Text: HF02193 Text: HF02195 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 97B.80D PURCHASES OF SPECIAL
1 2 SERVICE CREDIT.
1 3 1. A vested or retired member in special service who has
1 4 five or more full calendar years of covered wages and who at
1 5 any time was in regular service may make contributions to the
1 6 retirement system to convert up to five years of regular
1 7 service credit to special service credit as determined by the
1 8 system, pursuant to Internal Revenue Code section 415(n) and
1 9 the requirements of this section.
1 10 2. A special service member making contributions for a
1 11 purchase of special service credit under this section shall
1 12 make contributions in an amount equal to the actuarial cost of
1 13 converting the regular service credit to special service
1 14 credit. For purposes of this subsection, the actuarial cost
1 15 of the service purchase is an amount determined by the system
1 16 in accordance with actuarial tables, as reported to the system
1 17 by the system's actuary, which reflects the actuarial cost
1 18 necessary to fund an increased retirement allowance resulting
1 19 from the purchase of special service credit.
1 20 3. The system shall ensure that the member, in exercising
1 21 an option provided in this section, does not exceed the amount
1 22 of annual additions to a member's account permitted pursuant
1 23 to section 415 of the federal Internal Revenue Code.
1 24 EXPLANATION
1 25 This bill provides that a vested or retired member of the
1 26 Iowa public employees' retirement system (IPERS) in special
1 27 service can convert up to five years of prior regular service
1 28 credit under IPERS to special service credit by paying the
1 29 actuarial cost of the purchase. Under IPERS, special service
1 30 means service while employed in a protection occupation or as
1 31 a sheriff, deputy sheriff, or airport fire fighter. The
1 32 actuarial cost of the purchase is defined by the bill as the
1 33 amount necessary to fund an increased retirement allowance
1 34 resulting from the purchase of special service credit.
1 35 LSB 5238HH 80
2 1 ec/gg/14
Text: HF02193 Text: HF02195 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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