This bill permits cities in Iowa with a population of less than 10,000 to opt out of the municipal fire and police retirement system. It introduces a new subsection to Section 411.2, allowing these smaller cities to discontinue their participation in the retirement system while ensuring that current members employed prior to the city's decision will retain their membership.

Additionally, the bill amends Section 97B.49B to include a new subparagraph that specifies that any police officer or firefighter hired by a city after it has opted out will be classified under the protection occupation category of the Iowa public employees retirement system. This change aims to provide flexibility for smaller municipalities regarding their retirement system obligations while safeguarding the benefits of existing employees.

Statutes affected:
Introduced: 97B.49B, 411.2