Text: S05087                            Text: S05089
Text: S05000 - S05099                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index

Senate Amendment 5088

Amendment Text

PAG LIN
  1  1    Amend Senate File 2411 as follows:
  1  2    #1.  Page 56, lines 17 and 18, by striking the
  1  3 words and figures "but before July 1, 2000,".
  1  4    #2.  Page 56, by striking lines 24 through 31.
  1  5    #3.  Page 68, by inserting after line 16 the
  1  6 following:
  1  7    "Sec.    .  Section 411.8, subsection 1, paragraph
  1  8 b, Code 1999, is amended to read as follows:
  1  9    b.  On the basis of the rate of interest and of the
  1 10 mortality, interest and other tables adopted by the
  1 11 system, the actuary engaged by the system to make each
  1 12 valuation required by this chapter, shall immediately
  1 13 after making such valuation, determine the "normal
  1 14 contribution rate".  Except as otherwise provided in
  1 15 this lettered paragraph, the normal contribution rate
  1 16 shall be the rate percent of the earnable compensation
  1 17 of all members obtained by deducting from the total
  1 18 liabilities of the fund the amount of the funds in
  1 19 hand to the credit of the fund and dividing the
  1 20 remainder by one percent of the present value of the
  1 21 prospective future compensation of all members as
  1 22 computed on the basis of the rate of interest and of
  1 23 mortality and service tables adopted, all reduced by
  1 24 the employee contribution made pursuant to paragraph
  1 25 "f" of this subsection.  However, the normal rate of
  1 26 contribution shall not be less than seventeen percent
  1 27 the applicable minimum percentage as provided in this
  1 28 paragraph.
  1 29    Beginning July 1, 1996, and each fiscal year
  1 30 thereafter, the normal contribution rate shall be the
  1 31 rate percent of the earnable compensation of all
  1 32 members obtained by deducting from the total
  1 33 liabilities of the fund the amount of the funds in
  1 34 hand to the credit of the fund and dividing the
  1 35 remainder by one percent of the present value of the
  1 36 prospective future compensation of all members as
  1 37 computed on the basis of the rate of interest and of
  1 38 mortality and service tables adopted, multiplied by
  1 39 six-tenths, or seventeen percent the applicable
  1 40 minimum percentage, whichever is greater.
  1 41    The normal rate of contribution shall be determined
  1 42 by the actuary after each valuation.
  1 43    For purposes of this paragraph, the "applicable
  1 44 minimum percentage" shall be seventeen percent for
  1 45 each fiscal year beginning prior to July 1, 2000, and
  1 46 fifteen percent for each fiscal year beginning on or
  1 47 after July 1, 2000.
  1 48    Sec.    .  Section 411.8, subsection 1, paragraph
  1 49 f, subparagraph (8), Code 1999, is amended to read as
  1 50 follows:
  2  1    (8)  Beginning July 1, 1996, and each fiscal year
  2  2 thereafter, an amount equal to the member's
  2  3 contribution rate times each member's compensation
  2  4 shall be paid to the fund from the earnable
  2  5 compensation of the member.  For the purposes of this
  2  6 subparagraph, the member's contribution rate shall be
  2  7 nine and thirty-five hundredths percent.  However, the
  2  8 system shall increase the member's contribution rate
  2  9 as necessary to cover any increase in cost to the
  2 10 system resulting from statutory changes which are
  2 11 enacted by any session of the general assembly meeting
  2 12 after January 1, 1991, if the increase cannot be
  2 13 absorbed within the contribution rates otherwise
  2 14 established pursuant to this paragraph, but subject to
  2 15 a maximum employee contribution rate of eleven and
  2 16 three-tenths percent as provided in this subparagraph.
  2 17 The contribution rate increases specified in 1994 Iowa
  2 18 Acts, chapter 1183, pursuant to this chapter and
  2 19 chapter 97A shall be the only member contribution rate
  2 20 increases for these systems resulting from the
  2 21 statutory changes enacted in 1994 Iowa Acts, chapter
  2 22 1183, and shall apply only to the fiscal periods
  2 23 specified in 1994 Iowa Acts, chapter 1183.  After the
  2 24 employee contribution reaches eleven and three-tenths
  2 25 percent the maximum employee contribution rate, sixty
  2 26 percent of the additional cost of such statutory
  2 27 changes shall be paid by employers under paragraph "c"
  2 28 and forty percent of the additional cost shall be paid
  2 29 by employees under this paragraph.  For purposes of
  2 30 this subparagraph, the "maximum employee contribution
  2 31 rate" shall be eleven and three-tenths percent for
  2 32 each fiscal year beginning prior to July 1, 2000, and
  2 33 ten percent for each fiscal year beginning on or after
  2 34 July 1, 2000."
  2 35    #4.  Page 69, by inserting after line 30 the
  2 36 following:
  2 37    "Sec.    .  Section 411.20, unnumbered paragraph 2,
  2 38 Code 1999, is amended to read as follows:
  2 39    Moneys appropriated by the state shall not be used
  2 40 to reduce the normal rate of contribution of any city
  2 41 below seventeen fifteen percent."
  2 42    #5.  By renumbering as necessary.  
  2 43 
  2 44 
  2 45                               
  2 46 MARY A. LUNDBY
  2 47 SF 2411.301 78
  2 48 ec/cf

Text: S05087                            Text: S05089
Text: S05000 - S05099                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index

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: Thu Mar 9 03:35:50 CST 2000
URL: /DOCS/GA/78GA/Legislation/S/05000/S05088/000308.html
jhf