HF1023: IPERS

Changes IPERS benefits for members employed in a protection occupation. Permits IPERS protection occupation members who are at least 50 years of age and have at least 22 years of service to retire, beginning July 1, 2025. Adjusts the contribution rate from a 60.0%
employer/40.0% employee split to be split evenly between the employer/employee beginning July 1, 2025. Establishes an annual adjustment to the monthly allowance for active and inactive protection occupation members, and to any beneficiaries for retirements occurring on or after July 1, 2025. Beginning on July 1, 2026, and each July 1 thereafter, the monthly retirement allowance will be increased by 1.5% of the monthly retirement allowance payable on that date. Protection occupation members who retire after July 1, 2025 will not be eligible to receive a retirement dividend under Iowa Code section 97B.49F. House File 967 increases the applicable percentage for retirement benefit payments for protection occupation employees retiring on or after July 1, 2025, for each calendar quarter of service beyond 22 years of service from 0.375% to 0.625%, which increases the maximum accumulation from 72% to 80%. Effective 7/1/2026.