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In 2007, CEM Benchmarking Inc., a private company that independently rates public pension systems, concluded IPERS’ is a high quality, low cost service provider. CEM determined IPERS’ benefit administration cost for the previous year was $36 per active member and retiree. This was less than half the median cost of $69 for other pension agencies. At the same time, IPERS’ service rating was higher than the median rating for other pension systems.

CEM compared IPERS’ returns to 129 U.S. pension funds and our costs to a peer group of 21 pension funds similar in size. IPERS was in the low cost category. However, investment performance was slightly below the benchmark (-0.10%), placing IPERS in the negative value added category. The study indicated that over the past five years investment performance suffered because IPERS was below its target allocation to private equity. Investment strategies in the domestic and international equity portfolios also hurt performance. IPERS is changing approaches and working to improve returns from active management in these asset classes.

Every year the Iowa State Auditor's Office conducts an audit of IPERS’ financial operations. A copy of the auditor’s letter is published in IPERS’ Comprehensive Annual Financial Report (CAFR). IPERS follows the standards of the Government Finance Officers Association (GFOA) when preparing the CAFR, and has received repeatedly a Certificate of Achievement for Excellence in Financial Reporting from the GFOA.