Text: SF02139                           Text: SF02141
Text: SF02100 - SF02199                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index

Senate File 2140

Partial Bill History

Bill Text

  1  1    Section 1.  Section 279.46, Code 1997, is amended to read
  1  2 as follows:
  1  3    279.46  RETIREMENT INCENTIVES – TAX.
  1  4    The board of directors of a school district may adopt a
  1  5 program for payment of a monetary bonus, continuation of
  1  6 health or medical insurance coverage, or other incentives for
  1  7 encouraging its employees to retire before the normal
  1  8 retirement date as defined in chapter 97B.  The program is
  1  9 available only to employees between fifty-nine fifty-five and
  1 10 sixty-five years of age who notify the board of directors
  1 11 prior to March 1 of the fiscal year that they intend to retire
  1 12 not later than the next following June 30.  An employee
  1 13 retiring under this section shall apply for a retirement
  1 14 allowance under chapter 97B or chapter 294.  If the total
  1 15 estimated accumulated cost to a school district of the health
  1 16 or medical insurance coverage, bonus, or other incentives for
  1 17 employees who retire under this section does not exceed the
  1 18 estimated savings in salaries and benefits for employees who
  1 19 replace the employees who retire under the program, the board
  1 20 may include in the district management levy an amount to pay
  1 21 the costs of the program provided in this section.  
  1 22                           EXPLANATION
  1 23    This bill lowers from 59 to 55 the age of a school district
  1 24 employee to whom a school district board may offer a
  1 25 retirement incentive program.
  1 26    Currently, districts may adopt a program for payment of a
  1 27 monetary bonus, continuation of health or medical insurance
  1 28 coverage, or other incentives to encourage its employees to
  1 29 retire before the normal retirement date provided under the
  1 30 Iowa public employees' retirement system.  Under the Code, the
  1 31 districts can make such a program available to a school
  1 32 employee who is between the ages of 59 and 65, and the school
  1 33 district can pay for the program through the district
  1 34 management levy if the total estimated accumulated program
  1 35 cost to the school district does not exceed the estimated
  2  1 savings.  
  2  2 LSB 3840XS 77
  2  3 ec/jl/8

Text: SF02139                           Text: SF02141
Text: SF02100 - SF02199                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index

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