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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