Text: HF02339                           Text: HF02341
Text: HF02300 - HF02399                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index



House File 2340

Partial Bill History

Bill Text

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

Return To Home index


© 2000 Cornell College and League of Women Voters of Iowa


Comments about this site or page? webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.

Last update: Fri Feb 25 03:35:23 CST 2000
URL: /DOCS/GA/78GA/Legislation/HF/02300/HF02340/000217.html
jhf