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IA HSB265
SB
Status
2/27/2025
Primary Sponsor
State Government
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AI Summary
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Increases the retirement benefit multiplier for Iowa Public Employees' Retirement System (IPERS) members in protection occupations retiring on or after July 1, 2025, from 0.375% to 0.625% per calendar quarter of service beyond 22 years
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Raises the maximum additional percentage points that can be earned for extended service from 12 to 20 percentage points for protection occupation retirees
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Allows protection occupation members to retire at age 50 with 22 years of service (instead of age 55) and receive the monthly retirement allowance
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Establishes a 1.5% annual cost-of-living adjustment (COLA) beginning July 1, 2025, for protection occupation retirees, beneficiaries, and contingent annuitants who have 22 years of service and reached age 50
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Members receiving the new COLA are ineligible for retirement dividends under Code section 97B.49F
Legislative Description
A bill for an act relating to benefits for members of the Iowa public employees' retirement system who are employed in a protection occupation.(See HF 967, HF 1023.)
Last Action
Committee report approving bill, renumbered as HF 967.
3/18/2025