Bill Text: IA SF145 | 2019-2020 | 88th 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2019-03-25 - Subcommittee reassigned: Whiting, Chapman, and Giddens. S.J. 728. [SF145 Detail]

Download: Iowa-2019-SF145-Introduced.html
Senate File 145 - Introduced SENATE FILE 145 BY DANIELSON A BILL FOR An Act providing for appropriations to the statewide fire 1 and police retirement system and including effective date 2 provisions. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 2038XS (2) 88 ec/rn
S.F. 145 Section 1. NEW SECTION . 411.19 State appropriation. 1 1. There is appropriated from the general fund of the state 2 for each fiscal year an amount equal to three and seventy-nine 3 hundredths percent of the covered earnable compensation to be 4 distributed to the statewide fire and police retirement system, 5 or to the cities participating in the system, to finance the 6 cost of benefits provided in this chapter by amendments of the 7 Acts of the Sixty-sixth General Assembly, chapter 1089. The 8 method of distribution shall be determined by the board of 9 trustees based on information provided by the actuary of the 10 statewide retirement system. 11 2. Moneys appropriated by the state shall not be used 12 to reduce the normal rate of contribution of any city below 13 seventeen percent. 14 Sec. 2. STATEWIDE FIRE AND POLICE RETIREMENT SYSTEM FUND —— 15 APPROPRIATION. 16 1. There is appropriated from the general fund of the state 17 for deposit in the statewide fire and police retirement fund 18 created in section 411.8, for the fiscal year beginning July 1, 19 2018, and ending June 30, 2019, the following amount: 20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 11,500,000 21 2. Moneys appropriated by the state pursuant to this section 22 shall not be used to reduce the normal rate of contribution of 23 any city below 17 percent. 24 Sec. 3. EFFECTIVE UPON ENACTMENT. The following provision 25 or provisions of this Act, being deemed of immediate 26 importance, take effect upon enactment: 27 The section of this Act providing for an appropriation to the 28 statewide fire and police retirement fund for the fiscal year 29 beginning July 1, 2018. 30 EXPLANATION 31 The inclusion of this explanation does not constitute agreement with 32 the explanation’s substance by the members of the general assembly. 33 This bill provides for a state appropriation to the 34 statewide fire and police retirement system established in 35 -1- LSB 2038XS (2) 88 ec/rn 1/ 2
S.F. 145 Code chapter 411 equal to 3.79 percent of the covered earnable 1 compensation of the members. The percentage represents the 2 cost of benefits provided by Acts of the 66th General Assembly. 3 The bill restores the standing state appropriation to the 4 retirement system that was repealed by 2010 Acts, chapter 1167. 5 The repealed language had set the state appropriation based 6 upon the cost of benefits provided by the Acts of the 66th 7 General Assembly but did not specify a percentage. 8 The bill also provides for an appropriation from the general 9 fund of the state to the statewide fire and police retirement 10 system fund for the fiscal year beginning July 1, 2018, for 11 $11.5 million. This provision of the bill takes effect upon 12 enactment. 13 -2- LSB 2038XS (2) 88 ec/rn 2/ 2
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