Iowa Public Employees' Retirement System

The meeting agenda included the CEO Report, a discussion on the 2026 Legislative Session, Administrative Rules Review, and various staff reports covering member operations, investments, appeals, and strategy. Key discussions during the CEO Report included the confirmation of FY2027 contribution rates for Regular, Protection Occupation, and Sheriff/Deputy Sheriff members, and the authorization of expenditure for renewing IPERS' membership in the National Institute on Retirement Security. The Committee also discussed the final Iowa DOGE Task Force report and passed a resolution expressing support for IPERS' current plan design. Staff reports detailed member demand measures, digital retirement applications, and an ongoing 'Did You Know' campaign. The investment update noted the IPERS Trust Fund balance was $48.7 billion, with a fiscal year return of 9.87% as of June 30, 2025. The committee also discussed upcoming administrative rule changes related to the Governor's red tape review.

The Benefits Advisory Committee meeting included the CEO Report, which covered the FY2027 Contribution Rates for Regular, Protection Occupation, and Sheriffs/Deputy Sheriffs members. The committee authorized the expenditure of $7,600 to renew IPERS' membership in the National Institute on Retirement Security. Additionally, the committee discussed the 2026 Legislative Session and voted to draft a resolution supporting IPERS' current plan design, based on the final Iowa DOGE Task Force report. Staff reported on the November Dividend Adjustment, which will result in a 2.67% adjustment for approximately 818 recipients totaling $2.09 million. Updates were also provided on member operations, the IPERS 'Did You Know' campaign, and the IPERS on the Road event. The investment market update noted the IPERS Trust Fund balance was $48.7 billion, with a 9.87% investment return for the fiscal year ending June 30, 2025.

The meeting included an actuarial education session that explained actuarial principles, the actuarial valuation process, and an analysis of the June 30, 2024, valuation results. A capital market update and benchmark education session was conducted, outlining Wilshire's forward-looking capital market assumptions. An overview of active risk management at IPERS was presented, explaining risk tolerance, strategic asset allocation, and the active risk budget.

The meeting included a CEO report that provided updates on staffing, organizational changes, and strategic initiatives, including the hiring of new retirement benefit officers and key retirements. The FY2027 budget was reviewed, noting it is funded entirely by member and employer contributions. IPERS' investment performance for FY2025 was presented, with the portfolio returning 9.87%. The annual asset allocation review suggested opportunities to rotate out of growth assets, decrease risk, and improve liquidity. There were also reviews of the securities lending program, beta and alpha reports, private markets program, and risk report.

The meeting included membership elections for three voting positions, with the School Administrators of Iowa, Iowa State Sheriffs and Deputies Association, and AFSCME being elected. A presentation on IPERS' Pension Administration Benchmarking results for FY2024 was given. Legislative updates were provided on bills IPERS is monitoring, including SF162, HF969, and HF1023. There was a discussion on the increase in member calls following the decision to default document delivery to digital and the preparation to transition call center operations to Amazon Connect. Updates were given on the Trust Fund balance and investment market conditions, as well as the Appeal Status report.