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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