%%EOF Stay informed, subscribe to receive updates. hbbd```b``ai d V &$XLD0DvH R!l3H " ?d7]He?O g On March 1, 2022, Governor Reynolds signed a tax reform bill that excludes retirement income, including IPERS benefit payments, from Iowa income taxes. Iowa exempts all Social Security income from income taxes and provides a deduction on other types of retirement income for tax year 2022 (which gets filed in 2023). Des Moines, Iowa ipers.org Joined March 2015. If one spouse does not meet one of the above conditions, retirement income attributable to that spouse is not eligible for the exclusion. endobj This guidance describes some of those changes. hb```e``*|@(1K9*m "{x+7^{E1-b^e7J\/,tKmq\lXZ'nQ8-+ k h_jUW6\Jp|Yk7 What should I do when Im ready to retire? Des Moines Public Schools offers a generous benefits package including: IPERS. IPERS Retirement Options What are the best IPERS payout options for you. Please call 800-622-3849 or use the Iowa Relay Service at 888-516-4692, Election for Termination of IPERS Coverage, Employer Account/Reporting Official Demographics. Plan administrators who are aware that they have erroneously withheld Iowa income tax on qualifying retirement income in 2023 must repay the overwithheld amount to the recipient by the end of 2023. The Department is in the process of drafting administrative rules to further explain which types of retirement plans qualify for the retirement income exclusion. The information on this page will help you know whether you are eligible for the exclusion and how you can continue to claim Iowa withholdings if you choose to. If the recipient does not have any income from the plan administrator subject to Iowa income tax, the plan administrator must use the first option. < *# Overview of Iowa Retirement Tax Friendliness. The taxable portion of pensions and annuities is reported by the spouse who received the income. 207 0 obj or, you can schedule an appointment to meet with an ipersrepresentative face-to-face. Federal Civil Service annuitants who want Iowa taxes withheld from federal pensions should contact the Officeof Personnel Management at 888-767-6738 or retire@opm.gov. However, if your spouse or dependent survive you and would be dependent on your IPERS income, this may be a very poor choice. Distributions from an Employee Stock Ownership Plan (ESOP) as defined in section 4975(e)(7) of the IRC. This just means that you'll pay Federal and Iowa income taxes once the pension starts in retirement. These benefits should not be included on this line. The official Twitter account for IPERS. The plan administrator may then file an amended withholding tax return and request a refund of tax paid that was not due. The guaranteed lifetime monthly benefit payment is calculated using a formula based on years of service and highest average salary. For all IPERS members within five years of retirement and their spouses. endstream Stay informed, subscribe to receive updates. This is the most common option and one that we typically recommend to clients. The lump sum amount can be used to make sure your survivors have money needed for retirement living expenses, medical care, or a gift for family. Distributions from individual retirement plans (IRA) authorized under section 408 of the Internal Revenue Code (IRC). Arnold & Mote Wealth Management is a fiduciary, fee-only financial advisor serving Cedar Rapids, Iowa City, and surrounding areas. IPERS. %PDF-1.5 % 1334 0 obj <>stream Copyright Iowa Department of Revenue |, 55 years of age or older on December 31 of the tax year, or. IPERS membership also includes inactive members who no longer pay into the system but still have money in the trust fund. xc```a``; C #wq[Q ~> This guidance describes some of those changes. Arizona State LB Kyle Soelle () Michigan State DL Jacob Slade Media. With over 325,000 members and 2,200 covered employers, IPERS is the largest public retirement system in Iowa. %PDF-1.5 % Request a refund. ^E(x!