Text: HF02103 Text: HF02105 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 97B.48A, subsection 1, unnumbered 1 2 paragraph 1, Code 1999, is amended to read as follows: 1 3 If a member who has not reached the member's sixty-fifth 1 4 birthday and who has a bona fide retirement under this chapter 1 5 is in regular full-time employment during a calendar year, the 1 6 member's retirement allowance shall be reduced by fifty cents 1 7 for each dollar the member earns over the limit provided in 1 8 this subsection. However, employment is not full-time 1 9 employment until the member receives remuneration in an amount 1 10 in excess oftwelvetwenty-five thousand dollars for a 1 11 calendar year, or an amount equal to the amount of 1 12 remuneration permitted for a calendar year for persons under 1 13 sixty-five years of age before a reduction in federal social 1 14 security retirement benefits is required, whichever is higher. 1 15 Effective the first of the month in which a member attains the 1 16 age of sixty-five years, a retired member may receive a 1 17 retirement allowance without a reduction after return to 1 18 covered employment regardless of the amount of remuneration 1 19 received. 1 20 EXPLANATION 1 21 This bill permits a retired member less than 65 years old 1 22 under the Iowa public employees' retirement system (IPERS) to 1 23 return to employment with a covered employer and earn up to 1 24 $25,000 without having the member's retirement allowance 1 25 reduced. Under current law, the member can only earn up to 1 26 $12,000 without having the member's retirement allowance 1 27 reduced. Once the wage cap is reached, a member's retirement 1 28 allowance is reduced 50 cents for each dollar earned over the 1 29 cap. 1 30 LSB 6269YH 78 1 31 ec/cls/14
Text: HF02103 Text: HF02105 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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