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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.
Investment Board
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.
Benefits Advisory Committee
The Iowa Legislature created the Benefits Advisory Committee (BAC) to consider and make recommendations about member benefits and services to IPERS and the legislature. The Committee represents major member, employer and retiree associations and includes members with extensive experience in education, public safety, workforce development, human resources and other disciplines. While Iowa law names the constituent groups to serve on the BAC, each association chooses its BAC representative.
Iowa Code
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
Administrative rules provide more detail about how federal and state laws governing IPERS are implemented.
Executive Order 10 - Rule Making Information
Pursuant to Executive Order 10, the Iowa Public Employees’ Retirement System will review its existing Administrative Rules no later than December 31, 2026. More information about Executive Order 10 is available on the Iowa Department of Management’s website.
Valuation
One of the most important responsibilities of IPERS is to assess the value of the Trust Fund and its ability to pay benefits for members into the future. This assessment is called an actuarial valuation. IPERS hires independent, professional actuaries to make this assessment.
The actuary recommends assumptions and methods to be used in valuing current and future liabilities as reported in the annual valuation. The assumptions and methods are also used to determine required contribution rates.
2023 Actuarial Valuation
CavMac completes an annual Actuarial Valuation to analyze IPERS’ financial and actuarial standing. IPERS uses the information to determine contribution rates and more.