/PO[d_ 0 5jH! %PDF-1.6 % As of now, the Department has determined that distributions from the following plans qualify for the exclusion: If you have questions about whether a plan not listed above qualifies under the retirement income exclusion, please submit a tax guidance request. 4 ABOUT IPERS Strength in Numbers: Our Membership IPERS covers most Iowa public employees. If you still want Iowa withholdings, or if you want to change your federal withholding, please complete and submit the state and/or federal W-4P form in the Forms section. If a payee does not qualify for the retirement income exclusion, the plan administrator is required to withhold Iowa income tax from these payments on the basis of tables and formulas available on the Departments Withholding Tax Information page or withhold Iowa income tax from these payments at the rate of 5 percent. 129,000 retired members. How much will that lump sum designation impact your monthly benefits? Only military retirement pay received from the Defense Finance and Accounting Service (DFAS), or a similar source, is eligible for the exemption. Report a death T 3 F7 c9vOR(qYgXp53.be2@/Bt Gt';vR28LOO|Oq>7_&}n!nNt[. <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]/Font<>>>/MediaBox[ 0 0 612 792]/Type/Page/Parent 111 0 R /Contents 216 0 R /Rotate 0/CropBox[ 0 0 612 792]/Annots[ 250 0 R 263 0 R 252 0 R ]/Tabs/S/Group<>>> hXmO@+s6CTR2iCBsoB\h0J[`70\5;;~5M6t6WQ.fq|T x~5oLh8+hgxVt 209 0 obj 1320 0 obj <>/Filter/FlateDecode/ID[<6D4C916FE860F148A3CF0864FBA8E51F>]/Index[1305 30]/Info 1304 0 R/Length 89/Prev 365379/Root 1306 0 R/Size 1335/Type/XRef/W[1 3 1]>>stream The maximum wage that counts towards the contribution percentage is $330,000 for 2023. %%EOF On March 1, 2022, Governor Reynolds signed a tax reform bill that excludes retirement income, including IPERS benefit payments, from Iowa income taxes. IPERS distributes benefit payments on the last business day of each month. IPERS offers retirement benet stability and security that members can count on. /T) P 8CR=) P C-j)v 5 xcbd``d``R 4{8B3u 5' dldd0 @($ xEQDZsYH4Wx\^@A{Q4 ?G Replies. jO@!*EM#>*rhc cnaqqzmOX1"4[L>f3zgfg'~@y5c#Pht|`Ta/>C,(%p Q&\G0$/Mm.hs&>o Schedule a counseling session endobj The Iowa Public Employees Retirement System, designed as a supplement to Social Security, required mandatory participation by all County employees unless specifically excluded by law. Attend a retirement workshop 0 More detailed information about the state's employee benefits is offered at the Department of Administrative Services (DAS) website J0FR^+F|,.Ob$`H>*2bc+="\*(HDqj u!9C!xNdB/("u-L&9X^`}9 Hks\401=%e V+ V'`Eb@>&T3PP5]Jn;b+wl.nV`*@OroDOAW@(v48n$@ >5e-n[&R|Vx[05}\M !S+mPlay)UijBh March S M T W T F S 27 28 1 2 3 / 426 5 6 7 8 9 10 11 123 13 149 15 16 17 / 18 19 20 21 22 23 24 25 26 27 28 29 30 31 / 1 2 <>stream The retirement income exclusion covers governmental or other pension or retirement plan[s] including defined benefit or defined contribution plans, annuities, individual retirement accounts, plans maintained or contributed to by an employer, or maintained or contributed to by a self-employed person as an employer, and deferred compensation plans or any earnings attributable to the deferred compensation plans.. Copyright Iowa Department of Revenue |. kx!