Bill Text: IA SSB1021 | 2017-2018 | 87th General Assembly | Introduced
Bill Title: A bill for an act authorizing a retirement system merger relating to an alternative retirement system for certain school district employees.
Spectrum: Committee Bill
Status: (N/A - Dead) 2017-02-02 - Subcommittee Meeting: 02/08/2017 9:30AM Senate Lobbyist Lounge [SSB1021 Detail]
Download: Iowa-2017-SSB1021-Introduced.html
Senate
Study
Bill
1021
-
Introduced
SENATE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
STATE
GOVERNMENT
BILL
BY
CHAIRPERSON
SMITH)
A
BILL
FOR
An
Act
authorizing
a
retirement
system
merger
relating
to
an
1
alternative
retirement
system
for
certain
school
district
2
employees.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
TLSB
1914XC
(2)
87
ec/sc
S.F.
_____
Section
1.
Section
97B.42C,
Code
2017,
is
amended
to
read
1
as
follows:
2
97B.42C
Retirement
system
merger
——
municipal
utility
3
retirement
system
.
4
A
municipal
water
utility
or
waterworks
that
has
established
5
a
pension
and
annuity
retirement
system
for
its
employees
6
pursuant
to
chapter
412
,
or
a
school
district
that
has
7
established
a
pension
and
annuity
retirement
system
for
its
8
employees
pursuant
to
chapter
294,
may
adopt
a
resolution
to
9
authorize
the
merger
of
its
pension
and
annuity
retirement
10
system
with
and
into
the
Iowa
public
employees’
retirement
11
system.
The
system
is
authorized,
but
is
not
required,
to
12
accept
such
a
proposal.
The
governing
body
of
the
municipal
13
water
utility
or
waterworks
or
school
district
and
the
Iowa
14
public
employees’
retirement
system
shall,
acting
in
their
15
fiduciary
capacities,
mutually
determine
the
terms
and
16
conditions
of
such
a
merger,
including
any
additional
funds
17
necessary
to
fund
the
service
credits
being
transferred
to
the
18
Iowa
public
employees’
retirement
system,
and
either
party
19
may
decline
the
merger
if
they
cannot
agree
on
such
terms
and
20
conditions.
The
system
shall
adopt
such
rules
as
it
deems
21
necessary
and
prudent
to
effectuate
mergers
as
provided
by
this
22
section
.
23
EXPLANATION
24
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
25
the
explanation’s
substance
by
the
members
of
the
general
assembly.
26
This
bill
authorizes
the
merger
of
a
pension
and
annuity
27
retirement
system
for
school
district
employees
established
28
pursuant
to
Code
chapter
294
with
the
Iowa
public
employees’
29
retirement
system
(IPERS).
The
bill
authorizes
the
governing
30
body
of
the
school
district
with
an
alternative
retirement
31
system
to
adopt
a
resolution
to
authorize
the
merger.
IPERS
32
is
authorized,
but
not
required,
to
accept
the
proposal
to
33
merge
subject
to
agreement
by
both
parties
of
all
terms
and
34
conditions
relative
to
the
merger.
35
-1-
LSB
1914XC
(2)
87
ec/sc
1/
1
