Text: HF00403 Text: HF00405 Text: HF00400 - HF00499 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 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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