+Ye=As ZXmYf'FI M$R|e. Thus, plan administrators are not required to withhold Iowa tax on distributions from qualifying plans to qualifying recipients. We can help you craft a retirement plan that ensures you have a successful retirement with IPERS, and your spouse or beneficiary is protected as well. Designate or change my beneficiary % Most public employees in Iowa automatically become members of : X`A{Hp!k'$@.4!:[gtUwWwF}?u/~(p , #O! For more details, see Iowa Administrative Code rule 701302.80. Division VI of that legislation excludes retirement income from Iowa taxable income for eligible taxpayers for tax years beginning on or after January 1, 2023. The Army, Navy, Air Force, Marine Corps, and Coast Guard make up the Armed Forces. It's time to connect with the IPERS team. number of FED payments, the Reserve Account will support between two and three more years of dividend payments (January 2012, 2013, and possibly 2014). The taxpayer should file their 2023 Iowa income tax return as usual to report the amount withheld and seek a refund. Individuals who qualify for the retirement exclusion and believe tax on their retirement income is being erroneously withheld should contact their plan administrator to request a refund of erroneously withheld Iowa income tax and request that the administrator stop withholding Iowa income tax on future payments. IPERS is a sustainable IPERS is a retirement plan designed to provide secure pension benefits for Iowans in public service. Surviving spouses or other qualifying survivors who receive retirement income due to the death of an individual who would have qualified for the exclusion. 210 0 obj 253 0 obj <>stream . Contributions are income tax-deferred aside from FICA and Medicare taxes which is 7.65% in 2022. For state of Iowa employees within five years of retirement and their spouses. Request a refund. Note: Protected Occupations (Police): 9.61% Year 1-5: 6.66% of first $4,800 of budgeted salary Effective 7-1-2021: 10.00% of budgeted salary over $4,800 Year 6+: 10.00% of budgeted Salary Contribution Example $3,000.00 monthly budgeted salary Regular employee Example: retirees living in Iowa. Subscribe to Updates Footer menu About Contact Us Qualified taxpayers will take the pension / retirement income exclusion on IA 1040 line 21. You can see the entire 2021 payment schedule here: https://ipers.org/retirees/benefit-payments 1818 2 comments 1 share Share Some options pay out just for your lifetime, and stop once you pass away. If both spouses meet one of the above conditions, the taxpayers may exclude all eligible retirement income. Iowa Budget Report 2022-2023 3 IPERS Administration Mission Statement Administer a cost-efficient retirement plan that provides lifetime pension payments to public employees and serves to attract and retain a quality workforce. ?-X*x_q7ZlrpnbwB0QjL1+%Fg* )h;` R1'v Apply the overwithheld amount against future tax required to be withheld on distributions to the recipient in the calendar year, if any. Any amounts that were correctly withheld, or that were erroneously withheld and you did not notify your plan administrator about in 2023, should be reported on your 2023 Iowa income tax return and may be refundable to the extent the withheld amount exceeds your Iowa income tax liability. If you are a state or local government employee who retired after December 31, 1994, your taxable pensions and annuities on your Iowa return may be different than on your federal return. /}zAL+QvS,rLee4W>=%0Zyk`\{ CGKEf4 e`Hw@hh:T hn8_(#(ES/r:r\IN>Cuv/OcZO:~G4J#2(#B.cbRR bJHab4>`|!/=)n cV>4YsZ@cGN[mN}:~NURtyIwQw_mWLEu&XOEUT99t:aR>f:7td=gUB_x?86$Ld}4=.*xT.Rqia I=OW]i_LnQ:f=[(J~hqlUmpT O&!Mm}*6e:CjcLD]+Jz'KR!=C4 eJhF(/i..ln-*> eQ54Ho^O4!?()Gc(RCcFK-\Hs K:vnW*qM_h]];^=%}ja)fO%C\e,bv:~s rL,tOAVf^Ji u+;[xuHy>)i.|%hdEYq^5xi3*EH?e)]8N.=?'