Text: SF02402 Text: SF02404 Text: SF02400 - SF02499 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 DIVISION I 1 2 PUBLIC SAFETY PEACE OFFICERS' RETIREMENT, ACCIDENT, 1 3 AND DISABILITY SYSTEM 1 4 Section 1. Section 97A.6, subsection 1, paragraph a, Code 1 5 1997, is amended to read as follows: 1 6 a. Any member in service may retire upon the member's 1 7 written application to the board of trustees, setting forth at 1 8 what time, not less than thirty nor more than ninety days 1 9 subsequent to the execution and filing therefor, the member 1 10 desires to be retired, provided that the said member at the 1 11 time so specified for retirement shall have either attained 1 12 the age of fifty-five and shall have completed twenty-two 1 13 years or more of creditable service, or shall have completed 1 14 thirty years or more of creditable service at any age, and 1 15 notwithstanding that, during such period of notification, the 1 16 member may have separated from the service. However, a member 1 17 who has completed less than thirty years of creditable service 1 18 may retire at fifty years of age and receive a reduced 1 19 retirement allowance pursuant to subsection 2A. 1 20 Sec. 2. Section 97A.6, subsection 2, paragraph d, Code 1 21 1997, is amended by adding the following new subparagraph: 1 22 NEW SUBPARAGRAPH. (3A) Commencing July 1, 1998, and 1 23 notwithstanding the provisions of this paragraph to the 1 24 contrary, for a member who terminated service, other than by 1 25 death or disability, before July 1, 1996, and who did not 1 26 withdraw the member's contributions pursuant to section 1 27 97A.16, there shall be added one and one-half percent of the 1 28 member's average final compensation for each year of service 1 29 over twenty-two years effective with each monthly payment of a 1 30 service retirement allowance on or after July 1, 1998. 1 31 However, this subparagraph does not apply to more than eight 1 32 additional years of service. 1 33 Sec. 3. Section 97A.6, subsection 2, paragraph d, 1 34 subparagraph (4), Code 1997, is amended to read as follows: 1 35 (4) For a member who terminates service, other than by 2 1 death or disability, on or after July 1, 1996, but before July 2 2 1, 1998, and who does not withdraw the member's contributions 2 3 pursuant to section 97A.16, upon the member's retirement there 2 4 shall be added one and one-half percent of the member's 2 5 average final compensation for each year of service over 2 6 twenty-two years. However, this subparagraph does not apply 2 7 to more than eight additional years of service. 2 8 Sec. 4. Section 97A.6, subsection 2, paragraph d, Code 2 9 1997, is amended by adding the following new subparagraph: 2 10 NEW SUBPARAGRAPH. (5) For a member who terminates 2 11 service, other than by death or disability, on or after July 2 12 1, 1998, and who does not withdraw the member's contributions 2 13 pursuant to section 97A.16, upon the member's retirement there 2 14 shall be added two percent of the member's average final 2 15 compensation for each year of service over twenty-two years. 2 16 However, this subparagraph does not apply to more than ten 2 17 additional years of service. 2 18 Sec. 5. Section 97A.6, subsection 14, paragraph a, 2 19 subparagraphs (1), (2), and (3), Code 1997, are amended to 2 20 read as follows: 2 21 (1)ThirtyThirty-three and one-third percent for members 2 22 receiving a service retirement allowance and for beneficiaries 2 23 receiving a pension under subsection 9 of this section. 2 24 (2)ThirtyThirty-three and one-third percent for members 2 25 with five or more years of membership service who are 2 26 receiving an ordinary disability retirement allowance. 2 27 (3)FifteenSixteen and two-thirds percent for members 2 28 with less than five years of membership service who are 2 29 receiving an ordinary disability retirement allowance, and for 2 30 beneficiaries receiving a pension under subsection 8 of this 2 31 section. 