New Members
Welcome to MFPRSI!
Being employed as a firefighter or police officer by one of the 49 participating cities in the Chapter 411 system means you've taken an important step in achieving retirement security. Even as a new member in MFPRSI, it is never too early to start thinking about retirement.
MFPRSI, also known as the "Chapter 411" system (as in, MFPRSI was created and is governed by Iowa Code Chapter 411), is a long-term retirement system that provides retirement benefits to members once they reach a certain age and have accumulated the required years of service. As members, once you have retired your benefits will last for life and may even be transferred to your designated beneficiary.
The size of your pension depends upon your years of service, the benefit option you select, and the average of your highest three years of earnable compensation.
In order to receive a service pension from MFPRSI you must be at least age fifty-five or older and you must be vested in the retirement system. Vesting is achieved either by completing four years of service or reaching age fifty-five while an active member.
In addition to service benefits, MFPRSI also offers disability benefits for members who are determined to be unable to continue their regular duties. For additional information regarding disability benefits, see the Disability Retirement Brochure at the bottom of this page.
In the event a member passes away, benefits are eligible to be paid to their designated beneficiary upon their death. It is important to keep your designated beneficiaries up to date as we are bound by law to provide benefits to the beneficiary listed in the member's file should anything unfortunate occur. Regularly review your beneficiary designations to ensure the correct person is in line to receive benefits when the time comes.
MFPRSI is funded through three sources:
- Member contributions.
- City employer contributions.
- Earnings from MFPRSI's investment portfolio.
Member contributions are currently 9.55% of pay and the city contribution rate is a percentage of their employees' earnable compensation and varies year to year as determined by our actuary. The investment portfolio is by far the largest contributor to the retirement system's funding. MFPRSI's Board of Trustees takes great care to ensure that the investment portfolio is diversely invested across a broad array of assets in order to meet the retirement system's funding needs. Click here for more information on the investment portfolio.
Questions?
Contact us at 888.254.9200 or use our Contact Form if you have questions about the retirement system. Additionally, be sure to look through the collection of materials below to learn more.
Active Member Brochure
The Active Member Brochure provides a brief overview of the service retirement benefit and DROP.
Benefit Handbook
The Benefit Handbook provides information to our membership concerning the benefits and programs of MFPRSI.
Disability Benefits
MFPRSI provides important protection for members and their families when a member is injured or becomes ill. Disability benefits provide lifetime (or temporary) monthly benefit payments.
Disability Retirement Brochure - No one plans to become injured or ill and not be able to perform their professional duties, but if the worst happens you should know what options you have concerning your retirement. This brochure provides an overview of MFPRSI's disability benefits.
Social Security
The following form describes how members' earnings may affect their Social Security benefit in the event they are eligible to receive a Social Security benefit in retirement. The form describes both the Windfall Elimination Provision and the Government Pension Offset Provision.