This bill amends the Iowa public employees retirement system (IPERS) to enhance benefits for members employed in protection occupations. It modifies the calculation of monthly retirement allowances for these members by increasing the applicable percentage for service beyond 22 years. Specifically, for members retiring on or after July 1, 2025, the bill raises the percentage increase from 0.375% to 0.625% per calendar quarter of service, allowing for a maximum of 20 additional percentage points instead of 12. Additionally, it allows members to retire at age 50 with at least 22 years of service, rather than the previous requirement of age 55.

Furthermore, the bill introduces a cost-of-living adjustment (COLA) for monthly retirement allowances for those retiring on or after July 1, 2025. This adjustment will occur annually on July 1, providing a 1.5% increase to the monthly retirement allowance for eligible members, beneficiaries, or contingent annuitants. However, to qualify for this COLA, members must have at least 22 years of eligible service and be at least 50 years old at retirement. It is also noted that those receiving the COLA will not be eligible for retirement dividends under section 97B.49F.

Statutes affected:
Introduced: 97B.49B, 97B.49A