Text: HF02041                           Text: HF02043
Text: HF02000 - HF02099                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index



House File 2042

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 January 1, 2000,
  1  4 but before January 1, 2003 July 1, 2000, and whose three-year
  1  5 average covered wage at the time of retirement exceeds fifty-
  1  6 five thousand dollars, the member's covered wages averaged for
  1  7 the highest seven years of the member's service or fifty-five
  1  8 thousand dollars, whichever is greater.  
  1  9                              EXPLANATION
  1 10    This bill changes the definition of "three-year average
  1 11 covered wage" used in determining IPERS retirement benefits by
  1 12 eliminating the mechanism for reducing an IPERS member's
  1 13 three-year average covered wage if the member's average wage
  1 14 exceeds a certain dollar level.  Current law provides that a
  1 15 member's "three-year average covered wage" will be calculated
  1 16 using the highest seven years for a member who retires during
  1 17 calendar year 2000, 2001, or 2002, and whose three-year
  1 18 covered wage exceeds $55,000.  This bill eliminates the use of
  1 19 additional years beyond three for calculating a member's
  1 20 average covered wage beginning for any member who retires on
  1 21 or after July 1, 2000.  
  1 22 LSB 5227HH 78
  1 23 ec/as/5
     

Text: HF02041                           Text: HF02043
Text: HF02000 - HF02099                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

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