Senate File 2064 - Introduced SENATE FILE 2064 BY DANIELSON A BILL FOR An Act concerning retirement incentive programs for school 1 district employees. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 5815SS (3) 84 ec/sc
S.F. 2064 Section 1. Section 279.46, Code 2011, is amended to read as 1 follows: 2 279.46 Retirement incentives —— tax. 3 The board of directors of a school district may adopt a 4 program for payment of a monetary bonus, continuation of 5 health or medical insurance coverage, or other incentives 6 for encouraging its employees to retire before the normal 7 retirement date as defined in chapter 97B . The program is 8 available only to employees who notify the board of directors 9 prior to April 1 of the fiscal year that they intend to 10 retire not later than the start of the next following school 11 calendar. The age , and applicable years of service if any, at 12 which employees shall be designated eligible for the program 13 shall be at the discretion of the board. An employee retiring 14 under this section may apply for a retirement allowance under 15 chapter 97B or chapter 294 . The board may include in the 16 district management levy an amount to pay the total estimated 17 accumulated cost to the school district of the health or 18 medical insurance coverage, bonus, or other incentives for 19 employees within the age range of fifty-five to sixty-five 20 years of age who retire under this section . 21 EXPLANATION 22 This bill concerns eligibility requirements for retirement 23 incentive programs that a school district board of directors 24 may adopt for its employees. Current law provides that any 25 retirement incentive program shall be limited to encouraging 26 employees to retire before their normal retirement date under 27 the Iowa public employees’ retirement system (IPERS) and that 28 the board may include the costs of any retirement incentive 29 program adopted in the district management levy only for those 30 employees from age 55 to 65 who retire. The bill eliminates 31 these specific age and service requirements relative to the 32 retirement incentive program adopted by a school board. The 33 bill also provides that a school board may adopt a years of 34 service requirement for the retirement incentive program it may 35 -1- LSB 5815SS (3) 84 ec/sc 1/ 2
S.F. 2064 offer. 1 -2- LSB 5815SS (3) 84 ec/sc 2/ 2