IA HF749

Allows municipal fire and police retirement system members to retire at age 50 with 22 or more years of creditable service, rather than the current requirement of age 55

Members retiring before age 55 receive a reduced service retirement allowance, with the percentage multiplier of average final compensation reduced for each month before their 55th birthday

Board of trustees must annually determine the reduction percentage based on the most recent actuarial valuation, ensuring no increased cost to the system

Effective date of July 1, 2025, with the board required to recalculate reduction rates each July 1 thereafter

Aligns municipal fire and police retirement options with similar early retirement provisions already available to members of the peace officers' retirement system under Code section 97A.6(2A)