With subclass (will survive layout changes):
override func layoutSubviews() {
    super.layoutSubviews()
    if let imageView = imageView {
        imageView.alpha = 0.2
    }
}
Without subclass (transient, suitable to animations):
if let imageView = imageButton.imageView {
    imageView.alpha = CGFloat(sender.value)
}
Subclass Source Code
@IBDesignable class FadeButton: UIButton {
    @IBInspectable var imageAlpha: CGFloat = 1 {
        didSet {
            if let imageView = imageView {
                imageView.alpha = imageAlpha
            }
        }
    }
    override func layoutSubviews() {
        super.layoutSubviews()
        if let imageView = imageView {
            imageView.alpha = imageAlpha
        }
    }
}
Invoke with imageButton.imageAlpha = alpha
Demo

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