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Each IPERS-covered employer is responsible for notifying employees of their right to this election. Eligible employees hired on or after January 1, 1999, must elect out of coverage within 60 days of hire (or eligibility). If you are eligible to elect out of coverage, you must complete and return an Election for Termination of IPERS Coverage form to your employer. If you do not elect out of IPERS coverage within 60 days after you are hired and become eligible for IPERS coverage, you automatically become an IPERS member. Your decision to elect out of IPERS coverage is irrevocable during employment with a specific employer. You may adjust this election only if you:
3. Dual Retirement Plan Coverage You cannot receive IPERS service credit for your job if the position you are in is covered by another retirement plan supported in whole or in part by public funds and you are an active member of that plan. You cannot choose to participate in IPERS for one position and in another retirement plan for a different position with the same employer. However, you can actively contribute to IPERS and be an active, contributing member of another retirement plan if you are employed in positions with two separate employers. 4. Specific Groups a. Area Agencies on Aging Employees of area agencies on aging are covered by IPERS unless—as of July 1, 1994—individual agencies provide for participation by all employees in an alternative qualified plan. b. Iowa General Assembly Members and temporary employees of the Iowa General Assembly have been eligible for IPERS coverage since January 8, 1979. Members of this group may elect out of IPERS coverage by applying to IPERS on the appropriate forms within 60 days from their date of hire or assumption of elected office. A member of the General Assembly who terminates all nonlegislative positions covered by IPERS, as well as IPERS coverage as a legislator, may file an application for retirement benefits while continuing to serve as a legislator. B. Membership Types IPERS has different types of members. Each group of members has slightly different retirement benefits, and members of each group and their employers contribute to IPERS at different rates. This handbook explains the differences in benefits and contribution rates. 1. Regular Members About 96 percent of all IPERS members are regular members. You are a regular member unless you are a Special Service member as described below. 2. Special Service Members
Special Service members who also have service as a regular IPERS member may be eligible to retire using a hybrid formula. The hybrid formula will take regular service and Special Service employment into account, unless the member has 22 or more years of Special Service credits. If this is the case, the hybrid formula will not apply. a. Protection Occupation Members
b. Sheriffs and Deputy Sheriffs Sheriffs and deputy sheriffs who are employed by county governments. C. Throughout Your Career as a Member of IPERS
1. Member Identification Number Upon becoming a member of IPERS, a unique member identification number will be issued to you so you can access your account. 2. Designating a Beneficiary When you become an IPERS member you need to file an IPERS Enrollment/Beneficiary Designation form, naming the person(s) who will be eligible for any benefits payable upon your death. It is essential that you make sure IPERS has a current IPERS Enrollment/Beneficiary Designation form on file for you so that IPERS can carry out your wishes upon your death. If you die and have not designated a beneficiary, your estate may become your beneficiary. Legal documents, such as wills, dissolutions, assignments, or court orders (other than Qualified Domestic Relations Orders [QDROs], which divide benefits in a divorce), do not supersede the designation of beneficiary filed with IPERS. For more about QDROs, see If You Divorce, in this handbook. a. Payments to Minors When designating a beneficiary, keep in mind that IPERS cannot make payments directly to minors. If the amount to be paid to the minor is under $10,000, IPERS can make payment to an adult as custodian for the minor. If the amount is $10,000 or more, the amount must be paid to a court-established conservator. Alternatively, if the minor will turn 18 within the applicable time period for making a distribution, the minor can wait and apply upon reaching age 18. The minor’s legal guardian should contact IPERS to ensure that waiting to claim a death benefit will not cause the death benefit to be forfeited. b. Changing Beneficiaries You may change your designated beneficiary by completing and submitting a new Enrollment/Beneficiary Designation form. If you are a retired reemployed member, your most recent beneficiary designation governs all death benefits that are payable.
