Text: S05098 Text: S05100 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 PUBLIC 1 5 EMPLOYMENT 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 employed by a covered employer under this 1 9 chapter but was not covered by this chapter and did 1 10 not opt out of coverage under this chapter, upon 1 11 submitting verification of the public employment and 1 12 the dates of the public employment, may make 1 13 contributions to the system for up to the lesser of 1 14 twenty quarters of service credit for such public 1 15 employment or the entire period of the public 1 16 employment, in increments of one or more calendar 1 17 quarters, and receive credit for membership service 1 18 and prior service for the period of time for which the 1 19 contributions are made. 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 public employment and 1 31 the dates of such public employment shall be made by 1 32 the department prior to receiving contributions from 1 33 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 MIKE CONNOLLY 2 11 SF 2411.801 78 2 12 ec/cf
Text: S05098 Text: S05100 Text: S05000 - S05099 Text: S Index Bills and Amendments: General Index Bill History: General 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: Thu Mar 9 03:35:50 CST 2000
URL: /DOCS/GA/78GA/Legislation/S/05000/S05099/000308.html
jhf