Relating to matters under the purview of the Iowa public employees’ retirement system, and including effective date provisions

This bill allows the Iowa public employees’ retirement system (IPERS) to release the legal name and city of last known address of a member or beneficiary to the treasurer of state to assist IPERS in locating the member or beneficiary. The bill removes the requirement for IPERS, between January and June of each calendar year, to provide each member with a statement of the member’s accumulated contributions and benefit credits accrued up to the end of the prior calendar year and instead requires IPERS to provide each member a statement reflecting the prior four quarters during each calendar year. Under current law, a retired member can receive monthly retirement allowance payments via electronic funds transfers or, with the cost of an administrative fee, as paper warrants. The bill provides a third option, allowing a retired member to choose to receive monthly payments in the form of a reloadable payment card without being charged an administrative fee. The bill takes effect upon enactment.