Bill Text: IA HF2535 | 2023-2024 | 90th General Assembly | Introduced
Bill Title: A bill for an act relating to the Iowa public employees' retirement system by modifying the retirement benefits of sheriffs and deputy sheriffs.
Spectrum: Strong Partisan Bill (Republican 34-3)
Status: (Introduced - Dead) 2024-02-15 - Introduced, referred to Public Safety. H.J. 277. [HF2535 Detail]
Download: Iowa-2023-HF2535-Introduced.html
House
File
2535
-
Introduced
HOUSE
FILE
2535
BY
YOUNG
,
BLOOMINGDALE
,
NORDMAN
,
HARRIS
,
WILLS
,
KAUFMANN
,
SEXTON
,
BRADLEY
,
COLLINS
,
FISHER
,
GERHOLD
,
P.
THOMPSON
,
DUNWELL
,
LATHAM
,
MOORE
,
DEYOE
,
A.
MEYER
,
FRY
,
LOHSE
,
BOSSMAN
,
HOLT
,
RINKER
,
HORA
,
LUNDGREN
,
WILZ
,
GEHLBACH
,
SIEGRIST
,
THOMSON
,
SHIPLEY
,
BODEN
,
ANDREWS
,
GUSTOFF
,
HAYES
,
CARLSON
,
BROWN-POWERS
,
KRESSIG
,
and
LEVIN
A
BILL
FOR
An
Act
relating
to
the
Iowa
public
employees’
retirement
system
1
by
modifying
the
retirement
benefits
of
sheriffs
and
deputy
2
sheriffs.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
TLSB
5745YH
(6)
90
jm/ns
H.F.
2535
Section
1.
Section
97B.49C,
subsection
1,
paragraph
a,
1
subparagraph
(3),
Code
2024,
is
amended
to
read
as
follows:
2
(3)
For
each
active
or
inactive
vested
member
retiring
3
on
or
after
July
1,
1998,
and
before
July
1,
2024,
sixty
4
percent
plus,
if
applicable,
an
additional
three-eighths
of
5
one
percentage
point
for
each
additional
calendar
quarter
of
6
eligible
service
beyond
twenty-two
years
of
service,
not
to
7
exceed
a
total
of
twelve
additional
percentage
points.
8
Sec.
2.
Section
97B.49C,
subsection
1,
paragraph
a,
Code
9
2024,
is
amended
by
adding
the
following
new
subparagraph:
10
NEW
SUBPARAGRAPH
.
(4)
For
each
active
or
inactive
vested
11
member
retiring
on
or
after
July
1,
2024,
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.
3.
Section
97B.49C,
Code
2024,
is
amended
by
adding
the
17
following
new
subsection:
18
NEW
SUBSECTION
.
2A.
Annual
adjustment
of
allowance.
A
19
member
who
retires
from
employment
as
a
sheriff
or
deputy
20
sheriff
on
or
after
July
1,
2024,
and
who
receives
a
monthly
21
retirement
allowance
under
this
section
shall,
in
lieu
of
a
22
retirement
dividend
under
section
97B.49F,
have
the
monthly
23
allowance
adjusted
as
follows:
24
a.
On
each
July
1,
the
monthly
retirement
allowance
25
authorized
in
this
section
and
payable
to
members
retired
26
prior
to
that
date
and
to
beneficiaries
entitled
to
a
monthly
27
retirement
allowance
prior
to
that
date
shall
be
adjusted
by
28
adding
to
the
monthly
retirement
allowance
payable
on
that
date
29
an
amount
equal
to
the
sum
of
one
and
one-half
percent
of
the
30
monthly
retirement
allowance
payable
on
that
date.
31
b.
A
retired
member
or
beneficiary
of
a
retired
member
32
shall
not
be
eligible
for
an
annual
readjustment
of
allowance
33
provided
in
this
subsection
unless
the
member
has
twenty-two
34
years
of
eligible
service
and
attained
the
age
of
fifty
years
35
-1-
LSB
5745YH
(6)
90
jm/ns
1/
3
H.F.
2535
prior
to
the
member’s
termination
of
employment.
1
EXPLANATION
2
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
3
the
explanation’s
substance
by
the
members
of
the
general
assembly.
4
This
bill
relates
to
the
Iowa
public
employees’
retirement
5
system
(IPERS)
by
modifying
the
retirement
benefits
of
sheriffs
6
and
deputy
sheriffs.
7
The
monthly
retirement
benefit
under
IPERS
for
a
sheriff
8
or
deputy
sheriff
is
calculated
by
multiplying
the
retiree’s
9
applicable
covered
wage
by
a
percentage.
The
bill
increases,
10
for
sheriffs
and
deputy
sheriffs
retiring
on
or
after
July
1,
11
2024,
the
applicable
percentage
used
to
calculate
the
retiree’s
12
monthly
retirement
benefit
by
five-eighths
of
one
percentage
13
point
for
each
calendar
quarter
of
service
beyond
22
years
of
14
service
up
to
a
maximum
of
20
additional
percentage
points.
15
Under
current
law,
the
applicable
percentage
is
increased
by
16
three-eighths
of
one
percentage
point
up
to
a
maximum
of
12
17
additional
percentage
points
for
calendar
quarters
of
service
18
beyond
22
years
of
service.
19
Under
current
law,
a
vested
member
retiring
prior
to
July
1,
20
1990,
is
eligible
to
receive
an
automatic
retirement
dividend
21
under
Code
section
97B.49F(1).
For
a
vested
member
retiring
on
22
or
after
July
1,
1990,
a
favorable
experience
dividend
(FED)
23
reserve
account
is
provided
in
Code
section
97B.49F(2).
The
24
FED
reserve
account
pays
a
dividend
to
an
eligible
member
when
25
a
favorable
experience
on
the
actuarial
liabilities
and
assets
26
occurs
and
IPERS
is
fully
funded.
27
The
bill
establishes
a
cost-of-living
adjustment
(COLA)
to
28
the
monthly
allowance
for
active
and
inactive
members
and
to
29
any
beneficiaries
for
retirements
occurring
on
or
after
July
1,
30
2024.
Beginning
July
1,
2024,
and
on
each
July
1,
the
monthly
31
retirement
allowance
of
such
a
member
shall
be
adjusted
by
32
adding
to
the
monthly
retirement
allowance
an
amount
equal
to
33
one
and
one-half
percent
of
the
monthly
retirement
allowance
34
payable
on
that
date.
A
member
who
retires
on
or
after
July
35
-2-
LSB
5745YH
(6)
90
jm/ns
2/
3
H.F.
2535
1,
2024,
is
not
eligible
for
the
COLA
unless
the
member
has
22
1
years
of
eligible
service
and
attained
50
years
of
age
prior
to
2
the
retirement
date
of
the
member.
The
bill
prohibits
a
member
3
retiring
after
July
1,
2024,
from
FED
dividend
eligibility
4
provided
under
Code
section
97B.49F(2).
5
-3-
LSB
5745YH
(6)
90
jm/ns
3/
3
