This bill amends the early retirement benefits for members of the peace officers retirement, accident, and disability system in Iowa. It raises the minimum required years of creditable service for early retirement from 22 to 25 years and establishes specific percentages for reduced retirement allowances based on the number of years of service. Members with 25 to 31 years of service will receive 84% of the benefits they would have received at age 55, those with 32 to 33 years will receive 88%, and members with 34 years or more will receive 90%.

Additionally, the bill removes the previous requirement for the board of trustees to calculate the percentage reduction for early retirement benefits and instead sets fixed percentages based on years of service. It also introduces an annual adjustment to the monthly pension for retired members and beneficiaries, increasing it by 1.5% each July 1. This change aims to provide clearer guidelines for early retirement benefits while ensuring that members who have served longer receive a more substantial pension.

Statutes affected:
Introduced: 97A.6