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House
File
2069
-
Introduced
HOUSE
FILE
2069
BY
GEARHART
A
BILL
FOR
An
Act
providing
an
annual
cost-of-living
adjustment
for
1
members
of
the
Iowa
public
employees’
retirement
system.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
TLSB
5148YH
(2)
91
sc/ns
H.F.
2069
Section
1.
Section
97B.49A,
Code
2026,
is
amended
by
adding
1
the
following
new
subsection:
2
NEW
SUBSECTION
.
5.
Annual
adjustment
of
allowance.
A
3
member
who
retires
on
or
after
July
1,
2026,
and
who
receives
a
4
monthly
retirement
allowance
under
this
section,
shall
have
the
5
monthly
retirement
allowance
adjusted
as
follows:
6
a.
On
each
July
1,
the
monthly
retirement
allowance
7
authorized
in
this
section
and
payable
to
a
member
retired
8
prior
to
that
date,
and
to
a
beneficiary
or
contingent
9
annuitant
entitled
to
a
monthly
retirement
allowance
prior
10
to
that
date,
shall
be
adjusted
by
adding
to
the
monthly
11
retirement
allowance
payable
on
that
date
an
amount
equal
to
12
the
sum
of
one
percent
of
the
monthly
retirement
allowance
13
payable
on
that
date.
14
b.
A
retired
member,
beneficiary,
or
contingent
annuitant
15
shall
not
be
eligible
for
an
annual
readjustment
of
allowance
16
provided
in
this
subsection
unless
the
member
has
attained
the
17
age
of
fifty-five
years
prior
to
the
member’s
termination
of
18
employment.
19
c.
A
retired
member,
beneficiary,
or
contingent
annuitant
20
that
receives
an
annual
adjustment
of
allowance
provided
in
21
this
subsection
shall
not
be
eligible
for
the
retirement
22
dividends
under
section
97B.49F.
23
Sec.
2.
Section
97B.49B,
Code
2026,
is
amended
by
adding
the
24
following
new
subsection:
25
NEW
SUBSECTION
.
5.
Annual
adjustment
of
allowance.
A
26
member
who
retires
from
employment
in
a
protection
occupation
27
on
or
after
July
1,
2026,
and
who
receives
a
monthly
retirement
28
allowance
under
this
section,
shall
have
the
monthly
retirement
29
allowance
adjusted
as
follows:
30
a.
On
each
July
1,
the
monthly
retirement
allowance
31
authorized
in
this
section
and
payable
to
a
member
retired
32
prior
to
that
date,
and
to
a
beneficiary
or
contingent
33
annuitant
entitled
to
a
monthly
retirement
allowance
prior
34
to
that
date,
shall
be
adjusted
by
adding
to
the
monthly
35
-1-
LSB
5148YH
(2)
91
sc/ns
1/
2
H.F.
2069
retirement
allowance
payable
on
that
date
an
amount
equal
to
1
the
sum
of
one
percent
of
the
monthly
retirement
allowance
2
payable
on
that
date.
3
b.
A
retired
member,
beneficiary,
or
contingent
annuitant
4
shall
not
be
eligible
for
an
annual
readjustment
of
allowance
5
provided
in
this
subsection
unless
the
member
has
attained
the
6
age
of
fifty-five
years
prior
to
the
member’s
termination
of
7
employment.
8
c.
A
retired
member,
beneficiary,
or
contingent
annuitant
9
that
receives
an
annual
adjustment
of
allowance
provided
in
10
this
subsection
shall
not
be
eligible
for
the
retirement
11
dividends
under
section
97B.49F.
12
EXPLANATION
13
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
14
the
explanation’s
substance
by
the
members
of
the
general
assembly.
15
This
bill
establishes
a
cost-of-living
adjustment
16
(COLA)
to
the
monthly
retirement
allowance
for
active
and
17
inactive
members
of
the
Iowa
public
employees’
retirement
18
system,
including
members
in
regular
service
and
protection
19
occupations,
and
to
beneficiaries
and
contingent
annuitants,
20
for
retirements
occurring
on
or
after
July
1,
2026.
Beginning
21
July
1,
2026,
and
on
each
July
1
thereafter,
the
monthly
22
retirement
allowance
of
such
a
member,
beneficiary,
or
23
contingent
annuitant
shall
be
adjusted
by
adding
to
the
monthly
24
retirement
allowance
an
amount
equal
to
1
percent
of
the
25
monthly
retirement
allowance
payable
on
that
date.
Such
a
26
member,
beneficiary,
or
contingent
annuitant
is
not
eligible
27
for
the
COLA
unless
the
member
has
attained
55
years
of
age
28
prior
to
the
retirement
date
of
the
member.
A
retired
member,
29
beneficiary,
or
contingent
annuitant
that
receives
the
COLA
is
30
not
eligible
for
the
retirement
dividends
under
Code
section
31
97B.49F.
32
A
similar
annual
adjustment
provision
(1.5
percent)
exists
33
under
current
law
for
retired
sheriffs
and
deputy
sheriffs
34
(Code
section
97B.49C).
35
-2-
LSB
5148YH
(2)
91
sc/ns
2/
2