Text: HF00403                           Text: HF00405
Text: HF00400 - HF00499                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

House File 404

Partial Bill History

Bill Text

  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 teacher by a school
  1 17 district or area education agency.  Effective the first of the
  1 18 month in which a member attains the age of sixty-five years, a
  1 19 retired member may receive a retirement allowance without a
  1 20 reduction after return to covered employment regardless of the
  1 21 amount of remuneration received.
  1 22    Sec. 2.  Section 97B.52A, subsection 1, paragraph c, Code
  1 23 2001, is amended to read as follows:
  1 24    c.  For a member whose first month of entitlement is July
  1 25 2000 or later, the member does not return to any employment
  1 26 with a covered employer until the member has qualified for at
  1 27 least one calendar month of retirement benefits, and the
  1 28 member does not return to covered employment until the member
  1 29 has qualified for no fewer than four calendar months of
  1 30 retirement benefits.  For purposes of this paragraph,
  1 31 effective July 1, 2000, any employment with a covered employer
  1 32 does not include employment as an elective official or member
  1 33 of the general assembly if the member is not covered under
  1 34 this chapter for that employment.  For purposes of this
  1 35 paragraph, effective July 1, 2001, covered employment does not
  2  1 include employment as a teacher by a school district or area
  2  2 education agency.  
  2  3                           EXPLANATION
  2  4    This bill eliminates the limit on the wages a retired
  2  5 member of IPERS can earn as a teacher without a reduction in
  2  6 retirement benefits following a bona fide retirement.  Current
  2  7 law provides for a reduction in retirement benefits if
  2  8 reemployment wages exceed $14,000 for persons under 65 years
  2  9 of age.
  2 10    In addition, the bill provides that a member of IPERS can
  2 11 retire and be reemployed by a school district or area
  2 12 education agency as a teacher covered by IPERS so long as the
  2 13 member does not return to any employment with an IPERS
  2 14 employer for one month following the member's retirement.
  2 15 Under current law, a member of IPERS cannot return to any
  2 16 employment covered by IPERS for four months following
  2 17 retirement.  
  2 18 LSB 1869HH 79
  2 19 ec/gg/8

Text: HF00403                           Text: HF00405
Text: HF00400 - HF00499                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

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