A bill for an act relating to benefits for members of the Iowa public employees’ retirement system who are employed in a protection occupation.

This bill (HSB 265) modifies retirement benefits for Iowa public safety workers (e.g., police, firefighters) in the state’s public employees’ retirement system. It increases retirement benefits for members retiring on or after July 1, 2025, by adding 0.625% per quarter of service beyond 22 years (capped at 20% total), compared to the current 0.375% (capped at 12%). It also allows earlier retirement at age 50 with 22 years of service (instead of age 55) and adds a 1.5% annual cost-of-living adjustment starting July 2025 for eligible retirees. The adjustment requires 22 years of service and age 50 at retirement, and excludes those receiving it from separate retirement dividends.