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House
File
749
-
Introduced
HOUSE
FILE
749
BY
JONES
A
BILL
FOR
An
Act
providing
an
early
retirement
option
under
the
municipal
1
fire
and
police
retirement
system.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
TLSB
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H.F.
749
Section
1.
Section
411.6,
subsection
1,
paragraph
a,
Code
1
2025,
is
amended
to
read
as
follows:
2
a.
Any
member
in
service
may
retire
upon
written
application
3
to
the
system,
setting
forth
at
what
time,
not
less
than
thirty
4
nor
more
than
ninety
days
subsequent
to
the
execution
and
5
filing
of
the
application,
the
member
desires
to
be
retired.
6
However,
the
member
at
the
time
specified
for
retirement
shall
7
have
attained
the
age
of
fifty-five
and
shall
have
served
8
twenty-two
years
or
more,
and
notwithstanding
that,
during
the
9
period
of
notification,
the
member
may
have
separated
from
10
the
service.
However,
a
member
may
retire
at
fifty
years
of
11
age
and
receive
a
reduced
retirement
allowance
pursuant
to
12
subsection
2A.
13
Sec.
2.
Section
411.6,
Code
2025,
is
amended
by
adding
the
14
following
new
subsection:
15
NEW
SUBSECTION
.
2A.
Early
retirement
benefits.
16
a.
Notwithstanding
the
calculation
of
the
service
retirement
17
allowance
under
subsection
2,
beginning
July
1,
2025,
a
member
18
who
has
completed
twenty-two
years
or
more
of
creditable
19
service
and
is
at
least
fifty
years
of
age,
but
less
than
20
fifty-five
years
of
age,
who
has
otherwise
completed
the
21
requirements
for
retirement
under
subsection
1,
may
retire
and
22
receive
a
reduced
service
retirement
allowance
pursuant
to
this
23
subsection.
The
service
retirement
allowance
for
a
member
24
less
than
fifty-five
years
of
age
shall
be
calculated
in
the
25
manner
prescribed
in
subsection
2,
except
that
the
percentage
26
multiplier
of
the
member’s
average
final
compensation
used
in
27
the
determination
of
the
service
retirement
allowance
shall
be
28
reduced
by
the
board
of
trustees
pursuant
to
paragraph
“b”
.
29
b.
On
July
1,
2025,
and
on
each
July
1
thereafter,
the
board
30
of
trustees
shall
determine
for
the
respective
fiscal
year
the
31
percent
by
which
the
percentage
multiplier
under
subsection
32
2
shall
be
reduced
for
each
month
that
a
member’s
retirement
33
date
precedes
the
member’s
fifty-fifth
birthday.
The
board
34
of
trustees
shall
make
this
determination
based
upon
the
most
35
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2
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749
recent
actuarial
valuation
of
the
system,
the
calculation
of
1
the
actuarial
cost
for
each
month
of
retirement
of
a
member
2
prior
to
age
fifty-five,
and
the
premise
that
the
provision
of
3
a
service
retirement
allowance
to
a
member
who
is
less
than
4
fifty-five
years
of
age
will
not
result
in
any
increase
in
cost
5
to
the
system.
6
Sec.
3.
Section
411.6,
subsection
11,
unnumbered
paragraph
7
1,
Code
2025,
is
amended
to
read
as
follows:
8
In
the
event
of
the
death
of
any
member
receiving
a
9
retirement
allowance
under
the
provisions
of
subsection
2,
2A,
10
4,
or
6
of
this
section
there
shall
be
paid
a
pension:
11
EXPLANATION
12
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
13
the
explanation’s
substance
by
the
members
of
the
general
assembly.
14
This
bill
provides
that
a
member
of
the
municipal
fire
and
15
police
retirement
system
may
elect
to
retire
at
50
years
of
16
age
with
22
years
of
service
and
receive
a
reduced
service
17
retirement
allowance,
rather
than
retire
at
age
55.
Similar
18
provisions
exist
under
current
law
for
the
peace
officers’
19
retirement,
accident,
and
disability
system
(Code
section
20
97A.6(2A)).
21
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