c. When Signatures Are Required If you are married, your beneficiary designation must be signed by your spouse and witnessed by a disinterested person. If, after reasonable efforts, you are unable to locate your spouse, you may submit a sworn statement asserting your spouse cannot be located and file an Enrollment/Beneficiary Designation form without the usual spousal consent. IPERS is held harmless in acting upon your sworn statement if the missing spouse later comes forward. If either you or your beneficiary has a name change, make sure you contact IPERS to update and sign all applicable documents. d. If Your Beneficiary Dies It is important that you promptly file a new IPERS Enrollment/Beneficiary Designation form if your designated beneficiary dies or other circumstances warrant a change. If your beneficiary dies before you do and you do not name a new beneficiary, or if you have not designated a beneficiary, your estate may become your beneficiary. e. Death Benefit Payment Deadline Generally, your designated beneficiary must apply for a lump-sum death benefit within five years from the date of your death or the benefit is forfeited. A longer period may apply if your spouse is your designated beneficiary. A shorter claim period also may apply, depending on Internal Revenue Service rules for required minimum distributions of accounts.
f. If You Obtain a Refund If your public employment terminates and you obtain a refund, your beneficiary designation is canceled. If you return to covered employment, you must file a new IPERS Enrollment/Beneficiary Designation form. g. Obtaining Enrollment/Beneficiary Designation Forms An IPERS Enrollment/Beneficiary Designation form is located in the back of this handbook and is available on our Web site. You may also contact IPERS to have a form sent to you. 3. Benefits Statements for Members and Retired Reemployed Members By June 30 of each year, IPERS prepares statements for nonretired and retired reemployed members showing your accumulated service credit for the preceding calendar year. Your statement includes a summary of the covered wages your employer(s) reported to IPERS, the contributions you made, interest on the contributions, your designated beneficiary, and information about your accrued benefits. a. Mailed Statements You will receive your benefits statement in the mail if IPERS has an address for you. You should review your statement for accuracy and be sure the address on the statement is current. A current address on your IPERS account will ensure that statements and other information are delivered promptly. Retirees do not receive statements unless they have active wages because of reemployment. b. Online Viewing and Printing of Your Benefits Statement You may view and print your current statement on the IPERS Web site. A sample interactive statement, which provides clear explanations for the content displayed, is also available. 4. Name and Address Changes It is important for you or someone legally responsible for your business affairs to advise IPERS of changes in your name and address. You can update your address when you access your online IPERS account. You may also make changes by calling 1-800-622-3849 or by writing us. A Name or Address Change form is available. This form should be used for change of name or address only. For beneficiary changes, see Section 2 above. 5. Supplemental Accounts for Active Members (SAAM) In 1998, the General Assembly enacted legislation that authorized supplemental accounts for active members (SAAM). These accounts were established to allow IPERS to return contributions that exceed the amount needed to pay benefits being earned by current employees (active members). IPERS has never used the accounts because contributions have not been sufficient to pay for the benefits being promised to members. Funds in the supplemental accounts would be distributed as follows:
6. IPERS’ Role in Your Retirement Planning The role of IPERS is to manage and administer a pension plan for covered public employees. IPERS strives to ensure that IPERS members have access to the very best information available about their rights and options under the plan.
In order to have enough money for retirement, it is important that you set aside additional savings from each paycheck when possible. One of the most cost-effective ways to save for retirement is to take advantage of the tax-deferred savings vehicles offered by many public employers. Two examples of these programs are:
For further information about programs your employer offers, contact your personnel office or human resources department. If you are a state employee, you can contact your Deferred Compensation Plan Administrator at 515-281-8673. The advantage of tax-deferred savings vehicles over most other types of investments (mutual funds, stocks and bonds, certificates of deposit, and money market accounts) is that taxes on both contributions and earnings are deferred until you become eligible to receive those funds. The longer you have to invest (generally, the younger you are), the greater the advantage. |
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IPERS Member Handbook
If your employment began after July 4, 1953, and before June 30, 1965, you became an IPERS member upon the first day of the first month following your hire date. Since July 1, 1965, you become an IPERS member on the first day for which you receive IPERS-covered wages. 
Special Service members are those in some type of public safety position. They make up about 4 percent of IPERS’ total membership. There are two types of Special Service members: protection occupation members and sheriffs/deputy sheriffs.
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