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House
File
967
-
Introduced
HOUSE
FILE
967
BY
COMMITTEE
ON
STATE
GOVERNMENT
(SUCCESSOR
TO
HSB
265)
A
BILL
FOR
An
Act
relating
to
benefits
and
contributions
for
members
1
of
the
Iowa
public
employees’
retirement
system
who
are
2
employed
in
a
protection
occupation.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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967
Section
1.
Section
97B.11,
subsection
3,
unnumbered
1
paragraph
1,
Code
2025,
is
amended
to
read
as
follows:
2
On
and
after
From
July
1,
2011,
until
June
30,
2025,
3
for
purposes
of
this
section
,
unless
the
context
otherwise
4
requires:
5
Sec.
2.
Section
97B.11,
Code
2025,
is
amended
by
adding
the
6
following
new
subsection:
7
NEW
SUBSECTION
.
4.
On
and
after
July
1,
2025,
for
purposes
8
of
this
section,
unless
the
context
otherwise
requires:
9
a.
For
members
in
regular
service:
10
(1)
“Applicable
employee
percentage”
means
the
percentage
11
rate
equal
to
forty
percent
of
the
required
contribution
rate
12
for
members
in
regular
service.
13
(2)
“Applicable
employer
percentage”
means
the
percentage
14
rate
equal
to
sixty
percent
of
the
required
contribution
rate
15
for
members
in
regular
service.
16
b.
For
members
in
special
service
in
a
protection
occupation
17
as
described
in
section
97B.49B:
18
(1)
“Applicable
employee
percentage”
means
the
percentage
19
rate
equal
to
fifty
percent
of
the
required
contribution
rate
20
for
members
described
in
section
97B.49B.
21
(2)
“Applicable
employer
percentage”
means
the
percentage
22
rate
equal
to
fifty
percent
of
the
required
contribution
rate
23
for
members
described
in
section
97B.49B.
24
c.
For
members
in
special
service
as
a
county
sheriff
or
25
deputy
sheriff
as
described
in
section
97B.49C:
26
(1)
“Applicable
employee
percentage”
means
the
percentage
27
rate
equal
to
fifty
percent
of
the
required
contribution
rate
28
for
members
described
in
section
97B.49C.
29
(2)
“Applicable
employer
percentage”
means
the
percentage
30
rate
equal
to
fifty
percent
of
the
required
contribution
rate
31
for
members
described
in
section
97B.49C.
32
d.
“Required
contribution
rate”
means
the
same
as
defined
in
33
subsection
3.
34
Sec.
3.
Section
97B.49B,
subsection
1,
paragraph
a,
35
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subparagraph
(6),
Code
2025,
is
amended
to
read
as
follows:
1
(6)
For
each
active
or
inactive
vested
member
retiring
2
on
or
after
July
1,
2003,
and
before
July
1,
2025,
sixty
3
percent
plus,
if
applicable,
an
additional
three-eighths
of
4
one
percentage
point
for
each
additional
calendar
quarter
of
5
eligible
service
beyond
twenty-two
years
of
service
for
the
6
member
,
not
to
exceed
a
total
of
twelve
additional
percentage
7
points.
8
Sec.
4.
Section
97B.49B,
subsection
1,
paragraph
a,
Code
9
2025,
is
amended
by
adding
the
following
new
subparagraph:
10
NEW
SUBPARAGRAPH
.
(7)
For
each
active
or
inactive
vested
11
member
retiring
on
or
after
July
1,
2025,
sixty
percent
plus,
12
if
applicable,
an
additional
five-eighths
of
one
percentage
13
point
for
each
additional
calendar
quarter
of
eligible
service
14
beyond
twenty-two
years
of
service,
not
to
exceed
a
total
of
15
twenty
additional
percentage
points.
16
Sec.
5.
Section
97B.49B,
subsection
2,
Code
2025,
is
amended
17
to
read
as
follows:
18
2.
Calculation
of
monthly
allowance.
19
a.
Notwithstanding
other
provisions
of
this
chapter
,
a
20
member
who
is
or
has
been
employed
in
a
protection
occupation
21
who
retires
on
or
after
July
1,
1994,
but
before
July
1,
2025,
22
and
at
the
time
of
retirement
is
at
least
fifty-five
years
23
of
age
may
elect
to
receive,
in
lieu
of
the
receipt
of
any
24
benefits
as
calculated
pursuant
to
section
97B.49A
or
97B.49D
,
25
a
monthly
retirement
allowance
equal
to
one-twelfth
of
an
26
amount
equal
to
the
applicable
percentage
of
the
three-year
27
average
covered
wage
as
a
member
who
has
been
employed
in
a
28
protection
occupation
multiplied
by
a
fraction
of
years
of
29
service,
with
benefits
payable
during
the
member’s
lifetime.
30
b.
