Text: HF02041 Text: HF02043 Text: HF02000 - HF02099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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 beforeJanuary 1, 2003July 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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