!nLokcyn l}qT`_Fql&x{ZWmfFf+WrDmSYsFg.2},E_YQNQ@tKN_ "C"Nu u]Hi'}h:!"s Z <>/Length 89/Root 207 0 R /Info 112 0 R /ID[<501EC4142B979A428E31E27A2078DDB5><0FEAE6B4504E65129C616E6BAE753B31>]>>stream In particular, retirement pay resulting from participation in the Civil Service Retirement System (CSRS) or the Federal Employees Retirement System (FERS) does not qualify for the exemption. Effective January 31, 2023, IPERS stopped withholding from retirement benefits for members who appeared to qualify for the tax exclusion. <>stream But there are some really important things to know about the payout options available for IPERS retirees before you make your election: IPERS offers 6 different retirement options. Enrollment in IPERS (Iowa Public Employee Retirement System)--a defined benefit plan; Change my address You'll get the most value from financial planning if your specific goals and needs match a firm's philosophy and services. vU"( 1`W +``f(VF$? hmS8>s+Y$tIBz QCIJvHBCqM"fIa["a0-g#Yc+Z The payroll team is also available via email. Table One Fiscal Year FED Transfer FED Payments Net Investment Income Fiscal Year-End H!+adeYZ0fV!m Follow-Up Or Individualized Responses To Consumers In A Particular State By AMWM In The Rendering Of Personalized Investment Advice For Compensation Shall Not Be Made Without Our First Complying With Jurisdiction Requirements Or Pursuant An Applicable State Exemption. %%EOF VBh./V0xHg%>a@|aCg ] On March 1, 2022, Governor Kim Reynolds signed House File 2317. 2023-2024 Salary schedule attached. 315 0 obj <>/Filter/FlateDecode/ID[<27D467FBC24A4834BDF0FC1B64D2B0C1><3E7BC94826A3FB49873FA155067799F3>]/Index[290 42]/Info 289 0 R/Length 118/Prev 739048/Root 291 0 R/Size 332/Type/XRef/W[1 3 1]>>stream This document provides highlights of the 2022 State of Iowa benefits for employees covered by the State Police Officers Council (SPOC). IPERS exists exclusively to provide retirement security for you. On March 1, 2022, Governor Kim Reynolds signed House File 2317. Benefit Payments | IPERS Retirees Home Retirees Benefit Payments IPERS distributes benefit payments on the last business day of each month (see the dates listed below). ",Bp`y].M86\h}*H`|pE$zP$ Designate or change my beneficiary IPERS' Road to Retirement tool can help you know what your membership group, age, and years worked in IPERS-covered employment mean to your journey. endobj If you need additional information beyond the resources on this page, please contact the District's Payroll Office at (319) 688-1004. 331 0 obj <>stream With this option you may designate any amount in $1,000 increments to be paid out to your beneficiaries when you pass. 7401 Register Drive,Des Moines, IA 50321, Office Hours | Contact Us | Get Directions, Iowa Public Employees Retirement System Web Policy | Social Media Policy | Sitemap, The information contained in this website is also available in alternative formats to individuals with disabilities. Each July 1: IPERS may adjust rate by no more than one percentage point. The amounts of pensions and annuities taxable for Iowa purposes are generally the same as are taxable for federal purposes, with the following exception of military retirement pay. We strongly encourage you to take advantage of our resources: Knowledgeable representatives are here to help you. We will discuss how we help clients create a successful retirement plan, and manage that plan over time. endstream endobj 1306 0 obj <. Railroad Retirement benefits paid by the Railroad Retirement Board are not taxable on the Iowa return. hbbd```b``A$'dlI`R91m$[r% RD !#. Married Separate Filers: The taxable portion of pensions and annuities is reported by the spouse who received the income. [R gmv?iky) |g "%E-5$}H23s#A(.zIB,F)bMFu^Tz/oII@#8Kiwf>/l6&Zlf]3 jy{#~}ow'bL)q^r9}]k{{97M}>lkB-H[z\N-_ g55(~jDhnKI%eiDiY=$t'xQEK[:14h?N[%H__V>!.g^[ 0qG qmM [$Z5bJ$+bEX%kDb#6I$fH$)&b;A"5MX)XXX6=ab/XtL,M&&30~&EXT9O" XbQB, $2,041 Average monthly benefit 1953 IPERS is created by the Iowa legislature. Qualified taxpayers will take the pension / retirement income exclusion on IA 1040 line 21. Iv)i*Ef$p]`lwTrY&k!v210p $40.13 Billion IPERS Trust Fund Calendar Apr Retirement Benefit Checks Mail However, Iowans age 55 and older will be exempt from paying state taxes on retirement income for tax year 2023 (which will get filed in . Cqv2aXpl%3,QC~:?