97DPUBLIC RETIREMENT SYSTEMS GENERALLY97D.1Guiding goals for future changes in public retirement systems — social security — portability.1The general assembly declares that legislative proposals for changes in specific public retirement systems should be considered within the context of all public retirement systems within the state, with emphasis on equity and equality among the systems. The following list of guiding goals shall apply to the consideration of proposed changes:aSelect those benefit enhancement options which most successfully deliver the greatest good to the greatest number of employees.bChoose those options which best correct existing inequities between and among the various retirement groups in the state.cDetermine those options which most ably serve the twin objectives of attracting and retaining quality employees.dAvoid enacting further incentives toward earlier retirement with full benefits.eAvoid further splintering of benefits by disproportionate enhancement of benefits for one group beyond those available to another.fAvoid enacting further benefit enhancements that fail to preserve or enhance intergenerational equity amongst all employees covered by the retirement system.2The public retirement systems committee established by section 97D.4 shall periodically weigh the advantages and disadvantages of establishing participation in the federal social security system for the members of public retirement systems operating under chapters 97A and 411 and the impact of such a change on total contributions and benefits.3The public retirement systems committee established by section 97D.4 shall consider proposals to achieve greater portability of pension benefits between the various public retirement systems in the state. Special attention should be given to the actuarial cost of transfers of value from one system to another.90 Acts, ch 1240, §43; 98 Acts, ch 1183, §10897D.2Analysis of cost of proposed changes.When the public retirement systems committee established by section 97D.4 or a standing committee of the senate or house of representatives recommends a proposal for a change in a public retirement system within this state, the committee shall require the development of actuarial information concerning the costs of the proposed change. If the proposal affects police and fire retirement under chapter 411, the committee shall arrange for the services of an actuarial consultant or request actuarial information from the statewide fire and police retirement system created in chapter 411 to assist in developing the information. Actuarial information developed as provided under this section concerning the cost of a proposed change shall include information on the effect of the proposed change on the normal cost rate for that public retirement system using the entry age normal actuarial cost method.90 Acts, ch 1240, §44; 2008 Acts, ch 1171, §6197D.3Newly hired peace officers, police officers, and fire fighters — referendum.Repealed by 2023 Acts, ch 66, §158.97D.4Public retirement systems committee established.1A public retirement systems committee is established.aThe committee shall consist of three members of the senate appointed by the majority leader of the senate, two members of the senate appointed by the minority leader of the senate, three members of the house of representatives appointed by the speaker of the house of representatives, and two members of the house of representatives appointed by the minority leader of the house of representatives.bMembers shall be appointed prior to January 31 of the first regular session of each general assembly and shall serve for terms ending upon the convening of the following general assembly or when their successors are appointed, whichever is later. A vacancy shall be filled in the same manner as the original appointment and shall be for the remainder of the unexpired term of the vacancy.cThe committee shall elect a chairperson and vice chairperson. Meetings may be called by the chairperson or a majority of the members.2The members of the committee shall be reimbursed for actual and necessary expenses incurred in the performance of their duties and shall be paid a per diem as specified in section 2.10 for each day in which they engaged in the performance of their duties. However, per diem compensation and expenses shall not be paid when the general assembly is actually in session at the seat of government. Expenses and per diem shall be paid from funds appropriated pursuant to section 2.12.3The committee shall:aDevelop and recommend retirement standards and a coherent state policy on public retirement systems.bContinuously survey pension and retirement developments in other states and in industry and business and periodically review the state’s policy and standards in view of these developments and changing economic and social conditions.cReview the provisions in the public retirement systems in effect in this state.dReview individually sponsored bills relating to the public retirement systems.eReview proposals from interested associations and organizations recommending changes in the state’s retirement laws.fStudy the feasibility of adopting a consolidated retirement system for the public employees of this state.gConsult with the treasurer of state and the commission of veterans affairs in accordance with section 35A.13, subsection 4.hMake recommendations to the general assembly.4The committee may:aContract for actuarial assistance deemed necessary, and the costs of actuarial studies are payable from funds appropriated in section 2.12, subject to the approval of the legislative council.bAdminister oaths, issue subpoenas, and cite for contempt with the approval of the general assembly when the general assembly is in session and with the approval of the legislative council when the general assembly is not in session.5Administrative assistance shall be provided by the legislative services agency.86 Acts, ch 1243, §24C87, §97B.7690 Acts, ch 1240, §93; 90 Acts, ch 1256, §28C91, §97D.42003 Acts, ch 35, §40, 49; 2008 Acts, ch 1032, §12, 13; 2008 Acts, ch 1156, §26, 58; 2010 Acts, ch 1193, §39; 2022 Acts, ch 1034, §697D.5Public retirement systems — annual actuarial valuations — required information.1For purposes of this section, “public retirement system” means the public safety peace officers’ retirement system created in chapter 97A, the Iowa public employees’ retirement system created in chapter 97B, the statewide fire and police retirement system created in chapter 411, or the judicial retirement system created in chapter 602.2Effective with the fiscal year beginning July 1, 2008, a public retirement system shall include in each actuarial valuation or actuarial update required to be conducted by that public retirement system the following additional information, all as determined by using the entry age normal actuarial cost method:aThe actuarially required contribution rate for the public retirement system which is equal to the normal cost rate plus the contribution rate necessary to amortize the unfunded actuarial accrued liability on a level percent of payroll basis over thirty years.bThe normal cost rate for the public retirement system which shall be determined for each individual member on a level percentage of salary basis and then summed for all members to obtain the total normal cost.2008 Acts, ch 1171, §62