Read the full stored bill text
House
File
2387
-
Introduced
HOUSE
FILE
2387
BY
MEGGERS
A
BILL
FOR
An
Act
relating
to
early
retirement
benefits
for
members
of
the
1
peace
officers’
retirement,
accident,
and
disability
system.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
TLSB
5231YH
(2)
91
sc/ns
H.F.
2387
Section
1.
Section
97A.6,
subsection
2A,
Code
2026,
is
1
amended
to
read
as
follows:
2
2A.
Early
retirement
benefits.
3
a.
Notwithstanding
the
calculation
of
the
service
retirement
4
allowance
under
subsection
2
,
beginning
July
1,
1996
2026
,
a
5
member
who
has
completed
twenty-two
twenty-five
years
or
more
6
of
creditable
service
and
is
at
least
fifty
years
of
age,
but
7
less
than
fifty-five
years
of
age,
who
has
otherwise
completed
8
the
requirements
for
retirement
under
subsection
1
,
may
retire
9
and
receive
a
reduced
service
retirement
allowance
pursuant
to
10
this
subsection
.
The
service
retirement
allowance
for
a
member
11
less
than
fifty-five
years
of
age
shall
be
calculated
in
the
12
manner
prescribed
in
subsection
2
,
except
that
the
percentage
13
multiplier
of
the
member’s
average
final
compensation
used
in
14
the
determination
of
the
service
retirement
allowance
shall
be
15
reduced
by
the
board
of
trustees
pursuant
to
paragraph
“b”
.
16
b.
On
July
1,
1996,
and
on
each
July
1
thereafter,
the
board
17
of
trustees
shall
determine
for
the
respective
fiscal
year
the
18
percent
by
which
the
percentage
multiplier
under
subsection
19
2
shall
be
reduced
for
each
month
that
a
member’s
retirement
20
date
precedes
the
member’s
fifty-fifth
birthday.
The
board
21
of
trustees
shall
make
this
determination
based
upon
the
most
22
recent
actuarial
valuation
of
the
system,
the
calculation
of
23
the
actuarial
cost
for
each
month
of
retirement
of
a
member
24
prior
to
age
fifty-five,
and
the
premise
that
the
provision
of
25
a
service
retirement
allowance
to
a
member
who
is
less
than
26
fifty-five
years
of
age
will
not
result
in
any
increase
in
cost
27
to
the
system.
28
(1)
A
member
who
has
completed
at
least
twenty-five
years
of
29
creditable
service
but
less
than
thirty-two
years
shall
receive
30
a
reduced
service
retirement
allowance
of
eighty-four
percent
31
of
the
amount
calculated
in
the
manner
prescribed
in
subsection
32
2.
33
(2)
A
member
who
has
completed
at
least
thirty-two
years
34
of
creditable
service
but
less
than
thirty-four
years
shall
35
-1-
LSB
5231YH
(2)
91
sc/ns
1/
2
H.F.
2387
receive
a
reduced
service
retirement
allowance
of
eighty-eight
1
percent
of
the
amount
calculated
in
the
manner
prescribed
in
2
subsection
2.
3
(3)
A
member
who
has
completed
thirty-four
years
or
more
of
4
creditable
service
shall
receive
a
reduced
service
retirement
5
allowance
of
ninety
percent
of
the
amount
calculated
in
the
6
manner
prescribed
in
subsection
2.
7
b.
On
each
July
1,
the
monthly
pensions
authorized
in
this
8
subsection
payable
to
retired
members
and
to
beneficiaries
9
shall
be
adjusted
by
adding
to
that
monthly
pension
an
amount
10
equal
to
one
and
one-half
percent
of
the
monthly
pension
11
payable
on
that
date.
12
EXPLANATION
13
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
14
the
explanation’s
substance
by
the
members
of
the
general
assembly.
15
Under
current
law,
a
member
of
the
department
of
public
16
safety
peace
officers’
retirement,
accident,
and
disability
17
system
who
has
completed
22
years
or
more
of
creditable
service
18
and
is
at
least
50
years
of
age,
but
less
than
55
years
of
age,
19
may
retire
and
receive
reduced
retirement
benefits
based
upon
20
calculations
by
the
board
of
trustees.
This
bill
increases
21
the
required
number
of
years
of
creditable
service
for
early
22
retirement
to
25
and
strikes
the
benefits
calculation
by
the
23
board
of
trustees.
Instead,
the
bill
provides
that
a
member
24
who
has
completed
at
least
25
years
of
creditable
service
25
but
less
than
32
years
may
retire
and
receive
84
percent
of
26
the
benefits
the
member
would
have
received
upon
retiring
at
27
the
age
of
55
with
22
years
of
creditable
service,
a
member
28
retiring
with
at
least
32
years
of
creditable
service
but
less
29
than
34
years
shall
receive
88
percent,
and
a
member
retiring
30
with
34
years
or
more
of
creditable
service
shall
receive
90
31
percent.
The
bill
provides
that
the
monthly
pension
for
an
32
early
retirement
shall
be
increased
each
year
on
July
1
by
1.5
33
percent
of
the
member
or
beneficiary’s
monthly
pension.
34
-2-
LSB
5231YH
(2)
91
sc/ns
2/
2