This bill amends various provisions related to the Iowa Public Employees Retirement System (IPERS). It removes the requirement for IPERS to mandate electronic records and signatures from members, allowing for more flexibility in record-keeping as permitted under Code chapter 554D. Additionally, the bill permits IPERS to release the legal names of members or beneficiaries to the treasurer of state to aid in locating them. It also changes the frequency and format of statements provided to members regarding their accumulated contributions and benefit credits, shifting from an annual statement to quarterly updates.

Furthermore, the bill introduces a new option for retired members regarding the receipt of their monthly retirement allowance payments. In addition to the existing methods of electronic funds transfers and paper warrants (which incur an administrative fee), retired members can now opt to receive their payments via a reloadable payment card without any associated fees. The bill is designed to enhance the efficiency and accessibility of retirement benefits for members and takes effect immediately upon enactment.

Statutes affected:
Introduced: 97B.17, 97B.18, 97B.48