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.)
Impact
Another notable aspect of HF1023 is that it increases the retirement benefit calculation for members who have served in protection occupations, particularly for those retiring on or after July 1, 2025. The bill enhances the percentage increase currently applied for service beyond 22 years. Retiring members will see this increase rise from 0.375% to 0.625%, significantly boosting their retirement benefits based on longer service periods. Furthermore, the bill allows members to retire earlier, at the age of 50 with 22 years of service, instead of the previous requirement of 55 years of age.
Summary
House File 1023 introduces significant changes to the Iowa Public Employees Retirement System (IPERS) concerning members employed in protection occupations. Key modifications include adjustments to contribution rates for employees and employers affiliated with these occupations. Specifically, the bill raises the contribution rate for employees from 40% to 50% of the total required contribution and reduces the employer's share from 60% to 50%. These changes are slated to take effect on July 1, 2025, and aim to ensure the sustainability of retirement benefits for individuals in these demanding professions.
Contention
One point of contention surrounding HF1023 could arise from the implications of the contribution rates shifting costs between employees and employers, potentially straining local budgets. Critics may argue that higher contribution requirements could dissuade recruitment and retention of personnel in these roles, particularly in smaller jurisdictions. Additionally, the early retirement eligibility could have fiscal impacts as it may lead to an influx of retirees, influencing overall workforce structure and long-term financial obligations within the retirement system. Advocates, however, argue that enhanced retirement benefits are vital for retention in high-stress occupations, thereby benefiting overall public safety and service efficacy.
Similar To
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.)
Related
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.)
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 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 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 and retroactive applicability provisions. (Formerly HSB 38.) Effective date: 04/28/2023. Applicability date: 07/01/2017.
A bill for an act relating to public safety personnel retirement systems, the taxation of surviving spouse pension benefits, and including retroactive applicability provisions. (Formerly HSB 745.) Effective date: 07/01/2024. Applicability date: 01/01/2024.
A bill for an act relating to public safety personnel retirement systems, the taxation of surviving spouse pension benefits, and including retroactive applicability provisions.(See HF 2680.)
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.)
A bill for an act concerning retirement contributions of and benefits associated with cancer diagnoses of members of certain public retirement systems, and including effective date provisions. (Formerly HSB 266.) Effective date: 06/06/2025, 07/01/2025.