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Text: SF00542                           Text: SF00544
Text: SF00500 - SF00599                 Text: SF Index
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Senate File 543

Partial Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 97B.42, Code 1997, is amended by adding
  1  2 the following new unnumbered paragraph:
  1  3    NEW UNNUMBERED PARAGRAPH.  Notwithstanding any other
  1  4 provision of this section, a member who is a publicly elected
  1  5 official of the state or any of its political subdivisions,
  1  6 excluding a member of the general assembly of Iowa, whose
  1  7 application for coverage under this chapter has been approved
  1  8 by the department and who is a member of the system pursuant
  1  9 to that coverage, but who, prior to or concurrent with the
  1 10 member's service in the elective office, is a member of the
  1 11 system pursuant to other covered employment, shall no longer
  1 12 be an active member of the system for the elective office as
  1 13 of the last day of the month preceding the member's first
  1 14 month of entitlement for a retirement allowance pursuant to
  1 15 the other covered employment.  To be excluded from coverage,
  1 16 the publicly elected official shall be serving in a part-time
  1 17 elective office covered under the system.
  1 18    Sec. 2.  Section 294.12, Code 1997, is amended by adding
  1 19 the following new unnumbered paragraph:
  1 20    NEW UNNUMBERED PARAGRAPH.  Notwithstanding the provisions
  1 21 of this section, the plan provisions of a pension and annuity
  1 22 retirement system of a school district established under this
  1 23 chapter regarding the determination and distribution of
  1 24 benefits upon termination of the retirement system shall be
  1 25 effective if the school district has received a favorable
  1 26 determination letter from the federal internal revenue service
  1 27 as to the qualified status of such retirement system under
  1 28 applicable provisions of the Internal Revenue Code.
  1 29    Sec. 3.  IOWA PUBLIC EMPLOYEES' RETIREMENT SYSTEM –
  1 30 DIVIDEND ADJUSTMENT COMPUTATION.
  1 31    1.  For a retiree or beneficiary who received an increase
  1 32 in the retiree's or beneficiary's monthly benefit effective
  1 33 January 1, 1997, pursuant to section 97B.49, subsection 4, the
  1 34 dividend adjustment used to calculate the dividend payable to
  1 35 the retiree or beneficiary in November 1997, pursuant to
  2  1 section 97B.49, subsection 13, paragraph "g", shall not be
  2  2 calculated pursuant to that paragraph but shall be calculated
  2  3 as provided in subsection 2.
  2  4    2.  The dividend adjustment for a retiree or beneficiary
  2  5 described in subsection 1 shall be calculated by multiplying
  2  6 the sum of the dividend payable to the retiree or beneficiary
  2  7 in November 1996 and an amount representing twelve times the
  2  8 total of the retiree's or beneficiary's monthly benefit
  2  9 payments received by the retiree or beneficiary for January
  2 10 1997 by the applicable percentage as determined by section
  2 11 97B.49, subsection 13, paragraph "g".  To the extent not
  2 12 inconsistent with this subsection, the provisions of section
  2 13 97B.49, subsection 13, paragraph "g", shall apply in
  2 14 calculating the dividends payable in November 1997 to a
  2 15 retiree or beneficiary described in subsection 1.
  2 16    3.  This section shall only apply to the calculation of
  2 17 dividends for November 1997, and shall not apply to the
  2 18 calculation of dividends for any subsequent year.  
  2 19 SF 543
  2 20 ec/cc/26
     

Text: SF00542                           Text: SF00544
Text: SF00500 - SF00599                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index

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