Bill Text: IA SF195 | 2017-2018 | 87th General Assembly | Introduced

Iowa Senate Bill 195 (Prior Session Legislation)

Introduced

Bill Title: A bill for an act providing for appropriations to the statewide fire and police retirement system and including effective date provisions.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2017-02-07 - Subcommittee: Schneider, Danielson, and Kraayenbrink. S.J. 233. [SF195 Detail]

Download: Iowa-2017-SF195-Introduced.html


Senate File 195 - Introduced




                                 SENATE FILE       
                                 BY  DANIELSON

                                      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:
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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 2016, and ending June 30, 2017, the following amount:
  1 21 .................................................. $ 10,800,000
  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, 2016.
  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, 2016, for
  2 12 $10.8 million.  This provision of the bill takes effect upon
  2 13 enactment.
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