Iowa HF1023 modifies retirement benefits and contributions for Iowa public employees in protection occupations.
Iowa HF1023 modifies the Iowa Public Employees' Retirement System (IPERS) benefits and contributions for members employed in a protection occupation. The bill increases the contribution rate for these members from 40 percent to 50 percent of the required contribution rate. It also adjusts the applicable percentage used to calculate the retiree's monthly retirement benefit to 0.625 percent for each calendar quarter of service beyond 22 years of service, up to a maximum of 20 additional percentage points.
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