House
File
1023
H-8400
Amend
the
Senate
amendment,
H-8393,
to
House
File
1023,
as
1
passed
by
the
House,
as
follows:
2
1.
Page
1,
after
line
3
by
inserting:
3
<<
Sec.
___.
Section
97B.11,
subsection
3,
paragraph
a,
4
subparagraphs
(1)
and
(2),
Code
2026,
are
amended
to
read
as
5
follows:
6
(1)
“Applicable
employee
percentage”
means
the
percentage
7
rate
equal
to
forty
percent
of
the
required
contribution
8
rate
for
members
in
regular
service.
For
the
fiscal
year
9
beginning
July
1,
2026,
and
for
each
fiscal
year
thereafter,
10
the
system
shall
increase
the
applicable
employee
percentage
11
calculated
under
this
subparagraph
for
that
fiscal
year
by
the
12
amount
necessary
to
fund
the
annual
adjustment
to
the
monthly
13
retirement
allowance
provided
under
section
97B.49A.
14
(2)
“Applicable
employer
percentage”
means
the
percentage
15
rate
equal
to
sixty
percent
of
the
required
contribution
16
rate
for
members
in
regular
service.
For
the
fiscal
year
17
beginning
July
1,
2026,
and
for
each
fiscal
year
thereafter,
18
the
system
shall
decrease
the
applicable
employer
percentage
19
calculated
under
this
subparagraph
for
that
fiscal
year
by
the
20
amount
necessary
to
fund
the
annual
adjustment
to
the
monthly
21
retirement
allowance
provided
under
section
97B.49A.
>
22
2.
Page
1,
after
line
32
by
inserting:
23
<
Sec.
___.
Section
97B.49A,
Code
2026,
is
amended
by
adding
24
the
following
new
subsection:
25
NEW
SUBSECTION
.
5.
Annual
adjustment
of
allowance.
A
26
member
who
retires
on
or
after
July
1,
2026,
and
who
receives
a
27
monthly
retirement
allowance
under
this
section,
shall
have
the
28
monthly
retirement
allowance
adjusted
as
follows:
29
a.
On
each
July
1,
the
monthly
retirement
allowance
30
authorized
in
this
section
and
payable
to
a
member
retired
31
prior
to
that
date,
and
to
a
beneficiary
or
contingent
32
annuitant
entitled
to
a
monthly
retirement
allowance
prior
33
to
that
date,
shall
be
adjusted
by
adding
to
the
monthly
34
retirement
allowance
payable
on
that
date
an
amount
equal
to
35
-1-
H
8393.4179
(1)
91
sc/ns
1/
2
#1.
the
sum
of
one
percent
of
the
monthly
retirement
allowance
1
payable
on
that
date.
2
b.
A
retired
member,
beneficiary,
or
contingent
annuitant
3
shall
not
be
eligible
for
an
annual
readjustment
of
allowance
4
provided
in
this
subsection
unless
the
member
has
attained
the
5
age
of
fifty-five
years
prior
to
the
member’s
termination
of
6
employment.
7
c.
A
retired
member,
beneficiary,
or
contingent
annuitant
8
that
receives
an
annual
adjustment
of
allowance
provided
in
9
this
subsection
shall
not
be
eligible
for
the
retirement
10
dividends
under
section
97B.49F.
>
11
3.
Page
3,
after
line
3
by
inserting:
12
<
___.
Title
page,
lines
2
and
3,
by
striking
<
who
are
13
employed
in
a
protection
occupation
>>
14
4.
By
renumbering
as
necessary.
15
______________________________
GEARHART
of
Clayton
-2-
H
8393.4179
(1)
91
sc/ns
2/
2
#3.
#4.