Coronavirus Coronavirus: In-Iowa General Discussion (Not Limited)
- Thread starter Jer
- Start date
- Status
CycloneErik
Well-Known Member
CycloneErik
Well-Known Member
Sorry but no, if your wife at 55 has hit her rule of 88 she gets 60% of her highest five year average. They is no penalty because of age if she has hit her rule of 88, and is at least 55 years old and has 30 years in the program.
The Rule of 88 is when a member is age 55 or older, and the sum of the member’s age at the last birthday and years of service equals or exceeds 88.
The Rule of 62/20 is when a member is age 62 and has at least 20 years of service.
A member can reach normal retirement age by meeting either of these rules, or by reaching age 65.
A member who retires before normal retirement age has an early-retirement reduction applied to his or her benefit.
The benefit amount is determined by a formula. The formula includes your average annual salary from the five years when you earned the most and a multiplier based on your years of service.
The multiplier for Regular members is 2% a year for the first 30 years of service and 1% a year for the next 5 years, up to a maximum of 65%.
The multiplier for Special Service members is approximately 2.7272% a year for the first 22 years and then 1.5% for years 23 – 30, up to a maximum of 72%.
https://www.ipers.org/retirees/retiree-faqs
Last edited:
So, you are saying that IPERS is wrong on the information that they sent her and I should go off what you say???
See page 13.
https://www.ipers.org/sites/default/files/media/Ready to Retire Overview_August 30 2017.pdf
No, I am saying that the quote they give in the statement is if she retired TODAY, when she has not hit her rule of 88 and she never taught again and waited until she is 55 to draw it out, a person cannot draw until age 55 unless they are disabled. When she hits her rule of 88, then according to state law she is entitled to 60% of her 5 highest years earning. As long as she has 30 years in and is at least 55 years of age.
The page you quoted page 13 only matters if you wife has not hit her rule of 88, then she would be penalized at around 6% for each year that she is less than that. If she hits her rule of 88, is 55 and 30 years in, there is NO penalty.
Call up IPERS and they will tell you the same thing.
Last edited:
What else do we have to complain about, that we cannot go to the store and buy toilet paper.
The shift in opinion on econ blogs from potential for a V shaped recovery to potential for long term sustained economic wreckage has been pretty scary to read in real time.
Many are shifting to the position that there is going to be significant demand, labor, supply chain and monetary challenges that will hamper the economy in ways the Great Recession never did. And there is no way to price that out at this time because there aren't any events like this to compare things to.
I'm not 100% convinced, but I have to caution myself against wishful thinking.
Many are shifting to the position that there is going to be significant demand, labor, supply chain and monetary challenges that will hamper the economy in ways the Great Recession never did. And there is no way to price that out at this time because there aren't any events like this to compare things to.
I'm not 100% convinced, but I have to caution myself against wishful thinking.
Last edited:
If you have stuff like repeated breakouts in factories and the like, I'd think it's going to be really hard to stay in front of it to keep things open enough in the way things normally operate.
Saw that some sort of gated community was able to get antibody tests in Florida, but the unknown about immunity is also scary. How long does it take to really know if immunity is strong, and how long will it be before people trust it?
https://www.kcci.com/article/iowa-s...n-on-shelter-in-place-status/32155855?src=app
Couple regions almost to 10. Whatcha gonna do Kim?
Couple regions almost to 10. Whatcha gonna do Kim?
- Status
