Iowa HF749 allows municipal fire and police retirees to opt for early retirement at age 50 with 22 years of service, receiving a reduced retirement.

Iowa HF749 amends the municipal fire and police retirement system to provide an early retirement option. Effective July 1, 2025, members who are at least 50 years old and have completed 22 years of service can retire and receive a reduced service retirement allowance. This allowance is calculated based on the most recent actuarial valuation of the system, with a reduced percentage multiplier for the member's average final compensation. The bill ensures no increase in cost to the system.

Iowa HF749 allows municipal fire and police retirees to opt for early retirement at age 50 with 22 years of service, receiving a reduced retirement.

Iowa HF749 amends the municipal fire and police retirement system to provide an early retirement option. Effective July 1, 2025, members who are at least 50 years old and have completed 22 years of service can retire and receive a reduced service retirement allowance. This allowance is calculated based on the most recent actuarial valuation of the system, with a reduced percentage multiplier for the member's average final compensation. The bill ensures no increase in cost to the system.