Text: HF02375 Text: HF02377 Text: HF02300 - HF02399 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 offourteentwenty-five thousand dollars for a 1 11 calendar year, or an amount equal to the amount of 1 12 remuneration permitted for a calendar year for persons under 1 13 sixty-five years of age before a reduction in federal social 1 14 security retirement benefits is required, whichever is higher. 1 15 Effective the first of the month in which a member attains the 1 16 age of sixty-five years, a retired member may receive a 1 17 retirement allowance without a reduction after return to 1 18 covered employment regardless of the amount of remuneration 1 19 received. 1 20 EXPLANATION 1 21 This bill increases the amount that an IPERS member who has 1 22 a bona fide retirement and is under 65 years of age can earn 1 23 in public employment covered by IPERS from $14,000 to $25,000 1 24 and continue to receive the member's retirement allowance 1 25 without a reduction. An IPERS member receiving a retirement 1 26 allowance who is under age 65 will have the member's IPERS 1 27 retirement allowance reduced by 50 cents for each dollar the 1 28 member earns in a calendar year in employment covered by IPERS 1 29 over the earnings limit established in Code section 97B.48A. 1 30 LSB 5512HH 79 1 31 ec/cls/14
Text: HF02375 Text: HF02377 Text: HF02300 - HF02399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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