21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service
Iowa Retirement Benefits Plan
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US-CC-21-166
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FAQ
IPERS uses a formula to calculate your benefits, providing you with guaranteed lifetime retirement benefits. Your benefits aren't tied to the performance of the stock market, so you don't have to worry about riding out the bumps in the market.
IPERS lets you make the decision that best suits you. No matter when you leave IPERS-covered employment, you are always entitled to 100 percent of your own contributions and interest earnings. If you are vested, you can receive a portion of your employer's investment based on your years of service.
Service purchase requirements You must file an Application for IPERS Retirement Benefits before you can purchase service. You also must meet the years of service requirement for vesting in IPERS. Seven years for Regular members. Four years for Protection Occupation and Sheriff/Deputy Sheriff members.
The Rule of 62/20 is when a member is age 62 or older and has at least 20 years of service. A member can reach normal retirement age by meeting either of these rules, or by reaching age 65. A member who retires before normal retirement age has an early-retirement reduction applied to his or her benefit.
Your multiplier increases with every year you work. Your multiplier increases 2.7272 percentage points every year of service from one to 22 years, and 1.5% each year from 22 to 30 years. The maximum multiplier is 72%.
Vesting is an important milestone on the road to retirement. To become a vested member, you need to work for IPERS-covered employment for: Seven years or have wages reported during the month you turn age 65 or older as a Regular member.
Members who accumulate 20 or more years of active service are eligible for retirement. There are three non-disability retirement plans currently in effect for active duty retirees. These are Final Pay plan, High-36 Month Average plan, and Military Retirement Reform Act of 1986 (more commonly referred to as REDUX) plan.
