Text: H08403                            Text: H08405
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House Amendment 8404

Amendment Text

PAG LIN
  1  1    Amend Senate File 2411, as amended, passed, and
  1  2 reprinted by the Senate, as follows:
  1  3    #1.  Page 1, line 15, by striking the word "and".
  1  4    #2.  Page 1, line 16, by inserting after the word
  1  5 "system" the following:  ", and a person appointed by
  1  6 the governor".
  1  7    #3.  Page 1, line 16, by striking the word "Both"
  1  8 and inserting the following:  "The person appointed by
  1  9 the governor shall be an executive of a domestic life
  1 10 insurance company, an executive of a state or national
  1 11 bank operating within the state of Iowa, or an
  1 12 executive in the financial services industry, and
  1 13 shall be subject to confirmation by the senate.  The".
  1 14    #4.  Page 1, line 17, by inserting after the word
  1 15 "system" the following:  "and the person appointed by
  1 16 the governor".
  1 17    #5.  Page 3, by striking lines 6 through 15.
  1 18    #6.  Page 4, line 28, by inserting after the word
  1 19 "pension" the following:  "of a retired member".
  1 20    #7.  Page 4, line 30, by striking the words  "or
  1 21 death".
  1 22    #8.  Page 8, by striking lines 8 through 18.
  1 23    #9.  Page 12, line 21, by inserting after the word
  1 24 "Code." the following:  "In addition, wages includes
  1 25 amounts that can be received in cash in lieu of
  1 26 employer-paid contributions to such plans, if the
  1 27 election is uniformly available and is not limited to
  1 28 highly compensated employees, as defined in section
  1 29 414(q) of the Internal Revenue Code."
  1 30    #10.  Page 13, line 22, by inserting after the word
  1 31 "contributions" the following:  "that cannot be
  1 32 received by the employee in cash and that are made".
  1 33    #11.  Page 14, by striking lines 13 through 15.
  1 34    #12.  Page 27, line 35, by striking the word
  1 35 "twelve" and inserting the following:  "thirty-six".
  1 36    #13.  Page 28, line 20, by striking the word
  1 37 "twelve" and inserting the following:  "thirty-six".
  1 38    #14.  Page 28, by inserting after line 22 the
  1 39 following:
  1 40    "Sec. ___.  Section 97B.50, subsection 2, Code
  1 41 1999, is amended by adding the following new
  1 42 paragraph:
  1 43    NEW PARAGRAPH.  c.  A vested member who terminated
  1 44 service due to a disability, who has been issued
  1 45 payment for a refund pursuant to section 97B.53, and
  1 46 who subsequently commences receiving disability
  1 47 benefits as a result of that disability pursuant to
  1 48 the federal Social Security Act, 42 U.S.C. } 423 et
  1 49 seq. or the federal Railroad Retirement Act, 45 U.S.C.
  1 50 } 231 et seq., may receive credit for membership
  2  1 service for the period covered by the refund payment,
  2  2 upon repayment to the department of the actuarial cost
  2  3 of receiving service credit for the period covered by
  2  4 the refund payment, as determined by the department.
  2  5 For purposes of this paragraph, the actuarial cost of
  2  6 the service purchase shall be determined as provided
  2  7 in section 97B.74.  The payment to the department as
  2  8 provided in this paragraph shall be made within ninety
  2  9 days after July 1, 2000, or the date federal
  2 10 disability payments commenced, whichever occurs later.
  2 11 For purposes of this paragraph, the date federal
  2 12 disability payments commence shall be the date that
  2 13 the member actually receives the first such payment,
  2 14 regardless of any retroactive payments included in
  2 15 that payment.  A member who repurchases service credit
  2 16 under this paragraph and applies for retirement
  2 17 benefits shall have the member's monthly allowance,
  2 18 including retroactive adjustment payments, determined
  2 19 in the same manner as provided in paragraph "a" or
  2 20 "b", as applicable.  This paragraph shall not be
  2 21 implemented until the system has received a
  2 22 determination letter from the federal internal revenue
  2 23 service approving the system's plan's qualified status
  2 24 under Internal Revenue Code section 401(a)."
  2 25    #15.  Page 43, line 3, by striking the words "An
