H.F. 2170 Section 1. Section 97B.48A, subsection 1, paragraph a, Code 1 2022, is amended to read as follows: 2 a. If a member who has not reached the member’s sixty-fifth 3 birthday and who has a bona fide retirement under this chapter 4 is in regular full-time employment during a calendar year, 5 the member’s retirement allowance shall be reduced by fifty 6 cents for each dollar the member earns over the limit provided 7 in this subsection . However, employment is not full-time 8 employment until the member receives remuneration in an amount 9 in excess of thirty fifty thousand dollars for a calendar year, 10 or an amount equal to the amount of remuneration permitted 11 for a calendar year for persons under sixty-five years of 12 age before a reduction in federal social security retirement 13 benefits is required, whichever is higher. Effective the first 14 of the month in which a member attains the age of sixty-five 15 years, a retired member may receive a retirement allowance 16 without a reduction after return to covered employment 17 regardless of the amount of remuneration received. 18 Sec. 2. EFFECTIVE DATE. This Act, being deemed of immediate 19 importance, takes effect upon enactment. 20 EXPLANATION 21 The inclusion of this explanation does not constitute agreement with 22 the explanation’s substance by the members of the general assembly. 23 This bill modifies the earnings limitation for retirees 24 under the Iowa public employees’ retirement system (IPERS). 25 Code section 97B.48A provides that a retiree under IPERS who 26 has not reached age 65 shall have their retirement allowance 27 reduced by 50 cents for every dollar the retiree earns over 28 $30,000 in full-time employment covered by IPERS. The bill 29 raises this earnings limitation provision to $50,000. 30 The bill takes effect upon enactment. 31 -1- LSB 5452HV (2) 89 ec/rn 1/ 1