[]; cc\a:WM{Wn;$;j".78Tm(^LA9}N9>PK4ZhZ;5pv? 9')|~ o' endstream endobj 216 0 obj <> endobj 217 0 obj <> endobj 218 0 obj <>stream What is important to understand when making this election is how much income you need in your retirement plan, and how much your spouse or family would need in your passing. 0 Beginning January 1, 2023, income from the following sources of retirement income may be excluded from Iowa income taxes: The following individuals qualify for the exclusion: *To be considered disabled you must be receiving retirement income on the basis of a documented disability or you must meet federal or state criteria for a disability. Each signing is a report and not an official team announcement, unless there is no source alongside the signing Arizona Cardinals . 2023 Payment Schedule hb```,B cb-+n40f0%HOX x- )w'Kq#.:=: 0bh@7H2i^ Y pa7 +5267^sX1S2H%ceX.430^6+4OYg8 imIbu _6 Estimate my benefits Most IPERS benefits are subject to federal income taxes but are excluded from Iowa income taxes under certain conditions. The Iowa Department of Revenue (Department) will update this guidance and administrative rules in the near future to . @IPERSinfo. call ipers at 515-281-0020 or toll-free at 1-800-622-3849 with your questions. endstream endobj startxref 'I want to select' dropdown menu - please choose the desired action We will withhold taxes from your retirement benefit, per your direction. $ 602,349,480$ (452,218,580)$ 220,593,133 IPERS pays the FED with the regular monthly benefit in January. All Information Or Ideas Provided Should Be Discussed In Detail With An Advisor, Accountant Or Legal Counsel Prior To Implementation. Learn about vesting To qualify for the retirement income exclusion, the taxpayer must be: For married couples, the retirement income exclusion is only applicable to a spouse who meets one of the above conditions. This is called a single life annuity and is option 3 in the image above from the IPERS member handbook page explaining the retirement options available for IPERS recipients. IPERS, an independent agency within the executive branch of state government, has provided a pension plan for Iowa's public employees for over 65 years. <> oX@ 6A!@@ : ?g0\eC6{l|revs@).w3HC2RxN`0@ hy All Written Content On This Site Is For Information Purposes Only. Payroll & Benefits Resources This page provides information and answers to many questions regarding payroll and benefits. Simply click "Start Now" and you'll be speeding toward understanding your individual retirement information. Do not take the pension / retirement exclusion on this line. The FED amount is calculated by multiplying a retiree's benefit by the number of years retired, and by a percentage, not to exceed 3.0%, determined by IPERS. If that day falls on a weekend or holiday, payments will be issued on the last business day of the previous month. 1 0 obj << /Type /Page /Parent 14 0 R /Resources 2 0 R /Contents 3 0 R /Thumb 6 0 R /MediaBox [ 0 0 612 792 ] /CropBox [ 0 0 612 792 ] /Rotate 0 >> endobj 2 0 obj << /ProcSet [ /PDF /Text ] /Font << /TT2 30 0 R /TT4 29 0 R /TT6 36 0 R >> /ExtGState << /GS1 52 0 R >> >> endobj 3 0 obj << /Length 4716 /Filter /FlateDecode >> stream <>stream Let's learn more about each other. Any of these options will pay you a monthly benefit for your retirement. D'O>mgm:C]:e--7y!MMi^R2;1j!H{+.+__?BZG(5=)Y+XS!6J}I\s67tMznv=OxTjPmW%m:+y*$-DPQ"/-m$IzzIQd#[w6Y>@D2kJQdz&K-hnE3I&?G" "|:hlM1R,YK81: >2!a%; |tqvmA,ds\:MWTE= I2 .zo,DS0R[L7v4&^"mCev&Cs. The IPERS pension system is a great option for many Iowa retirees. 207 Following. Since it is only a summary, it cannot be considered a legal document. If you will be retiring, IPERS will withhold Iowa income tax unless you indicate on your Iowa W-4P that your IPERS benefits are excluded. 