IA HF1023

Increases employee contribution rate for IPERS members in protection occupations from 40% to 50% of the required contribution rate, effective July 1, 2025, while decreasing the employer contribution from 60% to 50%

Raises the retirement benefit multiplier for protection occupation members retiring on or after July 1, 2025, from 0.375% to 0.625% for each calendar quarter of service beyond 22 years, with maximum additional percentage points increasing from 12 to 20

Lowers early retirement eligibility for protection occupation members to age 50 with 22 years of service, down from the current requirement of age 55

Establishes an annual 1.5% cost-of-living adjustment (COLA) to monthly retirement allowances for protection occupation members retiring on or after July 1, 2025, applied each July 1

Members receiving the new COLA benefit are ineligible for retirement dividends under Code section 97B.49F, and must have 22 years of service and attained age 50 prior to retirement to qualify for the annual adjustment