Text: HF00595 Text: HF00597 Text: HF00500 - HF00599 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 employment with a
1 26 qualified private sector employer may make contributions as
1 27 provided by this section to the system and receive service
1 28 credit, in increments of one or more calendar quarters, for up
1 29 to the lesser of twenty quarters of service credit for such
1 30 employment or the entire period of service with the qualified
1 31 private sector employer. Prior to receiving service credit,
1 32 the member shall submit verification of membership in a
1 33 retirement plan with the employer and service with the
1 34 qualified private sector employer to the department, including
1 35 proof that the member has no further claim upon a retirement
2 1 benefit from that private sector employer. However, if the
2 2 member wishes to transfer only a portion of the service value
2 3 of another retirement system with a private sector employer to
2 4 this system and the other retirement system allows a partial
2 5 withdrawal of a member's system credits, the member shall
2 6 receive credit for membership service in this system
2 7 equivalent to the period of service transferred from the other
2 8 retirement system as limited by this paragraph. For purposes
2 9 of this paragraph, "qualified private sector employer" means
2 10 an employer that permits employees to participate in a pension
2 11 or retirement plan qualified or exempt under the federal
2 12 Internal Revenue Code.
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 with a qualified private sector employer. The bill
2 18 defines "qualified private sector employer" as an employer
2 19 that permits employees to participate in a pension or
2 20 retirement plan qualified or exempt under the federal Internal
2 21 Revenue Code. The bill limits the purchase of credit to the
2 22 lesser of 20 calendar quarters or the length of the qualified
2 23 service.
2 24 LSB 2860YH 78
2 25 ec/jw/5
Text: HF00595 Text: HF00597 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
© 1999 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Thu Jan 20 03:35:14 CST 2000
URL: /DOCS/GA/78GA/Legislation/HF/00500/HF00596/990310.html
jhf