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IPERS - Iowa Public Employees’ Retirement System (Iowa Code Chapter 97B)

General Information

• IPERS is a retirement plan for Iowa public employees.
• All public employees are members of IPERS unless excluded by law.

Who is Covered?

• Any public employee who is vested in the IPERS plan is eligible to receive retirement benefits when they reach their entitlement date.
• Vesting occurs when an employee either:

1. Reaches age 55 while an active employee, or
2. Completes four years of service and receives 16 service credits.

When Can I Retire? 

Vested IPERS members are eligible for monthly retirement benefits:

1. At age 65, the normal retirement age, with no reduction in benefits.
2. At age 55, with a .25% reduction for each month prior to age 65.
3. When the member’s age plus years of service equals 88. Under this “Rule of 88,” member benefits will be equal to normal retirement benefits even if the member is under age 65.
4. Before age 55 if the member is eligible for social security disability and receives approval from IPERS.

Terminated Employees

• The cause of termination does not affect a member’s IPERS benefits.
• Terminated employees must have four years of service to receive retirement benefits.
• Terminated employees have the option of withdrawing their IPERS contributions at any time by contacting IPERS and completing a refund application. Once former employees have withdrawn their contributions, they will no longer have retirement credit with IPERS. Former employees cannot “buy back” their retirement credit unless they become re-employed as a public employee and complete an additional four years of service.

Applying for IPERS Benefits. 

Eligible members can apply for IPERS retirement benefits by:

1. Filing an IPERS benefit application at least 60 days before they want to begin receiving benefits,
2. Terminating their public employment and any other employment. (A member must end all employment for four (4) months. After the end of this four (4) month period, IPERS members can obtain other employment. However, IPERS retirement benefits will be reduced in half if the member’s yearly employment earnings are more than $30,000.)

Benefits will start the first month after they have filed an application, received approval from IPERS, and terminated their employment.

Benefit Calculation.

• As a defined benefit plan, IPERS uses a formula to calculate member benefits.
• The benefit formula for regular IPERS members is:
    60% x [years of service/30] x average salary for three (3) highest years
• This benefit will be lower for members who take early retirement or elect a joint and survivor annuity (see Death and Survivor Benefits below).

Death and Survivor Benefits.

• If an IPERS member dies before age 55, the beneficiary will normally receive the member’s contributions and interest in a lump sum payment.
• If an IPERS member dies after reaching age 55 (or earlier if disabled and receiving benefits), IPERS benefits will normally be paid based on the option chosen by the member.
• A member can elect to have his or her surviving spouse or beneficiary continue to get pension benefits after the member’s death. This payment option is called a “joint and survivor annuity.” Under this option, the member will get slightly smaller benefit payments during his or her life. If the member dies first, his or her surviving spouse or beneficiary can receive part or all of the member’s payment.
• A member can choose to have the benefits completely stop at his or her death if the member either does not have a spouse or the spouse agrees in writing to this option.
• If a member is married, his or her spouse must agree in writing to the benefit option chosen.

Divorce.

• In the event of a divorce, the spouse who was not an IPERS member can receive IPERS retirement benefits through a qualified domestic relations order (QDRO).
• A QDRO gives a spouse, former spouse, child, or other dependent of an IPERS participant the right to receive all or a portion of the member’s IPERS retirement benefits.
• A QDRO can be included in the divorce decree or issued as a separate order.
• Members should contact IPERS for any specific QDRO requirements or guidelines. 

Appealing an IPERS Determination

• IPERS members or beneficiaries can appeal any decision that affects their rights.
• To appeal an IPERS determination, a notice of appeal must be sent to IPERS within 30 days after the unfavorable decision. The notice must state the decision to be appealed and reasons for the appeal
  .

Contacting IPERS

7401 Register Drive
P.O. Box 9117
Des Moines, IA 50306-9117
Phone:  (515) 281-0020 or (800) 622-3849
Fax:   (515) 281-0053