Text: HF00592 Text: HF00594 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 97B.45, Code 1999, is amended to read 1 2 as follows: 1 3 97B.45 RETIREMENT DATE. 1 4 A member's normal retirement date is any of the following, 1 5 whichever is applicable to the member: 1 6 1. The first of the month in which a member attains the 1 7 age of sixty-five years if the member has not completed twenty 1 8 years of membership service. 1 9 2. The first of the month in which the member attains the 1 10 age of sixty-two years if the member has completed twenty 1 11 years of membership service. 1 12 3. The first of any month in which the member has 1 13 completed twenty years of membership service if the member has 1 14 attained the age of sixty-two years but is not yet sixty-five 1 15 years of age. 1 16 4. The first of any month in which the member is at least 1 17 fifty-five years of age and for which the sum of the number of 1 18 years of membership service and prior service and the member's 1 19 age in years as of the member's last birthday equals or 1 20 exceedseighty-eighteighty-five. 1 21 5. The first of any month in which the member has 1 22 completed thirty years of membership service. 1 23 A member may retire after the member's sixty-fifth birthday 1 24 except as otherwise provided in section 97B.46. A member 1 25 retiring on or after the normal retirement date, as provided 1 26 in section 97B.46, shall submit a written notice to the 1 27 department setting forth the date the retirement is to become 1 28 effective. The date shall be after the member's last day of 1 29 service and not before the first day of the sixth calendar 1 30 month preceding the month in which the notice is filed. 1 31 Sec. 2. Section 97B.47, Code 1999, is amended to read as 1 32 follows: 1 33 97B.47 EARLY RETIREMENT DATE. 1 34 A member's early retirement date shall be the first of the 1 35 month in which a member attains the age of fifty-five years or 2 1 the first of any month after attaining the age of fifty-five 2 2 years, if the date is prior to the member's normal retirement 2 3 date, provided such date shall be after the last day of 2 4 service. A member may retire on the member's early retirement 2 5 date by submitting written notice to the department setting 2 6 forth the early retirement date which shall not be before the 2 7 first day of the sixth calendar month preceding the month in 2 8 which such notice is filed. 2 9 Sec. 3. Section 97B.50, subsection 1, unnumbered paragraph 2 10 1, Code 1999, is amended to read as follows: 2 11 Except as otherwise provided in this section, a vested 2 12 member, upon retirement prior to the normal retirement date 2 13 other than that specified in section 97B.45, subsection 4 or 2 14 5, is entitled to receive a monthly retirement allowance 2 15 determined in the same manner as provided for normal 2 16 retirement in sections 97B.49A, 97B.49E, and 97B.49G, reduced 2 17 as follows: 2 18 Sec. 4. EFFECTIVE DATE – RETROACTIVE APPLICABILITY DATE. 2 19 This Act, being deemed of immediate importance, takes effect 2 20 upon enactment and is retroactively applicable to members 2 21 retiring on or after July 1, 1998. 2 22 EXPLANATION 2 23 This bill provides that a member of the Iowa public 2 24 employees' retirement system may retire without an age 2 25 reduction penalty if, on the date of retirement, the member 2 26 has 30 years of membership service, regardless of age, or if 2 27 the member is at least 55 and the combination of the member's 2 28 age and years of service equals 85. 2 29 The bill takes effect upon enactment and is retroactively 2 30 applicable to members retiring on or after July 1, 1998. 2 31 LSB 2774HH 78 2 32 ec/jw/5
Text: HF00592 Text: HF00594 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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