House Study Bill 585 - Introduced SENATE/HOUSE FILE _____ BY (PROPOSED IOWA PUBLIC EMPLOYEES’ RETIREMENT SYSTEM BILL) A BILL FOR An Act relating to matters under the purview of the Iowa public 1 employees’ retirement system, and including effective date 2 provisions. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 5302XD (2) 91 sc/ns

S.F. _____ H.F. _____ Section 1. Section 97B.17, subsection 1, Code 2026, is 1 amended to read as follows: 2 1. The system shall establish and maintain records of 3 each member, including but not limited to the amount of wages 4 of each member, the contributions made on behalf of each 5 member with interest, interest dividends credited, beneficiary 6 designations, and applications for benefits of any type. The 7 records may be maintained in paper, magnetic, or electronic 8 form, including optical disk storage, as set forth in chapter 9 554D . The system may accept , but shall not require, electronic 10 records and electronic signatures to the extent permitted under 11 chapter 554D . These records are the basis for the compilation 12 of the retirement benefits provided under this chapter . 13 Sec. 2. Section 97B.17, Code 2026, is amended by adding the 14 following new subsection: 15 NEW SUBSECTION . 6. The system may release the legal name of 16 a member or beneficiary to the treasurer of state for purposes 17 of assisting the system in locating the member or beneficiary. 18 Sec. 3. Section 97B.18, Code 2026, is amended to read as 19 follows: 20 97B.18 Statement of accumulated credit. 21 After the expiration of each calendar year and prior to July 22 1 of the succeeding year , the system shall furnish each member 23 with a statement of the member’s accumulated contributions and 24 benefit credits accrued under this chapter up to the end of 25 that calendar year over the prior four quarters and additional 26 information the system deems useful to a member. The system 27 may furnish an estimate of the credits as of the projected 28 normal retirement date of the member under section 97B.45 . The 29 records of the system as shown by the statement as to the wages 30 of each individual member for a year and the periods of payment 31 shall be conclusive for the purpose of this chapter , except as 32 otherwise provided in this chapter . 33 Sec. 4. Section 97B.48, subsection 6, Code 2026, is amended 34 to read as follows: 35 -1- LSB 5302XD (2) 91 sc/ns 1/ 3

S.F. _____ H.F. _____ 6. Effective July 1, 2005, monthly Monthly retirement 1 allowance payments shall be directly deposited without charge 2 to a retired member’s account via electronic funds transfer. 3 A In lieu of electronic funds transfers, a retired member 4 may elect to receive monthly allowance payments in the form 5 of a reloadable payment card for which the system shall not 6 charge an administrative fee, or as paper warrants in lieu 7 of electronic funds transfers, but for which the system 8 shall charge an administrative fee for processing such paper 9 warrants . However, the system may, for good cause shown, waive 10 the administrative fee. The fee may be automatically deducted 11 from the monthly retirement allowance before the warrant is 12 issued to the retired member. 13 Sec. 5. EFFECTIVE DATE. This Act, being deemed of immediate 14 importance, takes effect upon enactment. 15 EXPLANATION 16 The inclusion of this explanation does not constitute agreement with 17 the explanation’s substance by the members of the general assembly. 18 This bill strikes a prohibition on the Iowa public 19 employees’ retirement system (IPERS) requiring electronic 20 records and electronic signatures of members to the extent 21 permitted under Code chapter 554D (electronic transactions —— 22 computer agreements). The bill also allows IPERS to release 23 the legal name of a member or beneficiary to the treasurer of 24 state to assist IPERS in locating the member or beneficiary. 25 The bill removes the requirement for IPERS, between January 26 and June of each calendar year, to provide each member with a 27 statement of the member’s accumulated contributions and benefit 28 credits accrued up to the end of the prior calendar year and 29 instead requires IPERS to provide each member a statement 30 reflecting the prior four quarters during each calendar year. 31 Under current law, a retired member can receive monthly 32 retirement allowance payments via electronic funds transfers 33 or, with the cost of an administrative fee, as paper warrants. 34 The bill provides a third option, allowing a retired member to 35 -2- LSB 5302XD (2) 91 sc/ns 2/ 3

S.F. _____ H.F. _____ choose to receive monthly payments in the form of a reloadable 1 payment card without being charged an administrative fee. 2 The bill takes effect upon enactment. 3 -3- LSB 5302XD (2) 91 sc/ns 3/ 3