2 32 DIVISION II 2 33 STATEWIDE FIRE AND POLICE RETIREMENT SYSTEM 2 34 Sec. 6. Section 411.6, subsection 2, paragraph d, 2 35 subparagraph (3), Code 1997, is amended to read as follows: 3 1 (3) For a member who terminates service, other than by 3 2 death or disability, on or after October 16, 1992, but before 3 3 July 1, 1998, and who does not withdraw the member's 3 4 contributions pursuant to section 411.23, upon the member's 3 5 retirement there shall be added six-tenths percent of the 3 6 member's average final compensation for each year of service 3 7 over twenty-two years. However, this subparagraph does not 3 8 apply to more than eight additional years of service. 3 9 Sec. 7. Section 411.6, subsection 2, paragraph d, Code 3 10 1997, is amended by adding the following new subparagraph: 3 11 NEW SUBPARAGRAPH. (4) For a member who terminates 3 12 service, other than by death or disability, on or after July 3 13 1, 1998, and who does not withdraw the member's contributions 3 14 pursuant to section 411.23, upon the member's retirement there 3 15 shall be added one and one-half percent of the member's 3 16 average final compensation for each year of service over 3 17 twenty-two years. However, this subparagraph does not apply 3 18 to more than eight additional years of service. 3 19 Sec. 8. Section 411.6, subsection 4, Code 1997, is amended 3 20 to read as follows: 3 21 4. ALLOWANCE ON ORDINARY DISABILITY RETIREMENT. 3 22 a. Upon retirement for ordinary disability prior to July 3 23 1, 1998, a member shall receive an ordinary disability 3 24 retirement allowance which shall consist of a pension which 3 25 shall equal fifty percent of the member's average final 3 26 compensation unless either of the following conditions exist: 3 27a.(1) If the member has not had five or more years of 3 28 membership service the member shall receive a pension equal to 3 29 one-fourth of the member's average final compensation. 3 30b.(2) If the member has had twenty-two or more years of 3 31 membership service, the member shall receive a disability 3 32 retirement allowance that is equal to the greater of the 3 33 benefit that the member would receive under subsection 2 if 3 34 the member were fifty-five years of age or the disability 3 35 pension otherwise calculated under this subsection. 4 1 b. Upon retirement for ordinary disability on or after 4 2 July 1, 1998, a member who has five or more years of 4 3 membership service shall receive a disability retirement 4 4 allowance in an amount equal to the greater of fifty percent 4 5 of the member's average final compensation or the retirement 4 6 allowance that the member would receive under subsection 2 if 4 7 the member has attained fifty-five years of age. A member who 4 8 has less than five years of membership service shall receive a 4 9 pension equal to one-fourth of the member's average final 4 10 compensation. 4 11 Sec. 9. Section 411.6, subsection 6, paragraph b, Code 4 12 1997, is amended to read as follows: 4 13 b. Upon retirement for accidental disability on or after 4 14 July 1, 1990, but before July 1, 1998, a member shall receive 4 15 an accidental disability retirement allowance which shall 4 16 consist of a pension equal to sixty percent of the member's 4 17 average final compensation. However, if the member has had 4 18 twenty-two or more years of membership service, the member 4 19 shall receive a disability retirement allowance that is equal 4 20 to the greater of the retirement allowance that the member 4 21 would receive under subsection 2 if the member was fifty-five 4 22 years of age or the disability retirement allowance calculated 4 23 under this paragraph. 4 24 Sec. 10. Section 411.6, subsection 6, Code 1997, is 4 25 amended by adding the following new paragraph: 4 26 NEW PARAGRAPH. c. Upon retirement for accidental 4 27 disability on or after July 1, 1998, a member shall receive an 4 28 accidental disability retirement allowance which shall consist 4 29 of a pension in an amount equal to the greater of sixty 4 30 percent of the member's average final compensation or the 4 31 retirement allowance that the member would receive under 4 32 subsection 2 if the member has attained fifty-five years of 4 33 age. 4 34 Sec. 11. Section 411.6, subsection 10, Code 1997, is 4 35 amended to read as follows: 5 1 10. PENSIONS OFFSET BY COMPENSATION BENEFITS. Any amounts 5 2 which may be paid or payable by the said cities under the 5 3 provisions of any workers' compensation