Text: HF00610 Text: HF00612 Text: HF00600 - HF00699 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 97B.1A, subsection 8, paragraph a, Code
1 2 1999, is amended by adding the following new subparagraph:
1 3 NEW SUBPARAGRAPH. (12) Persons employed by a municipal
1 4 water utility or waterworks that has established a pension and
1 5 annuity retirement system for its employees pursuant to
1 6 chapter 412.
1 7 Sec. 2. Section 97B.42A, Code 1999, is amended by adding
1 8 the following new subsection:
1 9 NEW SUBSECTION. 3A. A person who is employed in a
1 10 position as an employee as defined in section 97B.1A,
1 11 subsection 8, paragraph "a", subparagraph (12), on July 1,
1 12 1999, and who has not elected out of coverage under this
1 13 chapter prior to that date, shall begin coverage under the
1 14 system on July 1, 1999, unless the person files an application
1 15 with appropriate documentation to elect coverage under an
1 16 alternative pension and annuity retirement system established
1 17 pursuant to chapter 412 on or before August 31, 1999. If a
1 18 person elects coverage under the alternative pension and
1 19 annuity retirement system, the period of time from July 1,
1 20 1999, until the date the person's election of coverage is
1 21 effective shall not constitute service for purposes of
1 22 coverage under this chapter and a wage adjustment shall be
1 23 processed for the person based on any contributions collected
1 24 pursuant to this chapter during that period of time and shall
1 25 be credited pursuant to section 97B.10. A decision to elect
1 26 coverage under an alternative pension and annuity retirement
1 27 system pursuant to this subsection is irrevocable upon
1 28 approval from the department.
1 29 A person who becomes a member of the Iowa public employees'
1 30 retirement system pursuant to this subsection may purchase
1 31 credit, pursuant to section 97B.73, for one or more quarters
1 32 of service prior to August 1, 1999, in which the person was
1 33 employed in a position as described by section 97B.1A,
1 34 subsection 8, paragraph "a", subparagraph (12), but was not a
1 35 member of the system.
2 1 EXPLANATION
2 2 The bill provides that persons employed by a municipal
2 3 water utility or waterworks that has established an
2 4 alternative pension and annuity retirement system for its
2 5 employees pursuant to Code chapter 412 may become members of
2 6 the Iowa public employees' retirement system (IPERS) pursuant
2 7 to the requirements of this bill.
2 8 The bill provides that persons hired on or after the
2 9 effective date of this bill will become members of IPERS
2 10 unless they elect coverage in the alternative retirement
2 11 system established in Code chapter 412. For persons hired
2 12 before the effective date of this bill, they become members of
2 13 IPERS as of July 1, 1999, unless they opt for coverage in the
2 14 alternative system by August 31, 1999.
2 15 Persons who become members of IPERS pursuant to this bill
2 16 have the ability to purchase service credit for time employed
2 17 by a water utility or waterworks while covered under a
2 18 retirement system established pursuant to Code chapter 412.
2 19 LSB 2351YH 78
2 20 ec/cf/24
Text: HF00610 Text: HF00612 Text: HF00600 - HF00699 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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