Bill Text: IA SF35 | 2015-2016 | 86th General Assembly | Introduced

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Bill Title: A bill for an act concerning the hybrid formula for calculating benefits under the Iowa public employees' retirement system.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2015-01-21 - Subcommittee, Bowman, McCoy, and Whitver. S.J. 129. [SF35 Detail]

Download: Iowa-2015-SF35-Introduced.html

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Senate File 35 - Introduced




                                 SENATE FILE       
                                 BY  BOWMAN

                                      A BILL FOR

  1 An Act concerning the hybrid formula for calculating benefits
  2    under the Iowa public employees' retirement system.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
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PAG LIN



  1  1    Section 1.  Section 97B.49D, Code 2015, is amended by adding
  1  2 the following new subsection:
  1  3    NEW SUBSECTION.  4.  An active or inactive vested member,
  1  4 who is or has been employed in both special service and regular
  1  5 service, who retires on or after July 1, 2015, who is vested by
  1  6 service, who has at least twenty=two years of special service
  1  7 or thirty years of regular service, and who at the time of
  1  8 retirement is at least fifty=five years of age, may elect
  1  9 to receive, in lieu of the receipt of a monthly retirement
  1 10 allowance as calculated pursuant to subsection 1 or sections
  1 11 97B.49A through 97B.49C, a monthly retirement allowance
  1 12 calculated as follows:
  1 13    a.  For an active or inactive vested member with at least
  1 14 thirty years of regular service, years of special service
  1 15 shall be considered years of regular service for purposes of
  1 16 calculating a monthly retirement allowance pursuant to section
  1 17 97B.49A.
  1 18    b.  For an active or inactive vested member with at least
  1 19 twenty=two years of special service in a position defined in
  1 20 section 97B.49B, years of regular service or years of special
  1 21 service in a position defined in section 97B.49C shall be
  1 22 considered years of special service in a position defined
  1 23 in section 97B.49B for purposes of calculating a monthly
  1 24 retirement allowance pursuant to section 97B.49B.
  1 25    c.  For an active or inactive vested member with at least
  1 26 twenty=two years of special service in a position defined in
  1 27 section 97B.49C, years of regular service or years of special
  1 28 service in a position defined in section 97B.49B shall be
  1 29 considered years of special service in a position defined
  1 30 in section 97B.49C for purposes of calculating a monthly
  1 31 retirement allowance pursuant to section 97B.49C.
  1 32                           EXPLANATION
  1 33 The inclusion of this explanation does not constitute agreement with
  1 34 the explanation's substance by the members of the general assembly.
  1 35    This bill concerns the Iowa public employees' retirement
  2  1 system (IPERS) and provides an additional method of calculating
  2  2 a member's monthly retirement allowance using the hybrid
  2  3 formula under Code section 97B.49D.  The bill provides that a
  2  4 vested member who retires on or after July 1, 2015, with at
  2  5 least 22 years of special service in a position defined in
  2  6 Code section 97B.49B, at least 22 years of special service in
  2  7 a position defined in Code section 97B.49C, or at least 30
  2  8 years of regular service, can have their retirement allowance
  2  9 calculated as if years of service not within the applicable
  2 10 category categorized as years of service in the position with
  2 11 at least 22 or 30 years of service, as applicable, may be
  2 12 counted as years of service in that category.  Under current
  2 13 law, these members are not eligible to use the hybrid formula.
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