or similar law to a 5 4 member or to the dependents of a member on account of any 5 5 disability or death, shall be offset against and payable in 5 6 lieu of any benefits payable under the provisions of this 5 7 chapter on account of the same disability or death. In 5 8 addition, any amounts payable to a member as unemployment 5 9 compensation under the provisions of chapter 96 for a member 5 10 receiving an ordinary disability benefit or an accidental 5 11 disability benefit pursuant to this chapter shall be offset 5 12 against and payable in lieu of any benefits payable under this 5 13 chapter for an ordinary disability or an accidental disability 5 14 under the provisions of this chapter on account of the same 5 15 disability. 5 16 Sec. 12. Section 411.9, Code 1997, is amended to read as 5 17 follows: 5 18 411.9 MILITARY SERVICE EXCEPTIONS. 5 19 1. A member who is absent while serving in the armed 5 20 services of the United States or its allies and is discharged 5 21 or separated from the armed services under honorable 5 22 conditions shall have the period or periods of absence while 5 23 serving in the armed services, not in excess of four years 5 24 unless any period in excess of four years is at the request 5 25 and for the convenience of the federal government, included as 5 26 part of the member's period of service in the department. The 5 27 member shall not continue the contributions required of the 5 28 member under section 411.8 during the period of military 5 29 service, if the member, within one year after the member has 5 30 been discharged or separated under honorable conditions from 5 31 military service, returns and resumes duties in the 5 32 department, and if the member is declared physically capable 5 33 of resuming duties upon examination by the medical board. A 5 34 period of absence may exceed four years at the request and for 5 35 the convenience of the federal government. 6 1 2. Notwithstanding any provisions of this chapter to the 6 2 contrary, contributions, benefits, and service credit with 6 3 respect to qualified military service shall be provided in 6 4 accordance with section 414(u) of the federal Internal Revenue 6 5 Code. 6 6 Sec. 13. Section 411.22, subsection 1, unnumbered 6 7 paragraph 1, Code 1997, is amended to read as follows: 6 8 If a member receives an injury for which benefits are 6 9 payable under section 411.6, subsection 3 or 5, or section 6 10 411.15 and if the injury is caused under circumstances 6 11 creating a legal liability for damages against a third party 6 12 other than the retirement system, the member or the member's 6 13 legal representative may maintain an action for damages 6 14 against the third party. If a member or a member's legal 6 15 representative commences such an action, the plaintiff member 6 16 or representative shall serve a copy of the original notice 6 17 upon the retirement system not less than ten days before the 6 18 trial of the action, but a failure to serve the notice does 6 19 not prejudice the rights of the retirement system, and the 6 20 following rights and duties ensue: 6 21 Sec. 14. Section 411.22, subsection 3, Code 1997, is 6 22 amended to read as follows: 6 23 3. Before a settlement is effective betweenathe 6 24 retirement system and a third party who is liable for an 6 25 injury, the member must consent in writing to the settlement; 6 26 and if the settlement is between the member and a third party, 6 27 the retirement system must consent in writing to the 6 28 settlement; or on refusal to consent, in either case, the 6 29 district court in the county in which either the cityandor 6 30 the retirement systemareis located must consent in writing 6 31 to the settlement. 6 32 Sec. 15. NEW SECTION. 411.24 PAYMENT TO REPRESENTATIVE 6 33 PAYEE. 6 34 1. ADULTS. When it appears to the system that the 6 35 interest of an applicant entitled to a payment would be 7 1 served, certification of payment may be made, regardless of 7 2 the legal competence or incompetence of the individual 7 3 entitled to the payment, either for direct payment to the 7 4 applicant or for the applicant's use and benefit to a 7 5 representative of an applicant. Payments under this section 7 6 shall be made in accordance with rules adopted by the board. 