Text: HF02339 Text: HF02341 Text: HF02300 - HF02399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 97B.74, subsection 2, Code 1999, is
1 2 amended to read as follows:
1 3 2. The contributions required to be made for purposes of
1 4 this section shall be determined as follows:
1 5 a. For a member making contributions for a purchase of
1 6 additional service prior to July 1, 1999, the contributions to
1 7 be repaid by the member for such service shall be equal to the
1 8 accumulated contributions, as defined in section 97B.1A,
1 9 subsection 2, received by the member for the applicable period
1 10 of membership service, plus interest on the accumulated
1 11 contributions for the applicable period, from the date of
1 12 receipt by the member to the date of repayment, at the
1 13 interest rate provided in section 97B.70 applicable for each
1 14 year compounded as provided in section 97B.70.
1 15 b. For a member making contributions for a purchase of
1 16 additional service on or after July 1, 1999, except as
1 17 provided in paragraph "c", the member shall make contributions
1 18 in an amount equal to the actuarial cost of the service
1 19 purchase. For purposes of this paragraph, the actuarial cost
1 20 of the service purchase is an amount determined by the
1 21 department in accordance with actuarial tables, as reported to
1 22 the department by the system's actuary, which reflects the
1 23 actuarial cost necessary to fund an increased retirement
1 24 allowance resulting from the purchase of additional service.
1 25 c. For a member making contributions for a purchase of
1 26 additional service on or after July 1, 2000, who is employed
1 27 as a teacher by a school corporation or educational
1 28 institution, the contributions to be repaid by the member for
1 29 such service shall be equal to the refund received by the
1 30 member for the applicable period of membership service, plus
1 31 interest for the applicable period, from the date of receipt
1 32 of a refund by the member to the date of repayment, at the
1 33 interest rate provided in section 97B.70 applicable for each
1 34 year compounded as provided in section 97B.70.
1 35 EXPLANATION
2 1 This bill allows a vested or retired member of IPERS who is
2 2 employed as a teacher and who had previously received a refund
2 3 of the member's contributions for a former period of service
2 4 to buy back IPERS credit for that service by paying the refund
2 5 the employee received for that former period of service, plus
2 6 interest. Under current law, after July 1, 1999, all vested
2 7 or retired members of IPERS can only buy back a former period
2 8 of service by paying to the department the actuarial cost of
2 9 the service purchased.
2 10 LSB 5852HH 78
2 11 ec/cf/24
Text: HF02339 Text: HF02341 Text: HF02300 - HF02399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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