Text: SF00222 Text: SF00224 Text: SF00200 - SF00299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 97B.52A, Code 1999, is amended to read 1 2 as follows: 1 3 97B.52A ELIGIBILITY FOR BENEFITS – BONA FIDE RETIREMENT. 1 4 1. A member has a bona fide retirement when the member 1 5 terminates all employment covered under the chapter or 1 6 formerly covered under the chapter pursuant to section 97B.42, 1 7 files a completed application for benefits form with the 1 8 department, survives into the month for which benefits are 1 9 first payable, andmeets the following applicable requirement:1 10a. For a member whose first month of entitlement is prior1 11to July 1, 1998, the memberdoes not return to covered 1 12 employment until the member has qualified for no fewer than 1 13 four calendar months of retirement benefits. 1 14b. For a member whose first month of entitlement is July1 151998 or later, the member does not return to any employment1 16with a covered employer until the member has qualified for no1 17fewer than four calendar months of retirement benefits.1 18 2. A member may commence receiving retirement benefits 1 19 under this chapter upon satisfying eligibility requirements. 1 20 However, a retired member who commences receiving a retirement 1 21 allowance but returns to employment before qualifying for no 1 22 fewer than four calendar months of retirement benefits does 1 23 not have a bona fide retirement and any retirement allowance 1 24 received by such a member must be returned to the system 1 25 together with interest earned on the retirement allowance 1 26 calculated at a rate determined by the department. Until the 1 27 member has repaid the retirement allowance and interest, the 1 28 department may withhold any future retirement allowance for 1 29 which the member may qualify. 1 30 3. A memberwhose first month of entitlement is before1 31July 1998 andwho terminates covered employment but maintains 1 32 an employment relationship with an employer that made 1 33 contributions to the system on the member's behalf does not 1 34 have a bona fide retirement until all employment, including 1 35 employment which is not covered by this chapter, with such 2 1 employer is terminated for at least thirty days. In order to 2 2 receive retirement benefits, the member must file a completed 2 3 application for benefits form with the department before 2 4 returning to any employment with the same employer. 2 5 EXPLANATION 2 6 This bill provides, under the Iowa public employees' 2 7 retirement system (IPERS), that a person may continue to 2 8 receive a retirement allowance unless the person returns to 2 9 employment with the same employer within 30 days or returns to 2 10 employment covered by IPERS for four months after the person's 2 11 retirement. Current law does not allow a person to continue 2 12 to receive a retirement allowance if they return to any 2 13 employment, whether covered under IPERS or not, with an 2 14 employer covered by IPERS within four months after retirement. 2 15 LSB 2501SS 78 2 16 ec/cf/24
Text: SF00222 Text: SF00224 Text: SF00200 - SF00299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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