7 7 2. MINORS. Payments on behalf of minors shall be made in 7 8 accordance with rules adopted by the board. 7 9 3. FINALITY. Any payments made under the provisions of 7 10 this section shall be a complete settlement and satisfaction 7 11 of any claim, right, or interest in and to such payment. 7 12 Sec. 16. Section 411.36, subsection 1, paragraph c, Code 7 13 1997, is amended to read as follows: 7 14 c.The city treasurers ofA city treasurer, city financial 7 15 officer, or city clerk involved with the financial matters of 7 16 the city from four participating cities, one of whom is from a 7 17 city having a population of less than forty thousand, and 7 18 three of whom are from cities having a population of forty 7 19 thousand or more. Thecity treasurersmembers authorized 7 20 pursuant to this paragraph shall be appointed by the governing 7 21 body of the Iowa league of cities. 7 22 Sec. 17. Section 411.38, subsection 1, paragraph b, Code 7 23 1997, is amended to read as follows: 7 24 b. Transfer from each terminated city fire or police 7 25 retirement system to the statewide system amounts sufficient 7 26 to cover the accrued liabilities of that terminated system as 7 27 determined by the actuary of the statewide system. The 7 28 actuary of the statewide system shall redetermine the accrued 7 29 liabilities of the terminated systems as necessary to take 7 30 into account additional amounts payable by the city which are 7 31 attributable to errors or omissions which occurred prior to 7 32 January 1, 1992, or to matters pending as of January 1, 1992. 7 33 If, at any time prior to July 1, 1998, the actuary of the 7 34 statewide system determines that the assets transferred by a 7 35 terminated system are insufficient to fully fund the accrued 8 1 liabilities of the terminated system as determined by the 8 2 actuary as of January 1, 1992, the participating city shall 8 3 pay to the statewide system an amount equal to the unfunded 8 4 liability plus interest for the period beginning January 1, 8 5 1992, and ending with the date of payment or the date of entry 8 6 into an amortization agreement pursuant to this section. 8 7 Interest on the unfunded liability shall be computed at a rate 8 8 equal to the greater of the actuarial interest rate assumption 8 9 on investments of the moneys in the fund or the actual 8 10 investment earnings of the fund for the applicable calendar 8 11 year. The provisions of this paragraph concerning unfunded 8 12 liabilities are retroactively applicable to any unfunded 8 13 liabilities determined on or after January 1, 1992, and before 8 14 July 1, 1998. Notwithstanding any contrary provisions of 8 15 subsection 2, the provisions of this paragraph concerning 8 16 unfunded liabilities do not apply to any unfunded liabilities 8 17 determined on or after July 1, 1998. The participating city 8 18 may enter into an agreement with the statewide system to make 8 19 additional annual contributions sufficient to amortize the 8 20 unfunded accrued liability of the terminated system. The 8 21 terms of an amortization agreement shall be based upon the 8 22 recommendation of the actuary of the statewide system, and the 8 23 agreement shall do each of the following: 8 24 (1) Allow the city to make additional annual contributions 8 25 over a period not to exceed thirty years from January 1, 1992. 8 26 (2) Provide that the city shall pay a rate of return on 8 27 the amortized amount that is at least equal to the estimated 8 28 rate of return on the investments of the statewide system for 8 29 the years covered by the amortization agreement. 8 30 (3) Contain other terms and conditions as are approved by 8 31 the board of trustees for the statewide system. 8 32 In the alternative, a city may treat the city's accrued 8 33 unfunded liability for the terminated system as legal 8 34 indebtedness to the statewide system for the purposes of 8 35 section 384.24, subsection 3, paragraph "f". 9 1 The provisions of this section concerning unfunded 9 2 liabilities shall have no effect on the right of a member to 9 3 credit for service under this chapter. 