Senate
File
2089
-
Introduced
SENATE
FILE
2089
BY
BOWMAN
A
BILL
FOR
An
Act
concerning
the
hybrid
formula
for
calculating
benefits
1
under
the
Iowa
public
employees’
retirement
system.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
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Section
1.
Section
97B.49D,
Code
2014,
is
amended
by
adding
1
the
following
new
subsection:
2
NEW
SUBSECTION
.
4.
An
active
or
inactive
vested
member,
3
who
is
or
has
been
employed
in
both
special
service
and
regular
4
service,
who
retires
on
or
after
July
1,
2014,
who
is
vested
by
5
service,
who
has
at
least
twenty-two
years
of
special
service
6
or
thirty
years
of
regular
service,
and
who
at
the
time
of
7
retirement
is
at
least
fifty-five
years
of
age,
may
elect
8
to
receive,
in
lieu
of
the
receipt
of
a
monthly
retirement
9
allowance
as
calculated
pursuant
to
subsection
1
or
sections
10
97B.49A
through
97B.49C,
a
monthly
retirement
allowance
11
calculated
as
follows:
12
a.
For
an
active
or
inactive
vested
member
with
at
least
13
thirty
years
of
regular
service,
years
of
special
service
14
shall
be
considered
years
of
regular
service
for
purposes
of
15
calculating
a
monthly
retirement
allowance
pursuant
to
section
16
97B.49A.
17
b.
For
an
active
or
inactive
vested
member
with
at
least
18
twenty-two
years
of
special
service
in
a
position
defined
in
19
section
97B.49B,
years
of
regular
service
or
years
of
special
20
service
in
a
position
defined
in
section
97B.49C
shall
be
21
considered
years
of
special
service
in
a
position
defined
22
in
section
97B.49B
for
purposes
of
calculating
a
monthly
23
retirement
allowance
pursuant
to
section
97B.49B.
24
c.
For
an
active
or
inactive
vested
member
with
at
least
25
twenty-two
years
of
special
service
in
a
position
defined
in
26
section
97B.49C,
years
of
regular
service
or
years
of
special
27
service
in
a
position
defined
in
section
97B.49B
shall
be
28
considered
years
of
special
service
in
a
position
defined
29
in
section
97B.49C
for
purposes
of
calculating
a
monthly
30
retirement
allowance
pursuant
to
section
97B.49C.
31
EXPLANATION
32
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
33
the
explanation’s
substance
by
the
members
of
the
general
assembly.
34
This
bill
concerns
the
Iowa
public
employees’
retirement
35
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system
(IPERS)
and
provides
an
additional
method
of
calculating
1
a
member’s
monthly
retirement
allowance
using
the
hybrid
2
formula
under
Code
section
97B.49D.
The
bill
provides
that
3
a
member
with
at
least
22
years
of
special
service
in
a
4
position
defined
in
Code
section
97B.49B,
at
least
22
years
of
5
special
service
in
a
position
defined
in
Code
section
97B.49C,
6
or
at
least
30
years
of
regular
service,
can
have
their
7
retirement
allowance
calculated
as
if
years
of
service
not
8
within
the
applicable
category
categorized
as
years
of
service
9
in
the
position
with
at
least
22
or
30
years
of
service,
10
as
applicable,
may
be
counted
as
years
of
service
in
that
11
category.
Under
current
law,
these
members
are
not
eligible
to
12
use
the
hybrid
formula.
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