A bill for an act providing an annual cost-of-living adjustment for members of the Iowa public employees’ retirement system.

HF 2069 establishes an annual 1% cost-of-living adjustment (COLA) for monthly retirement allowances paid to Iowa public employees retiring on or after July 1, 2026, including their beneficiaries and contingent annuitants. The adjustment applies each July 1, increasing the current allowance by 1% of its prior amount, but only for those who were at least 55 years old when they retired. Retirees receiving this COLA will no longer qualify for retirement dividends under section 97B.49F of the Iowa Code. This bill directly affects current and future retirees in Iowa’s public employees’ retirement system, modifying their ongoing benefit calculations.