97D.1 - GUIDING GOALS FOR FUTURE CHANGES IN PUBLIC RETIREMENT SYSTEMS -- SOCIAL SECURITY -- PORTABILITY.
97D.1 GUIDING GOALS FOR FUTURE CHANGES IN PUBLIC
RETIREMENT SYSTEMS -- SOCIAL SECURITY -- PORTABILITY.
1. The general assembly declares that legislative proposals for
changes in specific public retirement systems should be considered
within the context of all public retirement systems within the state,
with emphasis on equity and equality among the systems. The
following list of guiding goals shall apply to the consideration of
proposed changes:
a. Select those benefit enhancement options which most
successfully deliver the greatest good to the greatest number of
employees.
b. Choose those options which best correct existing
inequities between and among the various retirement groups in the
state.
c. Determine those options which most ably serve the twin
objectives of attracting and retaining quality employees.
d. Avoid enacting further incentives toward earlier
retirement with full benefits.
e. Avoid further splintering of benefits by disproportionate
enhancement of benefits for one group beyond those available to
another.
f. Avoid enacting further benefit enhancements that fail to
preserve or enhance intergenerational equity amongst all employees
covered by the retirement system.
2. The public retirement systems committee established by section
97D.4 shall periodically weigh the advantages and disadvantages of
establishing participation in the federal social security system for
the members of public retirement systems operating under chapters 97A
and 411 and the impact of such a change on total contributions and
benefits.
3. The public retirement systems committee established by section
97D.4 shall consider proposals to achieve greater portability of
pension benefits between the various public retirement systems in the
state. Special attention should be given to the actuarial cost of
transfers of value from one system to another. Section History: Recent Form
90 Acts, ch 1240, §43; 98 Acts, ch 1183, §108