House File 191 - Introduced HOUSE FILE BY CHAMBERS Passed House, Date Passed Senate, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act limiting earning restrictions for Iowa public employees' 2 retirement system retirees. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 2034HH 81 5 ec/pj/5 PAG LIN 1 1 Section 1. Section 97B.48A, subsection 1, unnumbered 1 2 paragraph 1, Code 2005, 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 ofthirtyforty=five thousand dollars for a calendar 1 11 year, or an amount equal to the amount of remuneration 1 12 permitted for a calendar year for persons under sixty=five 1 13 years of age before a reduction in federal social security 1 14 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 Iowa public 1 22 employees' retirement system (IPERS) member who has a bona 1 23 fide retirement and is under 65 years of age can earn in 1 24 public employment covered by IPERS from $30,000 to $45,000 and 1 25 continue to receive the member's retirement allowance without 1 26 a reduction. An IPERS member receiving a retirement allowance 1 27 who is under age 65 will have their IPERS retirement allowance 1 28 reduced by 50 cents for each dollar the member earns in a 1 29 calendar year in employment covered by IPERS over this 1 30 earnings limit. 1 31 LSB 2034HH 81 1 32 ec:nh/pj/5