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Senate File 233

Partial Bill History

Bill Text

PAG LIN
  1  1                                    SENATE FILE 233
  1  2 
  1  3                             AN ACT
  1  4 CONCERNING ELIGIBLE ALTERNATIVE RETIREMENT BENEFIT SYSTEMS
  1  5    FOR NEWLY EMPLOYED COMMUNITY COLLEGE EMPLOYEES, AND
  1  6    PROVIDING AN APPLICABILITY DATE.
  1  7 
  1  8 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  1  9 
  1 10    Section 1.  Section 97B.42, unnumbered paragraph 7, Code
  1 11 1997, is amended to read as follows:
  1 12    Notwithstanding any other provision of this section, a
  1 13 person newly entering employment with a community college on
  1 14 or after July 1, 1990, may elect coverage under an alternative
  1 15 retirement benefits system, as defined in section 260C.14,
  1 16 subsection 18, which is issued by or through a nonprofit
  1 17 corporation issuing retirement annuities exclusively to
  1 18 educational institutions and their employees or, for persons
  1 19 newly entering employment on or after July 1, 1997, which is
  1 20 issued by or through an insurance company authorized to issue
  1 21 annuity contracts in this state, in lieu of coverage under the
  1 22 Iowa public employees' retirement system, but only if the
  1 23 person is already a member of the alternative retirement
  1 24 benefits system.  An election to participate in the
  1 25 alternative retirement benefits system is irrevocable as to
  1 26 the person's employment with that community college and any
  1 27 other community college in this state.
  1 28    Sec. 2.  Section 260C.14, subsection 18, Code 1997, is
  1 29 amended to read as follows:
  1 30    18.  Provide for an alternative retirement benefits system,
  1 31 which is issued by or through a nonprofit corporation issuing
  1 32 retirement annuities exclusively to educational institutions
  1 33 and their employees, for persons newly employed after July 1,
  1 34 1990, or, in addition, which is issued by or through an
  1 35 insurance company authorized to issue annuity contracts in
  2  1 this state, for persons newly employed on or after July 1,
  2  2 1997, who are already members of the alternative retirement
  2  3 benefits system and who elect coverage under that system
  2  4 pursuant to section 97B.42, in lieu of coverage under the Iowa
  2  5 public employees' retirement system.  The system for employee
  2  6 and employer contributions under the alternative system shall
  2  7 be substantially the same as provided by the state board of
  2  8 regents under the teachers insurance annuity association-
  2  9 college retirement equities fund, and the employer's
  2 10 contribution rate shall not exceed the employer's contribution
  2 11 rate established for employees of the state board of regents
  2 12 who are under that system.  However, the employer's annual
  2 13 contribution in dollars under the alternative retirement
  2 14 benefits system shall not exceed the annual contribution in
  2 15 dollars which the employer would contribute if the employee
  2 16 had elected to remain an active member pursuant to the Iowa
  2 17 public employees' retirement system, as set forth in section
  2 18 97B.11.  For purposes of this subsection, "alternative
  2 19 retirement benefits system" means an employer sponsored
  2 20 primary pension plan requiring mandatory employer
  2 21 contributions that meets the requirements of section 401(a),
  2 22 403(a), or 403(b) of the Internal Revenue Code.
  2 23    Sec. 3.  APPLICABILITY DATE.  This Act applies to persons
  2 24 newly entering employment with a community college on or after
  2 25 July 1, 1997.  
  2 26 
  2 27 
  2 28                                                             
  2 29                               MARY E. KRAMER
  2 30                               President of the Senate
  2 31 
  2 32 
  2 33                                                             
  2 34                               RON J. CORBETT
  2 35                               Speaker of the House
  3  1 
  3  2    I hereby certify that this bill originated in the Senate and
  3  3 is known as Senate File 233, Seventy-seventh General Assembly.
  3  4 
  3  5 
  3  6                                                             
  3  7                               MARY PAT GUNDERSON
  3  8                               Secretary of the Senate
  3  9 Approved                , 1997
  3 10 
  3 11 
  3 12                         
  3 13 TERRY E. BRANSTAD
  3 14 Governor
     
Text: SF00232                           Text: SF00234
Text: SF00200 - SF00299                 Text: SF Index
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