Bill > HF967

Introduced Session

This bill modifies the Iowa public employees’ retirement system (IPERS) benefits and contributions for members employed in a protection occupation. The bill increases the amount a member of IPERS who is employed in a protection occupation is required to contribute to IPERS from 40 percent to 50 percent of the required contribution rate and decreases the applicable employer percentage for an employer of an IPERS member who is employed in a protection occupation from 60 percent to 50 percent of the required contribution rate. The monthly retirement benefit under IPERS for a member of a protection occupation is calculated by multiplying the retiree’s applicable covered wage by a percentage. Under current law, the applicable percentage is increased by 0.375 percent up to a maximum of 12 additional percentage points for calendar quarters of service beyond 22 years of service. The bill increases, for protection occupation members retiring on or after July 1, 2025, the applicable percentage used to calculate the retiree’s monthly retirement benefit to 0.625 percent for each calendar quarter of service beyond 22 years of service up to a maximum of 20 additional percentage points. The bill provides that a member of a protection occupation may elect to retire at 50 years of age with 22 years of service and receive the monthly retirement allowance under current law, rather than at age 55. The bill establishes a cost-of-living adjustment (COLA) to the monthly retirement allowance for active and inactive members and to beneficiaries and contingent annuitants for retirements occurring on or after July 1, 2025. Beginning July 1, 2025, and on each July 1 thereafter, the monthly retirement allowance of such a member, beneficiary, or contingent annuitant shall be adjusted by adding to the monthly retirement allowance an amount equal to 1.5 percent of the monthly retirement allowance payable on that date. Such a member, beneficiary, or contingent annuitant is not eligible for the COLA increase unless the member has 22 years of eligible service and attained 50 years of age prior to the retirement date of the member. A retired member, beneficiary, or contingent annuitant that receives the COLA is not eligible for the retirement dividends under Code section 97B.49F.

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Other Sponsors (1)

Withdrawn. H.J. 1073. (on 04/28/2025)

Official Document