This bill amends the Iowa public employees retirement system (IPERS) regulations by introducing several key changes. It allows IPERS to release the legal names of members or beneficiaries to the treasurer of state to aid in locating them. Additionally, the bill modifies the requirement for IPERS to provide annual statements of accumulated contributions and benefit credits. Instead of issuing these statements at the end of the prior calendar year, IPERS will now provide statements reflecting the member's contributions and credits over the prior four quarters.

Furthermore, the bill updates the options for retired members regarding the receipt of their monthly retirement allowance payments. It maintains the option for electronic funds transfers and paper warrants, but introduces a new option for members to receive payments via a reloadable payment card without incurring an administrative fee. The bill also clarifies that an administrative fee may apply to paper warrants, but can be waived for good cause. This legislation is effective immediately upon enactment.

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