SF 2297 (LSB 5302SV (2) 91)

SENATE FILE 2297

BY  COMMITTEE ON STATE GOVERNMENT

(SUCCESSOR TO SSB 3038)

A BILL FOR

An Act relating to matters under the purview of the Iowa public employees’ retirement system, and including effective date provisions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 97B.17, Code 2026, is amended by adding the following new subsection:
   NEW SUBSECTION.  6.  The system may release the legal name and city of last known address of a member or beneficiary to the treasurer of state for purposes of assisting the system in locating the member or beneficiary.
    Sec. 2.  Section 97B.18, Code 2026, is amended to read as follows:
   97B.18  Statement of accumulated credit.
   After the expiration of each calendar year and prior to July 1 of the succeeding year, the system shall furnish each member with a statement of the member’s accumulated contributions and benefit credits accrued under this chapter up to the end of that calendar year over the prior four quarters and additional information the system deems useful to a member. The system may furnish an estimate of the credits as of the projected normal retirement date of the member under section 97B.45. The records of the system as shown by the statement as to the wages of each individual member for a year and the periods of payment shall be conclusive for the purpose of this chapter, except as otherwise provided in this chapter.
    Sec. 3.  Section 97B.48, subsection 6, Code 2026, is amended to read as follows:
   6.  Effective July 1, 2005, monthly Monthly retirement allowance payments shall be directly deposited without charge to a retired member’s account via electronic funds transfer. A In lieu of electronic funds transfers, a retired member may elect to receive monthly allowance payments in the form of a reloadable payment card for which the system shall not charge an administrative fee, or as paper warrants in lieu of electronic funds transfers, but for which the system shall charge an administrative fee for processing such paper warrants. However, the system may, for good cause shown, waive the administrative fee. The fee may be automatically deducted from the monthly retirement allowance before the warrant is issued to the retired member.
    Sec. 4.  EFFECTIVE DATE.  This Act, being deemed of immediate importance, takes effect upon enactment.
EXPLANATION
The inclusion of this explanation does not constitute agreement with
the explanation’s substance by the members of the general assembly.
   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.