Text: H08424 Text: H08426 Text: H08400 - H08499 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Amend Senate File 2411, as amended, passed, and
1 2 reprinted by the Senate, as follows:
1 3 #1. Page 52, by inserting after line 12 the
1 4 following:
1 5 "Sec. . Section 97B.74, subsection 2, Code
1 6 1999, is amended to read as follows:
1 7 2. The contributions required to be made for
1 8 purposes of this section shall be determined as
1 9 follows:
1 10 a. For a member making contributions for a
1 11 purchase of additional service prior to July 1, 1999,
1 12 the contributions to be repaid by the member for such
1 13 service shall be equal to the accumulated
1 14 contributions, as defined in section 97B.1A,
1 15 subsection 2, received by the member for the
1 16 applicable period of membership service, plus interest
1 17 on the accumulated contributions for the applicable
1 18 period, from the date of receipt by the member to the
1 19 date of repayment, at the interest rate provided in
1 20 section 97B.70 applicable for each year compounded as
1 21 provided in section 97B.70.
1 22 b. For a member making contributions for a
1 23 purchase of additional service on or after July 1,
1 24 1999, except as provided in paragraph "c", the member
1 25 shall make contributions in an amount equal to the
1 26 actuarial cost of the service purchase. For purposes
1 27 of this paragraph, the actuarial cost of the service
1 28 purchase is an amount determined by the department in
1 29 accordance with actuarial tables, as reported to the
1 30 department by the system's actuary, which reflects the
1 31 actuarial cost necessary to fund an increased
1 32 retirement allowance resulting from the purchase of
1 33 additional service.
1 34 c. For a member making contributions for a
1 35 purchase of additional service on or after July 1,
1 36 2000, who is employed as a teacher by a school
1 37 corporation or educational institution, the
1 38 contributions to be repaid by the member for such
1 39 service shall be equal to the refund received by the
1 40 member for the applicable period of membership
1 41 service, plus interest for the applicable period, from
1 42 the date of receipt of a refund by the member to the
1 43 date of repayment, at the interest rate provided in
1 44 section 97B.70 applicable for each year compounded as
1 45 provided in section 97B.70."
1 46 #2. By renumbering as necessary.
1 47
1 48
1 49
1 50 GREIMANN of Story
2 1 SF 2411.709 78
2 2 ec/cls
Text: H08424 Text: H08426 Text: H08400 - H08499 Text: H Index Bills and Amendments: General Index Bill History: General Index
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