Text: HF00125 Text: HF00127 Text: HF00100 - HF00199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 97B.73, subsection 1, Code 1999, is
1 2 amended to read as follows:
1 3 1. a. A vested or retired member who has one or more full
1 4 calendar years of covered wages who was in public employment
1 5 comparable to employment covered under this chapter in another
1 6 state or in the federal government, or who was a member of
1 7 another public retirement system in this state, including but
1 8 not limited to the teachers insurance annuity association-
1 9 college retirement equities fund, but who was not retired
1 10 under that system, upon submitting verification of membership
1 11 and service in the other public system to the department,
1 12 including proof that the member has no further claim upon a
1 13 retirement benefit from that other public system, may make
1 14 contributions as provided by this section to the system either
1 15 for the entire period of service in the other public system,
1 16 or for partial service in the other public system in
1 17 increments of one or more calendar quarters. If the member
1 18 wishes to transfer only a portion of the service value of
1 19 another public system to this system and the other public
1 20 system allows a partial withdrawal of a member's system
1 21 credits, the member shall receive credit for membership
1 22 service in this system equivalent to the period of service
1 23 transferred from the other public system.
1 24 b. A vested or retired member who has five or more full
1 25 calendar years of covered wages who was in public employment
1 26 comparable to employment covered under this chapter in a
1 27 qualified Canadian governmental entity may make contributions
1 28 as provided by this section to the system and receive service
1 29 credit, in increments of one or more calendar quarters, for up
1 30 to the lesser of twenty quarters of service credit for such
1 31 employment or the entire period of service in the other public
1 32 system. Prior to receiving service credit, the member shall
1 33 submit verification of membership and service in the other
1 34 public system to the department, including proof that the
1 35 member has no further claim upon a retirement benefit from
2 1 that other public system. If the member wishes to transfer
2 2 only a portion of the service value of another public system
2 3 to this system and the other public system allows a partial
2 4 withdrawal of a member's system credits, the member shall
2 5 receive credit for membership service in this system
2 6 equivalent to the period of service transferred from the other
2 7 public system. For purposes of this paragraph, "qualified
2 8 Canadian governmental entity" means an elementary school,
2 9 secondary school, college, or university that is organized,
2 10 administered, and primarily supported by the provincial,
2 11 territorial, or federal governments of Canada, or any
2 12 combination of the same.
2 13 EXPLANATION
2 14 This bill provides that a vested or retired member with
2 15 five or more full calendar years of covered wages under IPERS
2 16 may purchase service credit for comparable service as an
2 17 employee in a qualified Canadian governmental entity. The
2 18 bill defines qualified Canadian governmental entity as a
2 19 publicly supported elementary school, secondary school,
2 20 college or university in Canada. The bill limits the purchase
2 21 of credit to the lesser of 20 calendar quarters or the length
2 22 of the qualified Canadian service.
2 23 LSB 1382HH 78
2 24 ec/jw/5
Text: HF00125 Text: HF00127 Text: HF00100 - HF00199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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