Bill > HF1023

This bill, effective July 1, 2026, modifies benefits and contributions for members of the Iowa Public Employees' Retirement System (IPERS) employed in a "protection occupation," which generally refers to jobs with inherent risks like law enforcement or firefighting. Specifically, it changes the contribution split between employees and employers for these members, shifting from a 40% employee/60% employer split to a 50/50 split starting in the fiscal year beginning July 1, 2026. The bill also adjusts how additional retirement benefits are calculated for those with more than 22 years of service, allowing for a higher total of additional percentage points for service beyond that threshold for members retiring on or after July 1, 2026. Furthermore, it introduces an annual adjustment to retirement allowances for eligible members retiring from protection occupations on or after July 1, 2026, providing a 1.5% increase each year, but this adjustment replaces eligibility for retirement dividends.