Text: HF00260 Text: HF00262 Text: HF00200 - HF00299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 97B.48A, subsection 1, unnumbered
1 2 paragraph 1, Code 2001, is amended to read as follows:
1 3 If a member who has not reached the member's sixty-fifth
1 4 birthday and who has a bona fide retirement under this chapter
1 5 is in regular full-time employment during a calendar year, the
1 6 member's retirement allowance shall be reduced by fifty cents
1 7 for each dollar the member earns over the limit provided in
1 8 this subsection. However, employment is not full-time
1 9 employment until the member receives remuneration in an amount
1 10 in excess of fourteen thousand dollars for a calendar year, or
1 11 an amount equal to the amount of remuneration permitted for a
1 12 calendar year for persons under sixty-five years of age before
1 13 a reduction in federal social security retirement benefits is
1 14 required, whichever is higher. In addition, the reduction in
1 15 a member's retirement allowance under this subsection shall
1 16 not apply if the member is employed as a substitute teacher by
1 17 a school district or area education agency. Effective the
1 18 first of the month in which a member attains the age of sixty-
1 19 five years, a retired member may receive a retirement
1 20 allowance without a reduction after return to covered
1 21 employment regardless of the amount of remuneration received.
1 22 EXPLANATION
1 23 This bill eliminates the limit on the wages a retired
1 24 member of IPERS can earn as a substitute teacher without a
1 25 reduction in retirement benefits following the member's bona
1 26 fide retirement. Current law provides for a reduction in
1 27 retirement benefits if reemployment wages exceed $14,000 for
1 28 persons under 65 years of age.
1 29 LSB 1949YH 79
1 30 ec/cls/14
Text: HF00260 Text: HF00262 Text: HF00200 - HF00299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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