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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