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House File 2170 - IntroducedA Bill ForAn Act 1relating to the earnings limitation for retirees under
2the Iowa public employees’ retirement system and including
3effective date provisions.
4BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 97B.48A, subsection 1, paragraph a, Code
22022, is amended to read as follows:
3a. If a member who has not reached the member’s sixty-fifth
4birthday and who has a bona fide retirement under this chapter
5is in regular full-time employment during a calendar year,
6the member’s retirement allowance shall be reduced by fifty
7cents for each dollar the member earns over the limit provided
8in this subsection. However, employment is not full-time
9employment until the member receives remuneration in an amount
10in excess of thirty fifty thousand dollars for a calendar year,
11or an amount equal to the amount of remuneration permitted
12for a calendar year for persons under sixty-five years of
13age before a reduction in federal social security retirement
14benefits is required, whichever is higher. Effective the first
15of the month in which a member attains the age of sixty-five
16years, a retired member may receive a retirement allowance
17without a reduction after return to covered employment
18regardless of the amount of remuneration received.
19 Sec. 2. EFFECTIVE DATE. This Act, being deemed of immediate
20importance, takes effect upon enactment.
21EXPLANATION
22The inclusion of this explanation does not constitute agreement with
23the explanation’s substance by the members of the general assembly.
24This bill modifies the earnings limitation for retirees
25under the Iowa public employees’ retirement system (IPERS).
26Code section 97B.48A provides that a retiree under IPERS who
27has not reached age 65 shall have their retirement allowance
28reduced by 50 cents for every dollar the retiree earns over
29$30,000 in full-time employment covered by IPERS. The bill
30raises this earnings limitation provision to $50,000.
31The bill takes effect upon enactment.
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2the Iowa public employees’ retirement system and including
3effective date provisions.
4BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 97B.48A, subsection 1, paragraph a, Code
22022, is amended to read as follows:
3a. If a member who has not reached the member’s sixty-fifth
4birthday and who has a bona fide retirement under this chapter
5is in regular full-time employment during a calendar year,
6the member’s retirement allowance shall be reduced by fifty
7cents for each dollar the member earns over the limit provided
8in this subsection. However, employment is not full-time
9employment until the member receives remuneration in an amount
10in excess of thirty fifty thousand dollars for a calendar year,
11or an amount equal to the amount of remuneration permitted
12for a calendar year for persons under sixty-five years of
13age before a reduction in federal social security retirement
14benefits is required, whichever is higher. Effective the first
15of the month in which a member attains the age of sixty-five
16years, a retired member may receive a retirement allowance
17without a reduction after return to covered employment
18regardless of the amount of remuneration received.
19 Sec. 2. EFFECTIVE DATE. This Act, being deemed of immediate
20importance, takes effect upon enactment.
21EXPLANATION
22The inclusion of this explanation does not constitute agreement with
23the explanation’s substance by the members of the general assembly.
24This bill modifies the earnings limitation for retirees
25under the Iowa public employees’ retirement system (IPERS).
26Code section 97B.48A provides that a retiree under IPERS who
27has not reached age 65 shall have their retirement allowance
28reduced by 50 cents for every dollar the retiree earns over
29$30,000 in full-time employment covered by IPERS. The bill
30raises this earnings limitation provision to $50,000.
31The bill takes effect upon enactment.
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