November dividend
A November dividend is guaranteed under Iowa Code section 97B.49F(1) for members who retired June 30, 1990, or earlier. This dividend is intended to help offset the negative effects of postretirement inflation. It is paid once a year.
The formula used to figure the dividend amount:
- Includes a base payment which is guaranteed by law.
- May apply a percentage multiplier to the base payment to increase the amount of the dividend. (The multiplier is applied only if IPERSβ actuary certifies that the increase can be supported by current contribution rates.)
Favorable Experience Dividend (FED)
For members who retired after June 30, 1990, and before March 1, 2013, a Favorable Experience Dividend (FED) Reserve Account was established under Iowa Code section 97B.49F(2). Like the November dividend, the FED was intended to help offset the negative effects of postretirement inflation.
The final FED payments were made in January 2014, exhausting the FED account. By law, IPERS cannot transfer additional funds into the FED account until the Trust Fund is fully funded.
Annual adjustment of allowance
Sheriffs/Deputy Sheriffs members who retire on or after July 1, 2024, may annually receive a 1.5% cost-of-living (COLA) adjustment.
Sheriffs/Deputy Sheriffs members who are eligible for the COLA must meet these criteria:
- You are vested.
- You are at least 50 years old when you end employment as a Sheriff/Deputy Sheriff.
- You have at least 22 years of eligible service. Eligible service includes time worked in Sheriffs/Deputy Sheriffs or Protection Occupations groups.
- You retire on or after July 1, 2024.
- You end IPERS-covered employment as a Sheriff/Deputy Sheriff.
Note: Sheriffs/Deputy Sheriffs members who retire with special service disability benefits are not eligible for the COLA.