  2 26 individual" and inserting the following:  "A
  2 27 beneficiary".
  2 28    #16.  Page 43, line 4, by striking the word
  2 29 "individual's" and inserting the following:
  2 30 "beneficiary's".
  2 31    #17.  Page 44, line 26, by striking the words
  2 32 "three calendar months" and inserting the following:
  2 33 "one calendar month".
  2 34    #18.  Page 52, line 17, by inserting after the word
  2 35 "but" the following:  "at the time of the employment".
  2 36    #19.  Page 55, by inserting after line 16 the
  2 37 following:
  2 38    "Sec.    .  IOWA PUBLIC EMPLOYEES' RETIREMENT
  2 39 SYSTEM – DEATH BENEFIT ELECTION.
  2 40    1.  Notwithstanding any provision of chapter 97B to
  2 41 the contrary, an eligible beneficiary may elect to
  2 42 receive a death benefit as provided by this section in
  2 43 an amount as authorized pursuant to section 52 of this
  2 44 Act.  For purposes of this section, an "eligible
  2 45 beneficiary" means a person who is eligible to
  2 46 receive, or has received, a death benefit pursuant to
  2 47 Iowa Code section 97B.52, subsection 1, Code 1999, as
  2 48 a beneficiary of a member of the Iowa public
  2 49 employees' retirement system who died on or after
  2 50 January 1, 1999, but before the date section 52 of
  3  1 this Act is implemented pursuant to section 74 of this
  3  2 Act.
  3  3    2.  An eligible beneficiary may elect to receive a
  3  4 death benefit in an amount as provided in section 52
  3  5 of this Act in lieu of a benefit as provided pursuant
  3  6 to section 97B.52, subsection 1, Code 1999, by filing
  3  7 a valid election with the Iowa public employees'
  3  8 retirement system in a manner prescribed by the system
  3  9 no later than one year following the date section 52
  3 10 of this Act is implemented pursuant to section 74 of
  3 11 this Act.
  3 12    3.  An eligible beneficiary who has received a
  3 13 death benefit pursuant to section 97B.52, subsection
  3 14 1, Code 1999, but who files an election to receive a
  3 15 death benefit as provided in this section shall make
  3 16 arrangements with the Iowa public employees'
  3 17 retirement system to repay any death benefits paid by
  3 18 the system to the eligible beneficiary prior to
  3 19 receipt of a death benefit as provided in this
  3 20 section.
  3 21    4.  The Iowa public employees' retirement system
  3 22 shall make all reasonable efforts to notify, in
  3 23 writing, each eligible beneficiary of the ability to
  3 24 elect to receive a death benefit as provided in this
  3 25 section in lieu of a death benefit provided pursuant
  3 26 to section 97B.52, subsection 1, Code 1999."
  3 27    #20.  Page 55, by inserting after line 21 the
  3 28 following:
  3 29    "Sec.    .  EFFECTIVE DATE.  Section 44 of this
  3 30 Act, amending section 97B.49F, subsection 2, paragraph
  3 31 "c", being deemed of immediate importance, takes
  3 32 effect upon enactment."
  3 33    #21.  Page 56, lines 5 and 6, by striking the words
  3 34 "until the amendment to section 97B.50, subsection 1,
  3 35 is implemented,".
  3 36    #22.  Page 56, line 8, by inserting after the
  3 37 figure "97B.49H" the following:  "for the calendar
  3 38 year beginning January 1, 2001, and each subsequent
  3 39 calendar year, until the amendment to section 97B.50,
  3 40 subsection 1, is implemented".
  3 41    #23.  Page 56, lines 17 and 18, by striking the
  3 42 words "until the amendment to section 97B.52,
  3 43 subsection 1, is implemented,".
  3 44    #24.  Page 56, line 20, by inserting after the
  3 45 figure "97B.49H" the following:  "for the calendar
  3 46 year beginning January 1, 2001, and each subsequent
  3 47 calendar year, until the amendment to section 97B.52,
  3 48 subsection 1, is implemented".
  3 49    #25.  Page 81, by striking lines 5 through 15.
  3 50    #26.  By renumbering as necessary.  
  4  1 
  4  2 
  4  3                               
  4  4 COMMITTEE ON STATE GOVERNMENT
  4  5 MARTIN of Scott, Chairperson 
  4  6 SF 2411.707 78
  4  7 ec/cls
     

Text: H08403                            Text: H08405
Text: H08400 - H08499                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index

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