A bill for an act providing an early retirement option under the municipal fire and police retirement system.

HF 749 creates an early retirement option for municipal firefighters and police officers in Iowa who have completed at least 22 years of service. It allows eligible members aged 50 to 54 to retire early and receive a reduced retirement payment, rather than waiting until age 55. The reduction percentage is determined annually by the retirement system's board of trustees based on actuarial calculations to ensure the change doesn't increase system costs. This provision takes effect July 1, 2025, and applies specifically to the municipal fire and police retirement system.