Bill > HF749

This bill modifies the municipal fire and police retirement system to allow members to retire earlier, at age 50 instead of the current age 55, with at least 22 years of service. The key provision is the introduction of an early retirement option where members between 50 and 54 years old can receive a reduced service retirement allowance. The reduction in retirement benefits will be determined annually by the board of trustees, who must calculate the percentage multiplier reduction based on actuarial valuations and ensure that the early retirement option does not increase overall system costs. The board will assess the reduction on July 1st each year, taking into account the number of months before the member turns 55. This change provides more flexibility for municipal fire and police personnel to retire earlier while ensuring the financial sustainability of the retirement system. The bill is similar to existing provisions for peace officers' retirement systems and aims to offer more options for public safety workers nearing retirement.

Government Affairs

https://www.legis.iowa.gov/legislation/BillBook?ga=91&ba=HF749