290 0 obj <> endobj Iowa Budget Report 2022-2023 2 This page left intentionally blank. Material Presented Is Believed To Be From Reliable Sources And No Representations Are Made By Our Firm As To Another Parties Informational Accuracy Or Completeness. Keep up with the undrafted rookie free-agent signings with a team-by-team list of player acquisitions following the 2023 NFL Draft. Refund the overwithheld amount directly to the recipient and obtain a written receipt showing the date and amount of the repayment from the recipient. The County contributes an additional rate. Transfers occur on January 15. EJ4,0)4S%v+4zC6N1,K10Z85sa6GUAW]Gr$#^)j }(rWpWU\}!c3W4,Q& $yvP. Legislative Update. %PDF-1.3 % Attend a retirement workshop Go to Line 8 Go to Line 10 Print Stay informed, subscribe to receive updates. . IPERS Retirees: On Wednesday, your benefits get direct deposited. 31 Mar . For FY 2022 and for FY 2023, the annual contribution rate for Regular Membership is 15.73%, of which 9.44% is paid by the employer and 6.29% is paid by the employee. ? R |: :`U IPERS is a defined benefit plan funded through endstream endobj startxref IPERS is a sustainable Are you within five years of retirement? Retirement pay for military service in the United States Armed Forces, the Armed Forces Military Reserve, or the National Guard is eligible for exemption from Iowa income tax and is not included on line 9, without regard for age or disability. hJA_>Aw@+H)- The Presence Of This Website On The Internet Shall Not Be Directly Or Indirectly Interpreted As A Solicitation Of Investment Advisory Services To Persons Of Another Jurisdiction Unless Otherwise Permitted By Statute. May 18, 2023 09:00 AM-May 18, 2023 03:00 PM. 1305 0 obj <> endobj If you need to think through the long term income plan of your retirement, and how the 6 different IPERS payout options fit into that plan, please reach out and schedule a free 30 minute meeting with us. 208 0 obj endobj Report a death startxref %PDF-1.7 +7#q8+% y XE;/i> yf"P#-R/G b0Z From Page 40 of the 2022 IPERS member handbook Single Life Annuity Some options pay out just for your lifetime, and stop once you pass away. rcdTA4v8v)# Arnold & Mote Wealth Management LLC only offers investment advisory services where it is appropriately notice-filed or exempt from notice-filing. Learn about vesting I want to I want to endstream endobj 254 0 obj <>stream 4R55C}NwRYo)Z2* Retirement Benefit Direct Deposit payments. The plan administrator may require the individual to complete a new IA W-4P claiming exemption from withholding. Election for Termination of IPERS Coverage ; Name or Address Change ; Request for IPERS Benefit Estimate . A surviving spouse or a survivor having an insurable interest in an individual who has qualified for the exclusion in the tax year on the basis of age or disability. The Iowa Public Employees' Retirement System (IPERS) is a University Sponsored Retirement plan option that offers a defined benefit at retirement. There is a $3,000.00 hiring bonus for this position paid over 72 pay periods (3 years). IPERS does have a vesting formula that was updated in July . endobj H,5)kl7Gk6JQ )uM2$WP'A,H?`1 272 0 obj Set up My Account OPERS Benefit Payment Schedule Saturday, April 15 from 6:00 p.m. to 10 p.m. Account Login 2023 OPERS benefit payment schedule Pension benefit payments will be issued on the first business day of the month. The information on this page will help you know whether you are eligible for the exclusion and how you can continue to claim Iowa withholdings if you choose to. May 22, 2023 01:00 PM-May 22, 2023 04:00 PM, May 26, 2023 08:00 AM-May 26, 2023 04:00 PM, May 31, 2023 08:00 AM-May 31, 2023 04:00 PM, Election for Termination of IPERS Coverage, Employer Account/Reporting Official Demographics. There are others that just pay a lump sum to your beneficiaries after you pass. This is another option that requires planning to effectively put in place. endobj Schedule a counseling session Table One below shows the funding and payment history and the estimated year-end balance of the Reserve Account. 