This bill amends the Iowa Public Employees Retirement System (IPERS) to adjust benefits and contributions for members employed in protection occupations. It specifies that from July 1, 2011, until June 30, 2025, the contribution rates for employees and employers will be set at 40% and 60%, respectively. However, starting July 1, 2025, the employee contribution rate will increase to 50%, while the employer contribution rate will decrease to 50%. Additionally, the bill modifies the calculation of monthly retirement benefits for members retiring on or after July 1, 2025, increasing the applicable percentage for service beyond 22 years from 0.375% to 0.625%, allowing for a maximum of 20 additional percentage points.

Furthermore, the bill allows members of protection occupations to retire at 50 years of age with at least 22 years of service, rather than the previous requirement of 55 years of age. It also introduces a cost-of-living adjustment (COLA) for monthly retirement allowances for those retiring on or after July 1, 2025. This adjustment will be 1.5% of the monthly retirement allowance, applicable annually, but only for members who have completed 22 years of eligible service and reached the age of 50 before retirement. Members receiving the COLA will not be eligible for retirement dividends under existing law.

Statutes affected:
Introduced: 97B.11, 97B.49B, 97B.49A