News
April Board Minutes
Minutes for the April 7, 2022 Board of Trustee meetings have been ratified by the Board and are now available. Please select the link below to view minutes for meetings that have occurred over the past twelve months.
Board of Trustee meeting minutes
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New Iowa Tax Law Effective January 2023
Iowa Governor Kim Reynolds signed House File 2317 into law. Effective January 2023, the new law eliminates Iowa state tax on retirement income.
MFPRSI is aware of the new law and expects the Iowa Department of Revenue to provide guidance later this year on how the new law should be implemented. In the meantime, Iowa state tax withholding laws remain unchanged for 2022. MFPRSI will monitor and provide updates to our membership as they become available.
Form 1099-R Box 5
Every year in January MFPRSI sends 1099-R forms to its members receiving taxable benefits. This form is used to report distributions from MFPRSI, a retirement plan, to its members. The form will display several pieces of information that are useful (e.g., gross amount paid by the retirement plan, taxable amount distributed by the retirement plan, federal and state taxes withheld, etc.) for reporting personal annual taxes to the IRS and state government.
Each individual receiving a taxable benefit from ...
2021 PPA Tax Statements Notice
Separate PPA tax statements will not be issued to members this year. The amount of insurance premiums withheld was reported on the monthly EFT notice that members receive throughout the year. The total for calendar year 2021 was reported on the December 2021 EFT notice and can be used for tax purposes.
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The Federal Pension Protection Act of 2006 (PPA) established a $3,000 income tax exclusion for eligible retired public safety officers who elect to use a portion ...
2021 Audit Report
Municipal Fire and Police Retirement System of Iowa’s 2021 Audit Report is now available. The report is comprised of the statements of fiduciary net position, the statements of changes in fiduciary net position for the two most recently completed fiscal years. The related notes to the financial statements are also included in this report.
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