House File 208 - Introduced



                                       HOUSE FILE       
                                       BY  WENDT


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

                                      A BILL FOR

  1 An Act reducing 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 2317HH 81
  5 ec/sh/8

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 of thirty forty=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 the earnings
  1 30 limit established in the bill.
  1 31 LSB 2317HH 81
  1 32 ec:nh/sh/8