205 0 obj That amount can be anywhere between 25% and 100% of your regular monthly retirement pension benefit. It is important to know that the main difference in each of these options is the difference of what your surviving beneficiary receives after your death. 'I want to select' dropdown menu - please choose the desired action x]j0~ $2.5 Billion Benefits paid annually 70% Investment income pays the majority of IPERS' benefits. 6,262 Number of retirees 22.2 Average years of service at retirement. A survivor other than the surviving spouse is considered to have an insurable interest if the survivor is a son, daughter, mother, or father of the annuitant or pensioner. Set up My Account Please call 800-622-3849 or use the Iowa Relay Service at 888-516-4692 . If IPERS is only a minor piece of your retirement plan, or if your survivors would not be burdened by your passing and loss of IPERS, this may be a fine option. And then there are options that continue to pay a pension payment to your survivors. Plan administrators have two options: If the amounts were not erroneously withheld, or if the plan administrator learns of the error in 2024, they should file a 1099-R with the Department and furnish a 1099-R to the taxpayer reporting the amount withheld in 2023. Employee Payroll/Benefits 403b/457b Benefits Change my address Feb 28, 2023, 08:00 AM - 04:00 PM Direct Deposit. <>/Lang(en-US)/Metadata 3 0 R >> 206 0 obj This option will give you the largest monthly payment, but leave your surviving spouse or beneficiaries with potentially nothing. On February 20, 2023, Governor Kim Reynolds signed Senate File 181. Estimate my benefits Iowa Budget Report 2022-2023 2 This page left intentionally blank. Division III of this legislation amends Iowa Code section 422.16 to clarify that state income tax withholding is not required on distributions of retirement income that are not subject to Iowa income tax. endstream endstream based on skills, work experience and education. 0 endstream endobj 291 0 obj <>>> endobj 292 0 obj <>/Font<>/ProcSet[/PDF/Text/ImageC]/XObject<>>>/Rotate 0/TrimBox[0.0 0.0 612.0 792.0]/Type/Page>> endobj 293 0 obj <>stream Distributions from a simplified employee pension (SEP) plan; Distributions from a savings incentive match plan for employees (SIMPLE) retirement plan; Distributions from qualified pension plans as described in Treasury Regulation section 1.401-1(b)(1)(i), including IPERS; Distributions from qualified deferred compensation plans governed by the Employee Retirement Income Securities Act (ERISA) including a 401(k), 403(b), and 457(b) plan; Annuity distributions pursuant to IRC section 402(a). Division VI of that legislation excludes retirement income from Iowa taxable income for eligible taxpayers for tax years beginning on or after January 1, 2023. How much of a lump sum would your surviving spouse need if you were to pass? T@Lp$Jid-~3 It is important to make this decision carefully as it can not be changed once you make the election and begin your IPERS retirement. 1,288 Followers. 7401 Register Drive,Des Moines, IA 50321, Office Hours | Contact Us | Get Directions, Iowa Public Employees Retirement System Web Policy | Social Media Policy | Sitemap, The information contained in this website is also available in alternative formats to individuals with disabilities. n?jd$N]-QIbN9 $qR5k[ImttVS3r,e%G^PIW"OTA*nhv[ nTi*xT"L@'U*) Employees contribute to IPERS through payroll deduction each pay period at a percentage of covered wages. Investment advisory services are offered through Arnold & Mote Wealth Management LLC ("AMWM"), an investment advisor registered with the US Securities and Exchange Commission.

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