SB1056 Summary

• Updates required minimum distribution age from 70½ to 72 under Internal Revenue Code Section 401(a)(9) across multiple pension systems (IMRF, State Universities Retirement System, Teachers' Retirement System, and others)

• Establishes "Tier 1" and "Tier 2" employee classifications for IMRF participants, with Tier 2 employees (hired after January 1, 2011) having higher retirement ages (62 vs. 55), longer service requirements (10 vs. 8 years), and different benefit increase formulas

• Modifies surviving spouse annuity percentages for IMRF from 50% to 66⅔% for Tier 2 regular employees and implements new benefit increase structures tied to consumer price index for Tier 2 retirees

• Allows arson investigators, Commerce Commission police officers, and conservation police officers to transfer or convert service credits between different law enforcement pension systems with specified payment requirements

• Provides relief provisions for benefit overpayments and calculation errors, including refund eligibility and extended repayment options for affected retirees