Text: HF02141 Text: HF02143 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 97B.80A VOLUNTEER PUBLIC SERVICE
1 2 CREDIT.
1 3 1. A vested or retired member who has five or more full
1 4 calendar years of covered wages and who at any time was in
1 5 full-time volunteer public service, upon submitting
1 6 verification of the full-time volunteer public service and the
1 7 dates of the service, may make contributions to the system for
1 8 up to the lesser of twenty quarters of service credit for such
1 9 volunteer public service or the entire period of the volunteer
1 10 public service, in increments of one or more calendar
1 11 quarters, and receive credit for membership service and prior
1 12 service for the period of time for which the contributions are
1 13 made. For purposes of this section, "full-time volunteer
1 14 public service" means service in the federal peace corps
1 15 program.
1 16 2. The contributions required to be made for purposes of
1 17 this section shall be in an amount equal to the actuarial cost
1 18 of the service purchase. For purposes of this subsection, the
1 19 actuarial cost of the service purchase is an amount determined
1 20 by the department in accordance with actuarial tables, as
1 21 reported to the department by the system's actuary, which
1 22 reflects the actuarial cost necessary to fund an increased
1 23 retirement allowance resulting from the purchase of additional
1 24 service.
1 25 3. The verification of the full-time volunteer public
1 26 service and the dates of such service shall be made by the
1 27 department prior to receiving contributions from the member.
1 28 4. A member eligible for an increased retirement allowance
1 29 because of the payment of contributions under this section is
1 30 entitled to receipt of retroactive adjustment payments for no
1 31 more than six months immediately preceding the month in which
1 32 the member pays contributions under this section.
1 33 5. A purchase of service made in accordance with this
1 34 section by a retired reemployed member shall be applied to
1 35 either the member's original retirement allowance, or to the
2 1 member's reemployment service, whichever is more beneficial to
2 2 the member. If applied to a member's original retirement
2 3 allowance, or to the member's reemployment service after the
2 4 retirement allowance payments for such service begin, the
2 5 member is eligible to receive retroactive adjustment payments
2 6 for no more than six months prior to completion of the
2 7 purchase.
2 8 6. The department shall ensure that the member, in
2 9 exercising an option provided in this section, does not exceed
2 10 the amount of annual additions to a member's account permitted
2 11 pursuant to section 415 of the federal Internal Revenue Code.
2 12 EXPLANATION
2 13 This bill allows a vested or retired member of the Iowa
2 14 Public Employees' Retirement System (IPERS) with one or more
2 15 calendar years of covered wages under IPERS to purchase
2 16 service credit for up to five years of full-time volunteer
2 17 public service in the federal peace corps program. In no
2 18 event can the service time purchased exceed the period of the
2 19 volunteer public service. The bill provides that the
2 20 department shall verify the full-time volunteer public service
2 21 and the dates of the service. The contributions required from
2 22 the member to receive service credit shall be the actuarial
2 23 cost of providing a retirement benefit for the period of the
2 24 service purchase.
2 25 LSB 5516HH 78
2 26 ec/cls/14
Text: HF02141 Text: HF02143 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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