IPERS Member Handbook

INTRODUCTION

Purpose of This Handbook

The IPERS Member Handbook summarizes the retirement plan that is provided for most employees of Iowa’s schools, cities, counties, townships, state agencies, and other governmental units. This handbook explains the rights and benefits of IPERS membership in as clear and useful a manner as possible; however, it is not intended to be a complete presentation of the IPERS law and policies.

Benefits provided under IPERS differ for Special Service members—sheriffs, deputy sheriffs, and those working in other protection occupations, such as firefighters, police, correctional officers, and conservation officers. The Handbook explains what these differences are.

To help you find information that applies only to you, IPERS also publishes a variety of booklets and brochures that walk you through IPERS benefits at specific stages of your career, from membership enrollment to retirement. You may also contact IPERS and request a free printed copy.

Alternative formats containing the information in this handbook are available upon request.

Note: This handbook reflects the law as of August 2006. Some provisions will become effective at later dates, as noted. Any inconsistencies or inadvertent omissions will be resolved in favor of the law.

IPERS and Its Mission

The Iowa Legislature created the Iowa Public Employees’ Retirement System (IPERS) in 1953 to provide a dependable and economical retirement plan for Iowa’s public employees. IPERS retirement benefits are intended to help Iowa’s public employers attract and keep qualified personnel in public service. The benefits also help public employees care for themselves during retirement.

The IPERS Plan is a defined benefit plan with a qualified plan status under federal Internal Revenue Code Section 401(a). A defined benefit plan provides a lifetime benefit calculated using a formula. Your benefits grow with you during your working career. So, as your years of service and salary increase, your IPERS benefits also grow. At retirement, you receive the benefit you earned regardless of the performance of the stock market.

This plan reinforces the notion that saving for retirement is important at every stage in your life. Indeed, IPERS has been designed to supplement both Social Security and private savings. That’s why IPERS encourages its members to start saving early for retirement.

IPERS’ Safety Net

To protect you and your family against the unexpected, IPERS provides death and disability benefits in addition to monthly retirement benefits. It is important that you understand how IPERS benefits work and that you have a current beneficiary designation form on file with IPERS.

Ways to Use This Handbook

This handbook is intended to help you become better acquainted with the features of the IPERS retirement plan. You will notice that the plan’s topics—from member enrollment to retirement and beyond—follow common stages in a person’s career. Thus, early chapters focus on types of coverage, designation of beneficiaries, and how service can be earned or purchased to supplement retirement benefits. Later chapters discuss preparing for retirement, retirement itself, and how benefits are calculated. A Glossary of Terms is also included, containing definitions of many terms that may not be familiar to you. This resource can help you understand the explanations presented throughout this handbook.

Throughout this handbook, you’ll see a few symbols designed to highlight important information. These symbols are defined below:

	Important! Lets you know about things that are worth remembering and which will help you make good decisions in your retirement planning.
	Special Service Members. Tells you when information applies to Special Service members only.

But Please Don’t “Go It Alone.”

IPERS has knowledgeable staff ready to help you understand features of the IPERS Plan contained in this handbook. Our staff is familiar with the complex laws governing this state-administered pension plan, and can help you navigate through the handbook, offering additional information that you may find very helpful. They are also well-versed in your individual rights and entitlements. Contact IPERS if you have questions about the plan.