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
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