Text: S05085 Text: S05087 Text: S05000 - S05099 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend Senate File 2411 as follows: 1 2 #1. Page 48, by inserting after line 3 the 1 3 following: 1 4 "Sec. . NEW SECTION. 97B.80A VOLUNTEER PUBLIC 1 5 SERVICE CREDIT. 1 6 1. A vested or retired member who has five or more 1 7 full calendar years of covered wages and who at any 1 8 time was in full-time volunteer public service, upon 1 9 submitting verification of the full-time volunteer 1 10 public service and the dates of the service, may make 1 11 contributions to the system for up to the lesser of 1 12 twenty quarters of service credit for such volunteer 1 13 public service or the entire period of the volunteer 1 14 public service, in increments of one or more calendar 1 15 quarters, and receive credit for membership service 1 16 and prior service for the period of time for which the 1 17 contributions are made. For purposes of this section, 1 18 "full-time volunteer public service" means service in 1 19 the federal peace corps program. 1 20 2. The contributions required to be made for 1 21 purposes of this section shall be in an amount equal 1 22 to the actuarial cost of the service purchase. For 1 23 purposes of this subsection, the actuarial cost of the 1 24 service purchase is an amount determined by the 1 25 department in accordance with actuarial tables, as 1 26 reported to the department by the system's actuary, 1 27 which reflects the actuarial cost necessary to fund an 1 28 increased retirement allowance resulting from the 1 29 purchase of additional service. 1 30 3. The verification of the full-time volunteer 1 31 public service and the dates of such service shall be 1 32 made by the department prior to receiving 1 33 contributions from the member. 1 34 4. A member eligible for an increased retirement 1 35 allowance because of the payment of contributions 1 36 under this section is entitled to receipt of 1 37 retroactive adjustment payments for no more than six 1 38 months immediately preceding the month in which the 1 39 member pays contributions under this section. 1 40 5. A purchase of service made in accordance with 1 41 this section by a retired reemployed member shall be 1 42 applied to either the member's original retirement 1 43 allowance, or to the member's reemployment service, 1 44 whichever is more beneficial to the member. If 1 45 applied to a member's original retirement allowance, 1 46 or to the member's reemployment service after the 1 47 retirement allowance payments for such service begin, 1 48 the member is eligible to receive retroactive 1 49 adjustment payments for no more than six months prior 1 50 to completion of the purchase. 2 1 6. The department shall ensure that the member, in 2 2 exercising an option provided in this section, does 2 3 not exceed the amount of annual additions to a 2 4 member's account permitted pursuant to section 415 of 2 5 the federal Internal Revenue Code." 2 6 #2. By renumbering as necessary. 2 7 2 8 2 9 2 10 MARK SHEARER 2 11 SF 2411.203 78 2 12 ec/gg
Text: S05085 Text: S05087 Text: S05000 - S05099 Text: S Index Bills and Amendments: General Index Bill History: General Index
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