Text: S05089                            Text: S05091
Text: S05000 - S05099                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index

Senate Amendment 5090

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    #4.  Page 69, by inserting after line 30 the
  1 49 following:
  1 50    "Sec.    .  Section 411.20, unnumbered paragraph 2,
  2  1 Code 1999, is amended to read as follows:
  2  2    Moneys appropriated by the state shall not be used
  2  3 to reduce the normal rate of contribution of any city
  2  4 below seventeen fifteen percent."
  2  5    #5.  By renumbering as necessary.  
  2  6 
  2  7 
  2  8                               
  2  9 MARY A. LUNDBY
  2 10 SF 2411.702 78
  2 11 ec/cls
     

Text: S05089                            Text: S05091
Text: S05000 - S05099                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index

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