Text: HF02068 Text: HF02070 Text: HF02000 - HF02099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 97B.48A, subsection 1, Code 2001, is 1 2 amended by striking the subsection and inserting in lieu 1 3 thereof the following: 1 4 1. A member who has a bona fide retirement under this 1 5 chapter may return to regular full-time covered employment 1 6 during a calendar year and shall continue to receive a 1 7 retirement allowance without a reduction after return to 1 8 covered employment regardless of the amount of remuneration 1 9 received. 1 10 Sec. 2. Section 97B.48A, subsection 3, Code 2001, is 1 11 amended to read as follows: 1 12 3. Upon a retirement after reemployment, a retired member 1 13 may have the retired member's retirement allowance 1 14 redetermined under this section or section 97B.48, section 1 15 97B.50, or section 97B.51, whichever is applicable, based upon 1 16the addition of credit forthe years of membership service of 1 17 the employee after reemployment, the covered wage during 1 18 reemployment, and the age of the employee after reemployment. 1 19 The member shall receive a single retirement allowance 1 20 calculated from both periods of membership service, one based 1 21 on the initial retirement and one based on the second 1 22 retirement following reemployment. The member may select one 1 23 of the following options for receiving a single retirement 1 24 allowance based upon both periods of membership service: 1 25 a. A single retirement allowance calculated by adding the 1 26 allowance for the initial retirement with an additional 1 27 retirement allowance calculated pursuant to sections 97B.49A 1 28 through 97B.49G, based solely on the years of membership 1 29 service of the employee after reemployment, the covered wage 1 30 during reemployment, and the age of the employee after 1 31 reemployment. 1 32 b. A single retirement allowance based upon the addition 1 33 of credit for the years of membership service of the employee 1 34 after reemployment, the covered wage during reemployment, and 1 35 the age of the employee after reemployment. If the total 2 1 years of membership service and prior service of a member who 2 2 has been reemployed equals or exceeds thirty, the years of 2 3 membership service on which the original retirement allowance 2 4 was based may be reduced by a fraction of the years of service 2 5 equal to the number of years by which the total years of 2 6 membership service and prior service exceeds thirty divided by 2 7 thirty, if this reduction in years of service will increase 2 8 the total retirement allowance of the member. The additional 2 9 retirement allowance calculated for the period of reemployment 2 10 shall be added to the retirement allowance calculated for the 2 11 initial period of membership service and prior service, 2 12 adjusted as provided in thissubsectionparagraph. The 2 13 retirement allowance calculated for the initial period of 2 14 membership service and prior service shall not be adjusted for 2 15 any other factor than years of service. The retired member 2 16 shall not receive a retirement allowance based upon more than 2 17 a total of thirty years of service. Effective July 1, 1998, a 2 18 redetermination of a retirement allowance as authorized by 2 19 thissubsectionparagraph for a retired member whose combined 2 20 service exceeds the applicable years of service for that 2 21 member as provided in sections 97B.49A through 97B.49G shall 2 22 have the determination of the member's reemployment benefit 2 23 based upon the percentage multiplier as determined for that 2 24 member as provided in sections 97B.49A through 97B.49G. 2 25 Sec. 3. Section 97B.52A, subsection 1, paragraph c, Code 2 26 2001, is amended to read as follows: 2 27 c. For a member whose first month of entitlement is July 2 28 2000 or later, the member does not return to any employment 2 29 with a covered employer until the member has qualified for at 2 30 least one calendar month of retirement benefits, and the 2 31 member does not return to covered employment until the member 2 32 has qualified for no fewer than four calendar months of 2 33 retirement benefits. For purposes of this paragraph, 2 34 effective July 1, 2000, any employment with a covered employer 2 35 does not include employment as an elective official or member 3 1 of the general assembly if the member is not covered under 3 2 this chapter for that employment. For purposes of this 3 3 paragraph, effective July 1, 2002, covered employment does not 3 4 include employment with the same employer that employed the 3 5 member immediately prior to retirement if the employment is 3 6 not in the same or similar position as the member held prior 3 7 to retirement. 3 8 EXPLANATION 3 9 This bill provides that an Iowa public employees' 3 10 retirement system (IPERS) member who has a bona fide 3 11 retirement can return to public employment covered by IPERS 3 12 and continue to receive the member's retirement allowance 3 13 without a reduction. Under current law, an IPERS member 3 14 receiving a retirement allowance who is under age 65 will have 3 15 the member's IPERS retirement allowance reduced by $.50 for 3 16 each dollar the member earns over $14,000 in a calendar year 3 17 in employment covered by IPERS. 3 18 The bill amends Code section 97B.48A, subsection 3, to 3 19 allow a retiree who becomes reemployed under IPERS and then 3 20 retires again to have the option of receiving a new retirement 3 21 allowance calculated by adding the retiree's initial allowance 3 22 with an amount calculated for the reemployment period in the 3 23 same manner as the initial retirement is calculated. Under 3 24 current law, a member can only have the initial retirement 3 25 allowance recalculated based upon the addition of the 3 26 reemployed years of service, the covered wage during the 3 27 reemployment, and the age of the retiree. 3 28 In addition, the bill permits an IPERS retiree to return to 3 29 employment covered under IPERS with the same employer after 3 30 receiving one month of retirement benefits and still remain 3 31 eligible to receive a retirement allowance if the employment 3 32 is not in the same or similar position as the retiree held 3 33 prior to retirement. Under current law, a retiree cannot 3 34 return to covered employment for four months following the 3 35 retiree's first month of entitlement to retirement benefits. 4 1 LSB 5059YH 79 4 2 ec/sh/8
Text: HF02068 Text: HF02070 Text: HF02000 - HF02099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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