Bill Text: IA HF2619 | 2023-2024 | 90th General Assembly | Introduced
Bill Title: A bill for an act relating to the judicial retirement fund.(Formerly HSB 529; See HF 2702.)
Spectrum: Committee Bill
Status: (Introduced - Dead) 2024-04-18 - Committee report approving bill, renumbered as HF 2702. [HF2619 Detail]
Download: Iowa-2023-HF2619-Introduced.html
House
File
2619
-
Introduced
HOUSE
FILE
2619
BY
COMMITTEE
ON
JUDICIARY
(SUCCESSOR
TO
HSB
529)
A
BILL
FOR
An
Act
relating
to
the
judicial
retirement
fund.
1
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
2
TLSB
5250HV
(1)
90
cm/ns
H.F.
2619
Section
1.
Section
602.9104,
subsection
4,
Code
2024,
is
1
amended
to
read
as
follows:
2
4.
As
used
in
this
section
,
unless
the
context
otherwise
3
requires:
4
a.
“Actuarial
valuation”
means
an
actuarial
valuation
of
the
5
judicial
retirement
system
or
an
annual
actuarial
update
of
an
6
actuarial
valuation,
as
required
pursuant
to
section
602.9116
.
7
b.
“Fully
funded
status”
means
that
the
most
recent
8
actuarial
valuation
reflects
that
the
funded
status
of
the
9
system
is
at
least
one
hundred
percent,
based
upon
the
benefits
10
provided
for
judges
through
the
judicial
retirement
system
as
11
of
July
1,
2006.
12
c.
a.
“Judge’s
required
contribution”
means
an
amount
equal
13
to
the
basic
salary
of
the
judge
multiplied
by
the
following
14
applicable
percentage:
15
(1)
For
the
fiscal
year
beginning
July
1,
2008,
and
ending
16
June
30,
2009,
seven
and
seven-tenths
percent.
17
(2)
For
the
fiscal
year
beginning
July
1,
2009,
and
ending
18
June
30,
2010,
eight
and
seven-tenths
percent.
19
(3)
For
nine
and
thirty-five
hundredths
percent
for
20
the
fiscal
year
beginning
July
1,
2010
2024
,
and
for
each
21
subsequent
fiscal
year
until
the
system
attains
fully
funded
22
status,
nine
and
thirty-five
hundredths
percent
.
23
(4)
Commencing
with
the
first
fiscal
year
in
which
the
24
system
attains
fully
funded
status,
and
for
each
subsequent
25
fiscal
year,
the
percentage
rate
equal
to
forty
percent
of
the
26
required
contribution
rate.
27
d.
“Required
contribution
rate”
means
that
percentage
of
the
28
basic
salary
of
all
judges
covered
under
this
article
equal
to
29
the
actuarially
required
contribution
rate
determined
by
the
30
actuary
pursuant
to
section
602.9116
.
31
e.
b.
“State’s
required
contribution”
means
an
amount
equal
32
to
the
basic
salary
of
all
judges
covered
under
this
article
33
multiplied
by
the
following
applicable
percentage:
34
(1)
For
thirty
and
six-tenths
percent
for
the
fiscal
year
35
-1-
LSB
5250HV
(1)
90
cm/ns
1/
3
H.F.
2619
beginning
July
1,
2008
2024
,
and
for
each
subsequent
fiscal
1
year
until
the
system
attains
fully
funded
status,
thirty
and
2
six-tenths
percent
.
3
(2)
Commencing
with
the
first
fiscal
year
in
which
the
4
system
attains
fully
funded
status,
and
for
each
subsequent
5
fiscal
year,
the
percentage
rate
equal
to
sixty
percent
of
the
6
required
contribution
rate.
7
Sec.
2.
Section
602.9116,
subsection
1,
Code
2024,
is
8
amended
to
read
as
follows:
9
1.
The
court
administrator
shall
cause
an
actuarial
10
valuation
to
be
made
of
the
assets
and
liabilities
of
the
11
judicial
retirement
fund
at
least
once
every
four
years
12
commencing
with
the
fiscal
year
beginning
July
1,
1981.
For
13
each
fiscal
year
in
which
an
actuarial
valuation
is
not
14
conducted,
the
court
administrator
shall
cause
an
annual
15
actuarial
update
to
be
prepared
for
the
purpose
of
determining
16
the
adequacy
of
the
contribution
rates
specified
in
section
17
602.9104
.
The
court
administrator
shall
adopt
actuarial
18
methods
and
assumptions,
mortality
tables,
and
other
necessary
19
factors
for
use
in
the
actuarial
calculations
required
for
20
the
valuation
upon
the
recommendation
of
the
actuary.
In
21
addition,
effective
with
the
fiscal
year
beginning
July
1,
22
2008,
the
actuarial
valuation
or
actuarial
update
required
to
23
be
conducted
shall
include
information
as
required
by
section
24
97D.5
.
Following
the
actuarial
valuation
or
annual
actuarial
25
update,
the
court
administrator
shall
determine
the
condition
26
of
the
system
,
determine
the
actuarially
required
contribution
27
rate
for
each
fiscal
year
which
is
the
rate
required
by
the
28
system
to
discharge
its
liabilities,
stated
as
a
percentage
of
29
the
basic
salary
of
all
judges
covered
under
this
article
,
and
30
shall
report
any
findings
and
recommendations
to
the
general
31
assembly.
32
EXPLANATION
33
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
34
the
explanation’s
substance
by
the
members
of
the
general
assembly.
35
-2-
LSB
5250HV
(1)
90
cm/ns
2/
3
H.F.
2619
This
bill
modifies
the
contribution
rates
for
the
judicial
1
retirement
fund.
The
bill
redefines
the
term
“judge’s
required
2
contribution”
to
mean
an
amount
equal
to
the
basic
salary
of
3
the
judge
multiplied
by
9.35
percent
beginning
in
FY
2024-2025,
4
and
the
term
“state’s
required
contribution”
to
mean
an
amount
5
equal
to
the
basic
salary
of
all
judges
multiplied
by
30.6
6
percent
beginning
in
FY
2024-2025.
The
bill’s
contribution
7
rates
apply
regardless
of
whether
the
judicial
retirement
fund
8
is
fully
funded.
9
The
bill
amends
the
actuarial
valuation
procedure
by
the
10
court
administrator
to
strike
associated
provisions.
11
-3-
LSB
5250HV
(1)
90
cm/ns
3/
3
