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House File 89 - EnrolledAn Actauthorizing a retirement system merger relating to an
alternative retirement system for certain school district
employees.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
Section 1. Section 97B.42C, Code 2017, is amended to read
as follows:
97B.42C Retirement system merger — municipal utility
retirement system.
A municipal water utility or waterworks that has established
a pension and annuity retirement system for its employees
pursuant to chapter 412, or a school district that has
established a pension and annuity retirement system for its
employees pursuant to chapter 294, may adopt a resolution to
authorize the merger of its pension and annuity retirement
system with and into the Iowa public employees’ retirement
system. The system is authorized, but is not required, to
accept such a proposal. The governing body of the municipal
water utility or waterworks or school district and the Iowa
public employees’ retirement system shall, acting in their
fiduciary capacities, mutually determine the terms and
conditions of such a merger, including any additional funds
necessary to fund the service credits being transferred to the
Iowa public employees’ retirement system, and either party
may decline the merger if they cannot agree on such terms and
conditions. The system shall adopt such rules as it deems
necessary and prudent to effectuate mergers as provided by this
section.
______________________________
LINDA UPMEYERSpeaker of the House______________________________
JACK WHITVERPresident of the Senate I hereby certify that this bill originated in the House and is known as House File 89, Eighty-seventh General Assembly.______________________________
CARMINE BOALChief Clerk of the HouseApproved _______________, 2017______________________________
TERRY E. BRANSTADGovernorec/sc
alternative retirement system for certain school district
employees.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
Section 1. Section 97B.42C, Code 2017, is amended to read
as follows:
97B.42C Retirement system merger — municipal utility
retirement system.
A municipal water utility or waterworks that has established
a pension and annuity retirement system for its employees
pursuant to chapter 412, or a school district that has
established a pension and annuity retirement system for its
employees pursuant to chapter 294, may adopt a resolution to
authorize the merger of its pension and annuity retirement
system with and into the Iowa public employees’ retirement
system. The system is authorized, but is not required, to
accept such a proposal. The governing body of the municipal
water utility or waterworks or school district and the Iowa
public employees’ retirement system shall, acting in their
fiduciary capacities, mutually determine the terms and
conditions of such a merger, including any additional funds
necessary to fund the service credits being transferred to the
Iowa public employees’ retirement system, and either party
may decline the merger if they cannot agree on such terms and
conditions. The system shall adopt such rules as it deems
necessary and prudent to effectuate mergers as provided by this
section.
______________________________
LINDA UPMEYERSpeaker of the House______________________________
JACK WHITVERPresident of the Senate I hereby certify that this bill originated in the House and is known as House File 89, Eighty-seventh General Assembly.______________________________
CARMINE BOALChief Clerk of the HouseApproved _______________, 2017______________________________
TERRY E. BRANSTADGovernorec/sc