Notwithstanding
other
provisions
of
this
chapter,
a
31
member
who
is
or
has
been
employed
in
a
protection
occupation
32
who
retires
on
or
after
July
1,
2025,
and
at
the
time
of
33
retirement
is
at
least
fifty-five
years
of
age,
or
is
at
least
34
fifty
years
of
age
with
at
least
twenty-two
years
of
eligible
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service,
may
elect
to
receive,
in
lieu
of
the
receipt
of
any
1
benefits
as
calculated
pursuant
to
section
97B.49A
or
97B.49D,
2
a
monthly
retirement
allowance
equal
to
one-twelfth
of
an
3
amount
equal
to
the
applicable
percentage
of
the
three-year
4
average
covered
wage
as
a
member
who
has
been
employed
in
a
5
protection
occupation
multiplied
by
a
fraction
of
years
of
6
service,
with
benefits
payable
during
the
member’s
lifetime.
7
Sec.
6.
Section
97B.49B,
Code
2025,
is
amended
by
adding
the
8
following
new
subsection:
9
NEW
SUBSECTION
.
5.
Annual
adjustment
of
allowance.
A
10
member
who
retires
from
employment
in
a
protection
occupation
11
on
or
after
July
1,
2025,
and
who
receives
a
monthly
retirement
12
allowance
under
this
section,
shall
have
the
monthly
retirement
13
allowance
adjusted
as
follows:
14
a.
On
each
July
1,
the
monthly
retirement
allowance
15
authorized
in
this
section
and
payable
to
a
member
retired
16
prior
to
that
date,
and
to
a
beneficiary
or
contingent
17
annuitant
entitled
to
a
monthly
retirement
allowance
prior
18
to
that
date,
shall
be
adjusted
by
adding
to
the
monthly
19
retirement
allowance
payable
on
that
date
an
amount
equal
to
20
the
sum
of
one
and
one-half
percent
of
the
monthly
retirement
21
allowance
payable
on
that
date.
22
b.
A
retired
member,
beneficiary,
or
contingent
annuitant
23
shall
not
be
eligible
for
an
annual
readjustment
of
allowance
24
provided
in
this
subsection
unless
the
member
has
twenty-two
25
years
of
eligible
service
and
attained
the
age
of
fifty
years
26
prior
to
the
member’s
termination
of
employment.
27
c.
A
retired
member,
beneficiary,
or
contingent
annuitant
28
that
receives
an
annual
adjustment
of
allowance
provided
in
29
this
subsection
shall
not
be
eligible
for
the
retirement
30
dividends
under
section
97B.49F.
31
EXPLANATION
32
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
33
the
explanation’s
substance
by
the
members
of
the
general
assembly.
34
This
bill
modifies
the
Iowa
public
employees’
retirement
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system
(IPERS)
benefits
and
contributions
for
members
employed
1
in
a
protection
occupation.
2
The
bill
increases
the
amount
a
member
of
IPERS
who
is
3
employed
in
a
protection
occupation
is
required
to
contribute
4
to
IPERS
from
40
percent
to
50
percent
of
the
required
5
contribution
rate
and
decreases
the
applicable
employer
6
percentage
for
an
employer
of
an
IPERS
member
who
is
employed
7
in
a
protection
occupation
from
60
percent
to
50
percent
of
the
8
required
contribution
rate.
9
The
monthly
retirement
benefit
under
IPERS
for
a
member
10
of
a
protection
occupation
is
calculated
by
multiplying
the
11
retiree’s
applicable
covered
wage
by
a
percentage.
Under
12
current
law,
the
applicable
percentage
is
increased
by
0.375
13
percent
up
to
a
maximum
of
12
additional
percentage
points
for
14
calendar
quarters
of
service
beyond
22
years
of
service.
The
15
bill
increases,
for
protection
occupation
members
retiring
16
on
or
after
July
1,
2025,
the
applicable
percentage
used
to
17
calculate
the
retiree’s
monthly
retirement
benefit
to
0.625
18
percent
for
each
calendar
quarter
of
service
beyond
22
years
of
19
service
up
to
a
maximum
of
20
additional
percentage
points.
20
The
bill
provides
that
a
member
of
a
protection
occupation
21
may
elect
to
retire
at
50
years
of
age
with
22
years
of
service
22
and
receive
the
monthly
retirement
allowance
under
current
law,
23
rather
than
at
age
55.
24
The
bill
establishes
a
cost-of-living
adjustment
(COLA)
25
to
the
monthly
retirement
allowance
for
active
and
inactive
26
members
and
to
beneficiaries
and
contingent
annuitants
for
27
retirements
occurring
on
or
after
July
1,
2025.
Beginning
28
July
1,
2025,
and
on
each
July
1
thereafter,
the
monthly
29
retirement
allowance
of
such
a
member,
beneficiary,
or
30
contingent
annuitant
shall
be
adjusted
by
adding
to
the
monthly
31
retirement
allowance
an
amount
equal
to
1.5
percent
of
the
32
monthly
retirement
allowance
payable
on
that
date.
Such
a
33
member,
beneficiary,
or
contingent
annuitant
is
not
eligible
34
for
the
COLA
increase
unless
the
member
has
22
years
of
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eligible
service
and
attained
50
years
of
age
prior
to
the
1
retirement
date
of
the
member.
A
retired
member,
beneficiary,
2
or
contingent
annuitant
that
receives
the
COLA
is
not
eligible
3
for
the
retirement
dividends
under
Code
section
97B.49F.
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