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About Us

The legislature created IPERS in 1953 to replace the Iowa Old-Age and Survivors' Insurance System. Initially IPERS was a money purchase system that calculated benefits based on contributions. Today IPERS is a multiple-employer, cost-sharing, contributory defined benefit pension plan, meaning benefits are calculated with a specific formula. IPERS exists to create a secure retirement for our members and to help public entities attract and retain a quality workforce. 

IPERS takes seriously its responsibility to educate members about the plan, its attributes and how it differs from other retirement savings plans. A defined benefit plan, IPERS benefits are guaranteed for life. After members retire, they will receive the same monthly benefit for the remainder of their lives. Coupled with Social Security and members' personal savings, IPERS benefits help provide a secure retirement. 

Iowa Code chapter 97B governs IPERS and establishes it as an independent agency within the executive branch of state government. As of FY19, IPERS' Trust Fund is valued at $34 billion and pays more than $2.2 billion in benefits to retirees each year. 

Key IPERS facts:

  • IPERS represents more than 360,000 members who teach our children, maintain our roads and parks, care for our most vulnerable residents and protect our citizens. 
  • 1 in 10 Iowans is an IPERS member.
  • Iowa retirees receive the greatest share of benefit payments, $1.8 billion, collectively. Residents reinvest this money in their communities and grow the local and state economies.
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