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.)
Impact
The bill introduces a new calculation of retirement benefits, increasing the applicable percentage used to calculate monthly benefits to 0.625 percent for each calendar quarter of service beyond the 22-year mark, capping it at a maximum of 20 percentage points. Additionally, the legislation establishes a cost-of-living adjustment (COLA) for these members starting July 1, 2025, which adds 1.5 percent to the monthly retirement allowance each year thereafter, enhancing the financial stability of retirees from these occupations.
Summary
House Study Bill 265 relates to benefits for members of the Iowa Public Employees' Retirement System (IPERS) specifically for those employed in protection occupations. The legislation proposes changes to the calculation of retirement benefits for these members, allowing for a greater percentage increase based on additional service time beyond 22 years. Members in protection roles, such as police, firefighters, and correction officers, will see a modification that allows them to retire at age 50 with 22 years of service and receive monthly retirement allowances, instead of waiting until the age of 55 as previously required.
Contention
Debate surrounding HSB265 may stem from concerns regarding the fiscal impact on IPERS and the State's budget. Proponents argue that the bill is necessary to improve the retention and recruitment of individuals in protection occupations, making compensation more competitive. However, critics may express concerns over the long-term sustainability of IPERS funding and the fairness of benefits between different categories of employees. There may also be discussions on whether the adjustment in retirement ages creates an inequitable advantage for protection occupation employees compared to other public employees.
Replaced by
A bill for an act relating to benefits and contributions for members of the Iowa public employees' retirement system who are employed in a protection occupation.(Formerly HSB 265; See HF 1023.)
Replaced by
A bill for an act relating to benefits and contributions for members of the Iowa public employees' retirement system who are employed in a protection occupation.(Formerly HF 967, HSB 265.)
A bill for an act concerning special service members of the Iowa public employees' retirement system by establishing a deferred retirement option plan.
A bill for an act providing for membership in a protection occupation under the Iowa public employees' retirement system and including effective date and retroactive applicability provisions.(See HF 138.)
A bill for an act providing for membership in a protection occupation under the Iowa public employees' retirement system and including effective date provisions.
A bill for an act providing for membership in a protection occupation under the Iowa public employees' retirement system and including effective date provisions.
A bill for an act providing for membership in a protection occupation under the Iowa public employees' retirement system and including effective date and retroactive applicability provisions.
A bill for an act relating to public safety personnel by modifying the retirement benefits of sheriffs and deputy sheriffs, restricting bail for murder in the first degree or felonious assaults committed upon public safety personnel, and providing for a tax credit for moving expenses available against the individual income tax for new public safety personnel moving to the state.(Formerly HF 2206; See HF 2661.)
A bill for an act relating to public safety personnel by modifying the retirement benefits of sheriffs and deputy sheriffs, restricting bail for murder in the first degree or felonious assaults committed upon public safety personnel, and providing for a tax credit for moving expenses available against the individual income tax for new public safety personnel moving to the state.(See HF 2533, HF 2661.)
A bill for an act relating to public safety personnel by modifying the retirement benefits of sheriffs and deputy sheriffs, restricting bail for murder in the first degree or felonious assaults committed upon public safety personnel, and providing for a tax credit for moving expenses available against the individual income tax for new public safety personnel moving to the state, and including retroactive applicability provisions. (Formerly HF 2533, HF 2206.) Effective date: 07/01/2024. Applicability date: 01/01/2024.