Legislators’ Guide of IPERBS, January 2006

(2006) Legislators’ Guide of IPERBS, January 2006. Iowa Public Employee Retirement System

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Abstract

For more than 50 years, IPERS has provided a core retirement plan covering most Iowa local and state public employees. With approximately 300,000 members and almost 2,400 covered employers, IPERS is the largest public retirement system in Iowa. The Legislature designed IPERS to provide monthly lifetime annuities that supplement social security benefits and personal savings, enabling public employees to care for themselves in retirement. The Legislature also intended for IPERS to be an employee benefit that would help Iowa’s public employers recruit and retain qualified personnel. As a defined benefit plan, the monthly benefit IPERS members receive is calculated using a formula. A member’s benefit increases as his or her years of service and salary increase. Because IPERS is a defined benefit plan, the Legislature is assured that the money contributed by public employees and their employers for retirement is used as intended. The benefit is paid as a lifetime monthly annuity. IPERS members cannot borrow or withdraw their money while in public employment.