Employee Handbook
Section 7 — Employee Benefits
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Section Number: |
7.3 |
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Section Title: |
Retirement Programs |
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Adoption Date: |
October 1, 2004 |
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Most Recent Update: |
July 1, 2014 |
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Applicability: |
Regular Full-time, Regular Part-time, Seasonal/Temporary, Intermittent |
IPERS is a qualified, defined benefit Retirement plan that covers all regular full-time, regular part-time, intermittent, paid-on-call firefighters, and some seasonal/temporary employees after they qualify under IPERS.
See the IPERS Member Handbook for specific details of this plan and for additional information or call a representative of IPERS. All statements of coverage are subject to the terms, conditions, restrictions and other eligibility requirements set forth under the plan document, which is the final word in terms of eligibility and coverage.
The IPERS Address Change Form can be found on the IPERS web site.
Employees are responsible for changing beneficiary designations and other membership information (such as change in address or name change) as appropriate. Contact Human Resources to submit an IPERS Membership Information and Beneficiary Designation Form.
MFPRSI is a qualified defined benefit Retirement plan that covers all regular full-time firefighters and police officers, including command staff.
See the MFPRSI Member Handbook for specific details of this plan and for additional information or call a representative of MFPRSI. All statements of coverage are subject to the terms, conditions, restrictions and other eligibility requirements set forth under the plan document, which is the final word in terms of eligibility and coverage.
Link to MFPRSI web site
The purpose of the Deferred Compensation Plan is to provide a supplement to regular full-time and three-quarter time employees’ Retirement plans. The plan will be administered as authorized by Section 509A.12, Code of Iowa.
All regular full-time and three-quarter time employees can defer up to an amount allowable by federal law. Non-union, Exempt employees employees are eligible for a City match of 3 percent, up to a maximum of $50 per pay period with a maximum of $1,300 per year after six months of full-time employment.
An employee may elect to participate or revoke an agreement to defer compensation by notifying the City in writing 15 days prior to the commencement of any pay period. An employee who revokes an agreement to defer compensation may again become a participant no earlier than six months following withdrawal or revocation by notifying the City in writing 15 days prior to the commencement of the eligible pay period. Contact Human Resources for participation forms.
At Retirement, employees are able to redirect their unused vacation and/or their sick accrual, as stated in Section 6.4, Paid Sick Leave, to their Deferred Compensation Account as long as the agreement to contribute is made prior to the date the amount becomes payable. The total contributions made to the employee's Deferred Compensation Account cannot exceed the annual limit determined by the IRS, including the use of applicable catch-up provisions.
Employees interested in this option must complete a Joinder Agreement and submit it at least one week prior to the date the sick and/or vacation becomes payable.
All statements of coverage are subject to the terms, conditions, restrictions and other eligibility requirements set forth under the plan document, which is the final word in terms of eligibility and coverage.
Under Iowa Code Section 509A.13, regular employees who retire with the City and were enrolled in the City’s health plan and are under the age of 65, are eligible to continue participation in the City’s group health plan at the retiree’s expense until age 65.
Under Iowa Code Chapter 509(B), the eligible (as stated above) retiree’s spouse is also eligible to enroll in the City’s health plan, if the spouse is under the age of 65 and was covered under the plan at the time of the employee’s Retirement. The cost of the health plan will be the retiree’s expense.
Retirees are not eligible for continuation of the dental plan under Iowa Code Chapters 509(A) or (B).