HF2345: IPERS Procedural Changes

Allows IPERS to release a member or beneficiary's legal name and city of last known address to the state treasurer to help locate individuals. It updates the schedule and content of account statements to reflect the prior four quarters rather than the previous calendar year. The bill offers retired members a new, fee-free option to receive monthly payments via a reloadable payment card, in addition to existing electronic funds transfer and paper warrant (with a fee) options. The bill takes effect immediately upon enactment.

Key Points & Impacts

• Authorizes IPERS to provide the state treasurer with a member's or beneficiary's legal name and last known city for assistance in locating individuals.

• Revises the requirement for member account statements: now must cover the prior four quarters, not just the prior calendar year, and removes the June 30 reporting deadline.

• Adds flexibility for IPERS to include additional information in member statements as deemed useful.

• Introduces a new payment option for retired members: a reloadable payment card without an administrative fee.

• Retirees may still opt for electronic funds transfer (no fee) or paper warrants, but the latter continues to incur an administrative fee, unless waived for good cause.

• Clarifies that payment card and paper warrant choices are in lieu of electronic funds transfers.

• Administrative fees for paper warrants may be automatically deducted from monthly payments, with possible waivers for good cause.

• The provisions of the bill are effective immediately upon enactment.

Signed by Governor on April 16. Takes effect April 16, 2026.