Bills › 89th General Assembly
HSB 642
Where it is now
- Done: IntroducedFebruary 1, 2022
- Done: SubcommitteeFebruary 1, 2022
- Done: House committeeFebruary 9, 2022
- Skipped: Passes the HouseContinued as HF 2374
- Next: Senate committee
- Next: Passes the Senate
- Next: To the Governor
- Next: Signed into law
Became HF 2374 → Its progress continues under the new number. Go to HF 2374 What’s a funnel?
What’s in it
AI summary Police officers and firefighters who work for certain employers covered by the Iowa public employees’ retirement system will now be included in a special protection category. This change also applies to their past work years if their employer certifies that their jobs qualify. Members do not have to pay extra money to have their previous service reclassified this way.1
Read the official explanation
This bill provides that persons employed as a peace officer or fire fighter by a covered employer, and not just a city, under the Iowa public employees’ retirement system (IPERS) are included within the protection occupation category of IPERS. The bill provides that membership service prior to the effective date of the bill shall be reclassified as protection occupation service without payment of any additional contributions to pay the actuarial costs of the reclassified service if the employer certifies the employment H.F. _____ as constituting protection occupation service under the bill. The bill takes effect upon enactment and applies to membership service under IPERS on or after July 1, 2017.
House subcommittee
Named February 1, 2022. On February 8, 2022 it recommended passage. Vote Total: 3-0.
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part
Fiscal note
AI summary This bill changes the definition of IPERS Protection Occupation members to include firefighters and police officers employed by entities other than cities, such as the State Fair police. The fiscal impact is anticipated to be minimal, and any costs will be absorbed within the IPERS Trust Fund.3
Read the fiscal note
Requester: Representative Brent Siegrist
Description
House File 2374 broadens the definition of an Iowa Public Employees’ Retirement System (IPERS) member eligible for the Protection Occupation membership group to include fire fighters and police officers employed by a covered employer, which includes the State Fair police. The Bill prohibits IPERS from collecting any additional contributions to pay the actuarial cost of the membership reclassification. The Bill takes effect upon enactment and is retroactive to July 1, 2017.
Background
Under current law, only members who are employed by a city are eligible for membership in the Protection Occupation membership group. The Iowa State Fair police are members of IPERS Regular membership group. The Iowa State Fair Authority has reported wages to IPERS for 29 police officers since 2017.
For FY 2022 and for FY 2023, the annual contribution rate for Regular Membership is 15.73%, of which 9.44% is paid by the employer and 6.29% is paid by the employee. The FY 2022 and FY 2023 annual contribution rate is 15.52%, of which 9.31% is paid by the employer and 6.21% is paid by the employee. As of June 30, 2021, the IPERS Trust Fund had a balance of $42.850 billion. The aggregate funded ratio was 88.34%.
Assumptions
- Fire fighters and police officers who are currently employed by an employer other than a city will be reclassified from the Regular membership group to the Protection Occupation membership group, retroactive to July 1, 2017.
- Protection Occupation members and Regular members pay a similar annual rate contribution. The difference in contributions between July 1, 2017, and December 31, 2021, is approximately $15,000.
Fiscal Impact
The fiscal impact is anticipated to be minimal, and any costs will be absorbed within the IPERS Trust Fund.
Source
- Iowa Public Employees’ Retirement System (IPERS)
- IPERS, Protection Occupations · February 16, 2022
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- HF 138 Providing for membership in a protection occupation under the Iowa public employees’ retir…90th General Assembly · Signed by GovernorNearly identical
- HF 127 Providing for membership in a protection occupation under the Iowa public employees’ retir…90th General Assembly · In committeeSimilar
Matched by wording or an identical title.