This bill amends the Iowa public employees retirement system (IPERS) by introducing several key changes. It allows IPERS to release the legal name and city of the last known address of a member or beneficiary to the treasurer of state to assist in locating them. Additionally, the bill modifies the requirement for IPERS to provide members with statements of their accumulated contributions and benefit credits. Instead of providing this information at the end of the prior calendar year, IPERS will now furnish 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 introduces a new choice for members to receive payments via a reloadable payment card without incurring an administrative fee. This change aims to provide more flexibility for retired members in how they receive their benefits. The bill is effective immediately upon enactment.

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