9 4 Sec. 18. EFFECTIVE DATE. Section 17 of this Act, amending 9 5 section 411.38, being deemed of immediate importance, takes 9 6 effect upon enactment. 9 7 DIVISION III 9 8 JUDICIAL RETIREMENT SYSTEM 9 9 Sec. 19. Section 602.1611, Code 1997, is amended by adding 9 10 the following new subsection: 9 11 NEW SUBSECTION. 4. Commencing July 1, 1998, juvenile 9 12 court officers are members of the judicial retirement system 9 13 established in article 9, part 1, and are not members of the 9 14 public employees' retirement system established in chapter 9 15 97B, except as provided in section 602.11116. 9 16 Sec. 20. Section 602.9107, subsection 1, Code 1997, is 9 17 amended to read as follows: 9 18 1. The annual annuity of a judge under this system is an 9 19 amount equal to three percent of the judge's average annual 9 20 basic salary for the judge's last three years as a judge of 9 21 one or more of the courts included in this article, multiplied 9 22 by the judge's years of service as a judge of one or more of 9 23 the courts for which contributions were made to the system. 9 24 However, an annual annuity shall not exceed an amount equal to 9 25fifty percenta specified percentage of the basic annual 9 26 salary which the judge is receiving at the time the judge 9 27 becomes separated from service. Forfeitures shall not be used 9 28 to increase the annuities a judge or survivor would otherwise 9 29 receive under the system. 9 30 For judges who retire and receive an annuity prior to July 9 31 1, 1998, the specified percentage shall be fifty percent. 9 32 For judges who retire and receive an annuity during the 9 33 period beginning July 1, 1998, and ending June 30, 1999, the 9 34 specified percentage shall be fifty-two percent. 9 35 For each fiscal year after the fiscal year beginning July 10 1 1, 1998, the specified percentage shall be increased by two 10 2 percent until for the fiscal year beginning July 1, 2002, and 10 3 each fiscal year thereafter the specified percentage shall be 10 4 sixty percent. 10 5 Sec. 21. NEW SECTION. 602.9107B MINIMUM ANNUITY BENEFIT. 10 6 A judge, or a survivor of a judge, who retired before July 10 7 1, 1977, and who is receiving an annuity pursuant to this 10 8 article, shall, commencing with an annuity paid on or after 10 9 July 1, 1998, be paid a minimum monthly annuity payment of 10 10 five hundred dollars. 10 11 Sec. 22. NEW SECTION. 602.11116 JUVENILE COURT OFFICER'S 10 12 RETIREMENT. 10 13 If a full-time juvenile court officer is a member of the 10 14 Iowa public employees' retirement system on June 30, 1998, the 10 15 juvenile court officer shall elect, by informing the state 10 16 court administrator by June 30, 1998, one of the following 10 17 retirement benefit options to be effective July 1, 1998: 10 18 1. To remain a member under the Iowa public employees' 10 19 retirement system pursuant to chapter 97B. 10 20 2. To commence membership under the judicial retirement 10 21 system pursuant to article 9, part 1, effective July 1, 1998, 10 22 and to become an inactive member of the Iowa public employees' 10 23 retirement system pursuant to chapter 97B and remain eligible 10 24 for benefits under section 97B.49 for the period of membership 10 25 service under chapter 97B. 10 26 3. To commence membership under the judicial retirement 10 27 system pursuant to article 9, part 1, retroactive to the date 10 28 the juvenile court officer became a juvenile court officer, 10 29 and to cease to be a member of the Iowa public employees' 10 30 retirement system, effective July 1, 1998. The department of 10 31 personnel shall transmit by January 1, 1999, to the state 10 32 court administrator for deposit in the judicial retirement 10 33 fund the juvenile court officer's accumulated contributions as 10 34 defined in section 97B.41, subsection 2, for the officer's 10 35 period of membership service as a juvenile court officer. 