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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