Text: HF00227                           Text: HF00229
Text: HF00200 - HF00299                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index



House File 228

Partial Bill History

Bill Text

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 retires on or after during the
  1  4 calendar year beginning January 1, 2000, but before January 1,
  1  5 2003, and whose three-year average covered wage at the time of
  1  6 retirement exceeds fifty-five sixty thousand dollars, the
  1  7 member's covered wages averaged for the highest seven years of
  1  8 the member's service or fifty-five sixty 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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