1, by inserting after line 2, the 1 4 following: 1 5 "# . Page 2, by inserting before line 1 the 1 6 following: 1 7 "Sec. 101. Section 97A.8, subsection 1, paragraph 1 8 i, Code 1997, is amended to read as follows: 1 9 i. (1) Notwithstanding paragraph "g" or other 1 10 provisions of this chapter, beginning January 1, 1995, 1 11 for federal income tax purposes, and beginning January 1 12 1, 1998, for state income tax purposes, member 1 13 contributions required under paragraph "f" or "h" 1 14 which are picked up by the department shall be 1 15 considered employer contributions for federal and 1 16 state income tax purposes, and the department shall 1 17 pick up the member contributions to be made under 1 18 paragraph "f" or "h" by its employees. The department 1 19 shall pick up these contributions by reducing the 1 20 salary of each of its employees covered by this 1 21 chapter by the amount which each employee is required 1 22 to contribute under paragraph "f" or "h" and shall 1 23 certify the amount picked up in lieu of the member 1 24 contributions to the department of revenue and 1 25 finance. The department of revenue and finance shall 1 26 forward the amount of the contributions picked up to 1 27 the board of trustees for recording and deposit in the 1 28 pension accumulation fund. 1 29 (2) Member contributions picked up by the 1 30 department under subparagraph (1) shall be treated as 1 31 employer contributions for federal and state income 1 32 tax purposes only and for all other purposes of this 1 33 chapterand the laws of this stateshall be treated as 1 34 employee contributions and deemed part of the 1 35 employee's earnable compensation or salary. 1 36 Sec. 201. Section 97B.11A, Code 1997, is amended 1 37 to read as follows: 1 38 97B.11A PICKUP OF EMPLOYEE CONTRIBUTIONS. 1 39 1. Notwithstanding section 97B.11 or other 1 40 provisions of this chapter, beginning January 1, 1995, 1 41 for federal income tax purposes, and beginning January 1 42 1, 1998, for state income tax purposes, member 1 43 contributions required under section 97B.11 which are 1 44 picked up by the employer shall be considered employer 1 45 contributions for federal and state income tax 1 46 purposes, and each employer shall pick up the member 1 47 contributions to be made under section 97B.11 by its 1 48 employees. Each employer shall pick up these 1 49 contributions by reducing the salary of each of its 1 50 employees covered by this chapter by the amount which 2 1 each employee is required to contribute under section 2 2 97B.11 and shall pay the amount picked up in lieu of 2 3 the member contributions as provided in section 2 4 97B.14. 2 5 2. Member contributions picked up by each employer 2 6 under subsection 1 shall be treated as employer 2 7 contributions for federal and state income tax 2 8 purposes only and for all other purposes of this 2 9 chapterand the laws of this stateshall be treated as 2 10 employee contributions and deemed part of the 2 11 employee's wages or salary. 2 12 Sec. 301. Section 294.10A, Code 1997, is amended 2 13 to read as follows: 2 14 294.10A PICKUP OF TEACHER ASSESSMENTS. 2 15 1. Notwithstanding section 294.9 or other 2 16 provisions of this chapter, for federal income tax 2 17 purposes beginning January 1 following the submission 2 18 by a board of trustees of an application to the 2 19 federal internal revenue service requesting 2 20 qualification of a plan in accordance with the 2 21 requirements of the Internal Revenue Code, as defined 2 22 in section 422.3, and for state income tax purposes 2 23 beginning January 1, 1998, or January 1 following an 2 24 application for qualification, whichever is later, 2 25 teacher assessments required under section 294.9 which 2 26 are picked up by an employing school district shall be 2 27 considered employer contributions for federal and 2 28 state income tax purposes, and each employing school 2 29 district establishing a pension and annuity retirement 2 30 system pursuant to this chapter shall pick up the 2 31 teacher assessments to be made under section 294.9 by 2 32 its employees commencing on theJanuary 1 following an2 33application for qualificationapplicable date under 2 34 this subsection. Each employing school district shall 2 35 pick up these teacher assessments by reducing the 2 36 salary of each of the teachers covered by this chapter 2 37 by the amount which each teacher is required to 2 38 contribute through assessments under section 294.9 and 2 39 shall pay to the board of trustees the amount picked 2 40 up in lieu of the teacher assessments for recording 2 41 and deposit in the fund. 2 42 2. Teacher assessments picked up by each employing 2 43 school district under subsection 1 shall be treated as 2 44 employer contributions for federal and state income 2 45 tax purposes only and for all other purposes of this 2 46 chapterand the laws of this stateshall be treated as 2 47 teacher assessments and deemed part of the teacher's 2 48 wages or salary. 2 49 Sec. 401. Section 411.8, subsection 1, paragraph 2 50 i, Code 1997, is amended to read as follows: 3 1 i. (1) Notwithstanding paragraph "g" or other 3 2 provisions of this chapter, beginning January 1, 1995, 3 3 for federal income tax purposes, and beginning January 3 4 1, 1998, for state income tax purposes, member 3 5 contributions required under paragraph "f" or "h" 3 6 which are picked up by the city shall be considered 3 7 employer contributions for federal and state income 3 8 tax purposes, and each city shall pick up the member 3 9 contributions to be made under paragraph "f" or "h" by 3 10 its employees. Each city shall pick up these 3 11 contributions by reducing the salary of each of its 3 12 employees covered by this chapter by the amount which 3 13 each employee is required to contribute under 3 14 paragraph "f" or "h" and shall pay the amount picked 3 15 up in lieu of the member contributions to the board of 3 16 trustees for recording and deposit in the fund. 3 17 (2) Member contributions picked up by each city 3 18 under subparagraph (1) shall be treated as employer 3 19 contributions for federal and state income tax 3 20 purposes only and for all other purposes of this 3 21 chapterand the laws of this stateshall be treated as 3 22 employee contributions and deemed part of the 3 23 employee's earnable compensation or salary." 3 24 #2. Page 2, by inserting after line 14 the 3 25 following: 3 26 "Sec. 501. Section 422.7, subsections 29 through 3 27 31, Code 1997, are amended by striking the 3 28 subsections." 3 29 #3. Page 3, by striking lines 25 through 28 and 3 30 inserting the following: 3 31 "Sec. 601. EFFECTIVE AND APPLICABILITY DATES. 3 32 Sections 101, 201, 301, 401, and 501 of this Act take 3 33 effect January 1, 1998, and apply to tax years 3 34 beginning on or after January 1, 1998. Sections 1, 2, 3 35 3, 4, 5, 6, and 7, being deemed of immediate 3 36 importance, take effect upon enactment and apply 3 37 retroactively to January 1, 1996, for tax years 3 38 beginning on or after that date."" 3 39 #2. Page 1, by inserting after line 11 the 3 40 following: 3 41 "# . Title page, line 2, by inserting after the 3 42 word "Code" the following: "modifying the taxation of 3 43 contributions to public retirement systems,"." 3 44 #5. By renumbering as necessary. 3 45 3 46 3 47 3 48 JOHN P. KIBBIE 3 49 3 50 4 1 4 2 JOHNIE HAMMOND 4 3 4 4 4 5 4 6 PATRICK J. DELUHERY 4 7 4 8 4 9 4 10 MARY A. LUNDBY 4 11 4 12 4 13 4 14 MARY LOU FREEMAN 4 15 4 16 4 17 4 18 MIKE CONNOLLY 4 19 SF 129.50 4 20 sc/cc/26
Text: S03736 Text: S03738 Text: S03700 - S03799 Text: S Index Bills and Amendments: General Index Bill History: General Index
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