Employers' Guide to IPERS Pension Benefits That Attract and Retain Top Talent

Membership Has Rewards

IPERS membership has rewards for your employees.

Security

For over a half century, IPERS has provided Iowa’s public employees with retirement income. IPERS invests and safeguards over $19 billion in assets for members’ retirement, death, and termination benefits, and collects over $500 million in contributions from employers and members annually. The benefits paid to members are guaranteed: they are not tied to the performance of the stock market. With IPERS, members get a dependable, solid retirement investment.

A Guaranteed Benefit

Since IPERS provides a defined benefit, members don’t have to worry about monitoring where their money is invested or how the stock market performs. It’s easy and worry-free. IPERS offers the option of receiving retirement benefits as a monthly lifetime payment—which means members can never outlive their benefits.

Protection Against the Unexpected

IPERS provides death and disability benefits. These benefits provide important protection for members and their families.

If an employee dies before beginning to receive an IPERS benefit, his or her beneficiary(ies) may be eligible for a one-time lump-sum payment or monthly benefits. If an employee dies after benefits begin, his or her beneficiary(ies) may be eligible for a benefit depending on the benefit payment option elected at retirement.

Disability benefits are also available if certain requirements are met.

In many cases, a defined contribution plan provides neither death nor disability benefits to its members.

Public Accountability

The Iowa Legislature and the Governor are the Plan sponsors for IPERS. The Legislature and Governor determine benefits provided for members and oversee the administration of the Plan. These elected officials want to ensure they provide a retirement plan that meets the needs of their constituents.

Benefit Portability

Members are always entitled to 100 percent of their contributions and interest earnings.

If a member changes jobs and moves to another IPERS-covered position, the member maintains IPERS coverage. If the member takes a job with a non-IPERS-covered employer, the member may leave money in IPERS, roll over his or her IPERS account to another qualified retirement plan, or take a refund.

If a member is vested, leaves IPERS-covered employment before retiring, and decides not to leave money in IPERS, the amount the member takes with him or her may include a portion of the employer’s investment based on years of service in addition to the member’s own investment. Members become vested when they accrue 4 years of service or reach age 55 and are making contributions to IPERS, whichever occurs first.

Retirement Planning Resources

IPERS goes beyond providing guaranteed and secure retirement benefits. Through IPERS, members have access to resources to help plan for a secure retirement. They can speak one on one with a representative who can answer questions and address their individual situation. In addition, online resources and periodic mailings keep members informed about the Plan and their IPERS benefits.