Bill Text: IA SF188 | 2015-2016 | 86th General Assembly | Introduced
Bill Title: A bill for an act providing for appropriations to the statewide fire and police retirement system and including effective date provisions. (Formerly SSB 1126.)
Spectrum: Committee Bill
Status: (Introduced - Dead) 2015-02-17 - Subcommittee, Dvorsky, Courtney, and Kraayenbrink. S.J. 312. [SF188 Detail]
Download: Iowa-2015-SF188-Introduced.html
Senate File 188 - Introduced SENATE FILE BY COMMITTEE ON STATE GOVERNMENT (SUCCESSOR TO SSB 1126) A BILL FOR 1 An Act providing for appropriations to the statewide fire 2 and police retirement system and including effective date 3 provisions. 4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: TLSB 1187SV (1) 86 ec/sc PAG LIN 1 1 Section 1. NEW SECTION. 411.19 State appropriation. 1 2 1. There is appropriated from the general fund of the state 1 3 for each fiscal year an amount equal to three and seventy=nine 1 4 hundredths percent of the covered earnable compensation to be 1 5 distributed to the statewide fire and police retirement system, 1 6 or to the cities participating in the system, to finance the 1 7 cost of benefits provided in this chapter by amendments of the 1 8 Acts of the Sixty=sixth General Assembly, chapter 1089. The 1 9 method of distribution shall be determined by the board of 1 10 trustees based on information provided by the actuary of the 1 11 statewide retirement system. 1 12 2. Moneys appropriated by the state shall not be used 1 13 to reduce the normal rate of contribution of any city below 1 14 seventeen percent. 1 15 Sec. 2. STATEWIDE FIRE AND POLICE RETIREMENT SYSTEM FUND ==== 1 16 APPROPRIATION. 1 17 1. There is appropriated from the general fund of the state 1 18 for deposit in the statewide fire and police retirement fund 1 19 created in section 411.8, for the fiscal year beginning July 1, 1 20 2014, and ending June 30, 2015, the following amount: 1 21 .................................................. $ 9,800,000 1 22 2. Moneys appropriated by the state pursuant to this section 1 23 shall not be used to reduce the normal rate of contribution of 1 24 any city below 17 percent. 1 25 Sec. 3. EFFECTIVE UPON ENACTMENT. The following provision 1 26 or provisions of this Act, being deemed of immediate 1 27 importance, take effect upon enactment: 1 28 1. The section of this Act providing for an appropriation to 1 29 the statewide fire and police retirement fund for the fiscal 1 30 year beginning July 1, 2014. 1 31 EXPLANATION 1 32 The inclusion of this explanation does not constitute agreement with 1 33 the explanation's substance by the members of the general assembly. 1 34 This bill provides for a state appropriation to the 1 35 statewide fire and police retirement system established in 2 1 Code chapter 411 equal to 3.79 percent of the covered earnable 2 2 compensation of the members. The percentage represents the 2 3 cost of benefits provided by Acts of the 66th General Assembly. 2 4 The bill restores the standing state appropriation to the 2 5 retirement system that was repealed by 2010 Acts, chapter 1167. 2 6 The repealed language had set the state appropriation based 2 7 upon the cost of benefits provided by the Acts of the 66th 2 8 General Assembly but did not specify a percentage. 2 9 The bill also provides for an appropriation from the general 2 10 fund of the state to the statewide fire and police retirement 2 11 system fund for the fiscal year beginning July 1, 2014, for 2 12 $9.8 million. This provision of the bill takes effect upon 2 13 enactment. LSB 1187SV (1) 86 ec/sc