Text: S05650 Text: S05652 Text: S05600 - S05699 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend House File 2496, as amended, passed, and 1 2 reprinted by the House, as follows: 1 3 #1. Page 95, by inserting after line 26 the 1 4 following: 1 5 "Sec. ___. DEVELOPMENT OF PUBLIC RETIREMENT SYSTEM 1 6 FINANCIAL REPORTING METHOD REPORT. 1 7 1. The Iowa public employees' retirement system, 1 8 the statewide fire and police retirement system, the 1 9 public safety peace officers' retirement, accident, 1 10 and disability system, and the judicial retirement 1 11 system, hereafter "the systems", shall conduct a study 1 12 to determine the differences among the systems' 1 13 methods of reporting actuarial information concerning 1 14 the financial status of each respective retirement 1 15 system and shall develop a proposed uniform method for 1 16 reporting that actuarial information. The systems, in 1 17 developing a proposed uniform reporting method, should 1 18 attempt to provide consistent requirements for 1 19 reporting financial information about each retirement 1 20 system that can be used by the public retirement 1 21 systems committee and the general assembly in 1 22 examining and comparing the relative financial 1 23 condition of each retirement system. On or before 1 24 September 1, 1999, the systems shall file a report 1 25 with the legislative service bureau, for distribution 1 26 to the public retirement systems committee, which 1 27 contains the results of the study and any proposal or 1 28 proposals concerning the adoption of a uniform 1 29 financial reporting method. It is the intent of the 1 30 general assembly that the development of a uniform 1 31 method of providing financial information to the 1 32 general assembly pursuant to this section should not 1 33 in any way require each public retirement system to 1 34 adopt the same actuarial reporting system for purposes 1 35 of preparing the annual actuarial valuation of each 1 36 retirement system. 1 37 2. Each retirement system shall submit a financial 1 38 report to the general assembly by December 1, 1999, 1 39 based upon the proposed uniform financial reporting 1 40 method developed by the systems pursuant to the report 1 41 required by this section and using the most recent 1 42 annual actuarial evaluation of each retirement system. 1 43 If a proposed uniform financial reporting method is 1 44 not yet developed by the systems, each retirement 1 45 system shall submit a financial report to the general 1 46 assembly by December 1, 1999, based upon the most 1 47 recent annual actuarial valuation of the system and 1 48 using the aggregate cost method in accordance with 1 49 generally recognized and accepted actuarial principles 1 50 and practices set forth by the American academy of 2 1 actuaries." 2 2 #2. By renumbering as necessary. 2 3 2 4 2 5 2 6 ROD HALVORSON 2 7 HF 2496.211 77 2 8 ec/jl/28
Text: S05650 Text: S05652 Text: S05600 - S05699 Text: S Index Bills and Amendments: General Index Bill History: General Index
© 1998 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 15 03:46:18 CDT 1998
URL: /DOCS/GA/77GA/Legislation/S/05600/S05651/980414.html
jhf