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