The Iowa Legislature and the Governor are the plan sponsors and IPERS is the plan administrator. Rules and regulations for administering pensions for public employees are governed by federal laws enacted by Congress and state laws (Iowa Code) passed by the Iowa Legislature. The IPERS Investment Board and the Benefits Advisory Committee oversee IPERS.
The Iowa Legislature created the IPERS' Investment Board to establish policies and hire professional service contractors for IPERS’ investment and actuarial programs. The Board holds quarterly public meetings to review actuarial findings and investment performance, and to adopt actuarial assumptions and investment policies.
Chapter 97B contains current Iowa law governing IPERS. The law defines who participates in IPERS, what benefits are provided and contributions paid by employees and employers.
Administrative rules provide more detail about how federal and state laws governing IPERS are implemented.