The Municipal Fire and Police Retirement System of Iowa announced today a significant reduction in the employer contribution rate effective July 1, 2016, a move that will benefit 49 municipalities across the state. The retirement system’s board of trustees this month approved a new employer contribution rate of 25.92 percent, down from a peak of 30.41 percent in 2014 and the current rate of 27.77 percent in 2015. Strong investment returns in the past two fiscal years have enabled the board to reduce the employer rate, and new projections show that the system will be fully funded at the statutory minimum 17 percent employer contribution rate within 25 years. “We are pleased with the downward trend of rates over the past couple of years, as it signifies our commitment to providing an affordable plan for the municipalities we serve,” said Terry Slattery, executive director of the retirement system. Established in 1990 by the Iowa Legislature to consolidate 87 separate retirement systems, it currently provides pension coverage for 49 participating cities’ firefighters and police, among them Ankeny, Clive, Des Moines, Urbandale and West Des Moines.