Text: HF00227 Text: HF00229 Text: HF00200 - HF00299 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 (4), Code 1999, is amended to read as follows: 1 3 (4) For a member who retireson or afterduring the 1 4 calendar year beginning January 1, 2000,but before January 1,1 52003,and whose three-year average covered wage at the time of 1 6 retirement exceedsfifty-fivesixty thousand dollars, the 1 7 member's covered wages averaged for the highest seven years of 1 8 the member's service orfifty-fivesixty thousand dollars, 1 9 whichever is greater. 1 10 Sec. 2. Section 97B.1A, subsection 24, paragraph b, Code 1 11 1999, is amended by adding the following new subparagraphs: 1 12 NEW SUBPARAGRAPH. (5) For a member who retires during the 1 13 calendar year beginning January 1, 2001, and whose three-year 1 14 average covered wage at the time of retirement exceeds sixty- 1 15 five thousand dollars, the member's covered wages averaged for 1 16 the highest seven years of the member's service or sixty-five 1 17 thousand dollars, whichever is greater. 1 18 NEW SUBPARAGRAPH. (6) For a member who retires during the 1 19 calendar year beginning January 1, 2002, and whose three-year 1 20 average covered wage at the time of retirement exceeds seventy 1 21 thousand dollars, the member's covered wages averaged for the 1 22 highest seven years of the member's service or seventy 1 23 thousand dollars, whichever is greater. 1 24 EXPLANATION 1 25 This bill changes the definition of "three-year average 1 26 covered wage" used in determining IPERS retirement benefits by 1 27 modifying the mechanism for reducing an IPERS member's three- 1 28 year average covered wage if the member's average wage exceeds 1 29 a certain dollar level. Current law provides that a member's 1 30 "three-year average covered wage" will be calculated using the 1 31 highest seven years for a member who retires during the 1 32 calendar year 2000, 2001, or 2002, and whose three-year 1 33 average covered wage exceeds $55,000. This bill raises the 1 34 dollar income level for requiring use of the highest seven 1 35 years, instead of the highest three years, to $60,000 for 2 1 calendar year 2000, $65,000 for calendar year 2001, and 2 2 $70,000 for calendar year 2002. 2 3 LSB 2046YH 78 2 4 ec/jw/5
Text: HF00227 Text: HF00229 Text: HF00200 - HF00299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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