Senate File 143

                                       SENATE FILE       
                                       BY  McCOY


    Passed Senate, Date               Passed House,  Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act providing for a study on a deferred retirement option
  2    program for the statewide fire and police retirement system
  3    and providing an effective date.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  5 TLSB 2084XS 80
  6 ec/pj/5

PAG LIN

  1  1    Section 1.  STATEWIDE FIRE AND POLICE RETIREMENT SYSTEM ==
  1  2 STUDY ON DEFERRED RETIREMENT OPTION PROGRAM == REPORT.  The
  1  3 board of trustees of the statewide fire and police retirement
  1  4 system created under chapter 411 shall conduct a study to
  1  5 consider whether to implement a deferred retirement option
  1  6 program (DROP) for its members.  In pursuing this proposal,
  1  7 the board shall survey its members and associations
  1  8 representing members of the system in order to determine the
  1  9 level of members' interest and the conditions under which
  1 10 members would, or would not, participate in such a program.
  1 11 On or before October 1, 2003, the board shall file a report
  1 12 with the legislative service bureau, for distribution to the
  1 13 public retirement systems committee established in section
  1 14 97D.4, which contains its findings and recommendations.  The
  1 15 report shall also contain any applicable actuarial information
  1 16 concerning the costs of any proposal or proposals.
  1 17    Sec. 2.  EFFECTIVE DATE.  This Act, being deemed of
  1 18 immediate importance, takes effect upon enactment.
  1 19                           EXPLANATION
  1 20    This bill requires the board of trustees of the Code
  1 21 chapter 411 retirement system for local fire and police
  1 22 departments to conduct a study to consider whether to
  1 23 implement a deferred retirement option program (DROP) for its
  1 24 members.  The board shall submit its findings to the
  1 25 legislative service bureau for distribution to the legislative
  1 26 public retirement systems committee by October 1, 2003.
  1 27    The bill takes effect upon enactment.
  1 28 LSB 2084XS 80
  1 29 ec/pj/5
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