11 1 Before July 1, 2000, or at retirement previous to that date, a 11 2 juvenile court officer who becomes a member of the judicial 11 3 retirement system pursuant to this subsection shall contribute 11 4 to the judicial retirement fund an amount equal to the 11 5 difference between four percent of the juvenile court 11 6 officer's total salary received for the entire period of 11 7 service before July 1, 1998, as a juvenile court officer, and 11 8 the juvenile court officer's accumulated contributions 11 9 transmitted by the department of personnel to the state court 11 10 administrator pursuant to this subsection. The juvenile court 11 11 officer's contribution shall not be limited to the amount 11 12 specified in section 602.9104, subsection 1. The state court 11 13 administrator shall credit a juvenile court officer with 11 14 service under the judicial retirement system for the period of 11 15 service for which contributions at the four percent level are 11 16 made. 11 17 Sec. 23. EFFECTIVE DATE. Sections 19 and 22 of this Act, 11 18 amending section 602.1611 and creating new Code section 11 19 602.11116, being deemed of immediate importance, take effect 11 20 upon enactment. 11 21 EXPLANATION 11 22 This bill makes changes to the public safety peace 11 23 officers' retirement, accident, and disability system, the 11 24 statewide fire and police retirement system, and the judicial 11 25 retirement system. This bill may include a state mandate as 11 26 defined in Code section 25B.3. The state mandate funding 11 27 requirement in Code section 25B.2, however, does not apply to 11 28 public employee retirement systems. 11 29 The changes to each public retirement system are as 11 30 follows: 11 31 PUBLIC SAFETY PEACE OFFICERS' RETIREMENT, ACCIDENT, AND 11 32 DISABILITY SYSTEM 11 33 Code section 97A.6, subsection 1, is amended to provide 11 34 that a member can retire without any reduction in retirement 11 35 benefits regardless of the member's age at retirement if the 12 1 member has served at least 30 years. Currently, a member 12 2 cannot retire with full benefits prior to reaching 55 years of 12 3 age. 12 4 Code section 97A.6, subsection 2, paragraph "d", is amended 12 5 to provide that a member who retired before July 1, 1996, can 12 6 receive, commencing with the first retirement allowance paid 12 7 on or after July 1, 1998, an additional benefit of 1.5 percent 12 8 for each additional year of service in the system from 22 to 12 9 30 years of service. 12 10 Code section 97A.6, subsection 2, paragraph "d", is amended 12 11 to increase, from 1.5 percent to 2 percent, the additional 12 12 benefit for members for each additional year of service in the 12 13 system over 22 years of service for members terminating 12 14 service on or after July 1, 1998. In addition, the maximum 12 15 number of years to which the percentage is applied is 12 16 increased from eight to 10 years of service. 12 17 Code section 97A.6, subsection 14, is amended to provide 12 18 for an increase in the percentages used to provide an annual 12 19 readjustment of the pension payable from the current 15 12 20 percent and 30 percent, to 16 and two-thirds percent and 33 12 21 and one-third percent, respectively. 12 22 STATEWIDE FIRE AND POLICE RETIREMENT SYSTEM 12 23 Code section 411.6, subsection 2, is amended to increase, 12 24 from .6 percent to 1.5 percent, the additional benefit for 12 25 members for each additional year of service in the system from 12 26 22 to 30 years of service for members terminating service on 12 27 or after July 1, 1998. 12 28 Code section 411.6, subsection 4, is amended to provide 12 29 that a member entitled to an ordinary disability pension on or 12 30 after July 1, 1998, who has five years of service will receive 12 31 a benefit equal to the greater of 50 percent of average final 12 32 compensation or the amount the member would have received as a 12 33 service retirement allowance based on actual years of service. 12 34 Under current law, the member would be required to have had 22 12 35 years of service to have the option to obtain a benefit equal 13 1 to what the member would have received as a service 13 2 retirement. 13 3 Code section 411.6, subsection 6, is amended to provide 13 4 that a member entitled to an accidental disability pension on 13 5 or after July 1, 1998, who has five years of service will 13 6 receive a benefit equal to the greater of 60 percent of 13 7 average final compensation or the amount the member would have 13 8 received as a service retirement allowance based on actual 13 9 years of service. Under current law, the member would be 13 10 required to have had 22 years of service to have the option to 13 11 obtain a benefit equal to what the member would have received 13 12 as a service retirement. 