House File 2023 - Introduced



                                       HOUSE FILE       
                                       BY  TOMENGA


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

                                      A BILL FOR

  1 An Act providing a credit for a buyback of service under the Iowa
  2    public employees' retirement system.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 5223HH 81
  5 ec/sh/8

PAG LIN



  1  1    Section 1.  Section 97B.80C, subsection 3, Code 2005, is
  1  2 amended by adding the following new paragraph:
  1  3    NEW PARAGRAPH.  e.  For a member making contributions for a
  1  4 purchase of permissive service credit for qualified service as
  1  5 described in subsection 1, paragraph "c", subparagraph (1),
  1  6 subparagraph subdivision (h), the member shall receive a
  1  7 credit against the actuarial cost of the service purchase
  1  8 equal to the amount of the member's employer's accumulated
  1  9 contributions which were not paid to the member as a refund
  1 10 pursuant to section 97B.53 plus interest as calculated
  1 11 pursuant to section 97B.70.
  1 12                           EXPLANATION
  1 13    This bill provides that a member buying back service under
  1 14 the Iowa public employees' retirement system (IPERS) can
  1 15 receive a credit for the cost of purchasing that prior service
  1 16 equal to the amount of the member's employer's accumulated
  1 17 contributions that were not paid when the member received a
  1 18 refund for that service plus interest as calculated in section
  1 19 97B.70.
  1 20 LSB 5223HH 81
  1 21 ec:rj/sh/8