House File 1023 amends the Public Employees Retirement System for members employed in protection occupations in Iowa. The bill modifies the applicable employee and employer contribution percentages, establishing that for the fiscal years from July 1, 2011, to July 1, 2025, the employee contribution will be 40% and the employer contribution will be 60% of the required contribution rate for members described in section 97B.49B. Starting July 1, 2026, both contributions will change to 50%. Additionally, the bill stipulates that the applicable employee percentage will increase by 0.125% each fiscal year after 2025, while the employer percentage will decrease by the same amount.

Furthermore, the bill introduces new retirement benefits for members retiring on or after July 1, 2026. It establishes that these members will receive a retirement allowance of 60% plus an additional 0.625% for each quarter of eligible service beyond 22 years, up to a maximum of 20 additional percentage points. It also includes a provision for an annual adjustment of the retirement allowance, which will be increased by 1.5% each July 1 for eligible retirees, provided they have at least 22 years of service and are at least 55 years old at the time of their employment termination.

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