13 13 Code section 411.6, subsection 10, is amended to provide 13 14 that retirement benefits payable to a member for an accidental 13 15 disability or an ordinary disability shall be offset against 13 16 any amounts the member is receiving as unemployment 13 17 compensation as a result of the member's unemployment due to 13 18 the ordinary disability or accidental disability. 13 19 Code section 411.9 is amended to provide that 13 20 notwithstanding any contrary provisions in Code chapter 411, 13 21 contributions, benefits, and service credit with respect to 13 22 qualified military service shall be provided in accordance 13 23 with the requirements of the Internal Revenue Code. 13 24 Code section 411.22, subsection 1, is amended to provide 13 25 that the subrogation provisions of the chapter as they apply 13 26 to accidental disability pensions shall also apply to ordinary 13 27 disability pensions. 13 28 Code section 411.22, subsection 3, is amended to provide 13 29 that if the retirement system refuses to consent to an 13 30 agreement between a member of the system and a third party, 13 31 the agreement can be enforced through a determination by a 13 32 district court in the county of either the city involved or 13 33 the retirement system. 13 34 New Code section 411.24 establishes representative payee 13 35 procedures and provides that the board shall adopt rules to 14 1 provide for payment to a representative of an adult or minor 14 2 applicant entitled to payment. 14 3 Code section 411.36, subsection 1, is amended to provide 14 4 that city financial officers or city clerks involved with the 14 5 financial matters of the city, and not just city treasurers, 14 6 are eligible for selection to the board of trustees of the 14 7 retirement system. 14 8 Code section 411.38, subsection 1, is amended to provide 14 9 that cities are only liable for the payment of unfunded 14 10 liabilities determined by the actuary prior to July 1, 1998. 14 11 Cities are not liable for liabilities determined on or after 14 12 July 1, 1998. In addition, the unfunded liability provisions 14 13 are made retroactively applicable to any unfunded liabilities 14 14 determined by the actuary from January 1, 1992, until July 1, 14 15 1998. In addition, the provisions governing unfunded 14 16 liabilities are made inapplicable to the rights of members to 14 17 service credit under chapter 411. This section takes effect 14 18 upon enactment. 14 19 JUDICIAL RETIREMENT SYSTEM 14 20 The bill provides, through amending Code section 602.1611 14 21 and new Code section 602.11116, that juvenile court officers 14 22 hired on or after July 1, 1998, would be members of the 14 23 judicial retirement system and not members of the Iowa public 14 24 employees' retirement system (IPERS). Current juvenile court 14 25 officers would have the option of remaining in IPERS, changing 14 26 to judicial retirement but leaving their contributions in 14 27 IPERS, or changing to judicial retirement and transferring a 14 28 portion of their IPERS money in order to purchase additional 14 29 service credit under judicial retirement. This portion of the 14 30 bill takes effect upon enactment. 14 31 Code section 602.9107 is amended to eventually increase the 14 32 maximum retirement benefit for a judge from 50 percent of the 14 33 judge's salary at the time of retirement to 60 percent. The 14 34 bill provides that the percentage would increase by 2 percent 14 35 each fiscal year until the percentage reaches 60 percent for 15 1 judges retiring during the fiscal year beginning July 1, 2002. 15 2 New Code section 602.9107B provides for a minimum monthly 15 3 annuity under the judicial retirement system of $500 a month 15 4 beginning with annuity payments made on or after July 1, 1998, 15 5 for a judge, or survivor of a judge, who retired before July 15 6 1, 1977. 15 7 LSB 3557XS 77 15 8 ec/jl/8.1
Text: SF02402 Text: SF02404 Text: SF02400 - SF02499 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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