Text: HF00072 Text: HF00074 Text: HF00000 - HF00099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 97B.1A, subsection 24, paragraph b, 1 2 subparagraph (3), Code 1999, is amended to read as follows: 1 3 (3) For a member who retiresduring the calendar year1 4beginningon or after January 1, 1999, and before July 1, 1 5 1999, and whose three-year average covered wage at the time of 1 6 retirement exceeds fifty-five thousand dollars, the member's 1 7 covered wages averaged for the highest six years of the 1 8 member's service or fifty-five thousand dollars, whichever is 1 9 greater. 1 10 Sec. 2. Section 97B.1A, subsection 24, paragraph b, 1 11 subparagraph (4), Code 1999, is amended by striking the 1 12 subparagraph. 1 13 EXPLANATION 1 14 This bill changes the definition of "three-year average 1 15 covered wage" used in determining IPERS retirement benefits by 1 16 eliminating the mechanism for reducing an IPERS member's 1 17 three-year average covered wage if the member's average wage 1 18 exceeds a certain dollar level. Current law provides that a 1 19 member's "three-year average covered wage" will be calculated 1 20 using the highest six years for a member who retires during 1 21 calendar year 1999 and whose three-year covered wage exceeds 1 22 $55,000, and the highest seven years for a member who retires 1 23 during calendar year 2000, 2001, or 2002, and whose three-year 1 24 covered wage exceeds $55,000. This bill eliminates the use of 1 25 additional years beyond three for calculating a member's 1 26 average covered wage beginning for a member who retires on or 1 27 after July 1, 1999. 1 28 LSB 1371YH 78 1 29 ec/gg/8
Text: HF00072 Text: HF00074 Text: HF00000 - HF00099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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