Bill Text: IA HF569 | 2017-2018 | 87th General Assembly | Enrolled

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Bill Title: A bill for an act concerning authorized investment vehicles in a tax-sheltered investment program established by the department of administrative services. (Formerly HSB 115.) Effective 7-1-17.

Sponsorship: Committee Bill

Status: (Passed) 2017-05-09 - Signed by Governor. H.J. 1149. [HF569 Detail]

Download: Iowa-2017-HF569-Enrolled.html

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House File 569 - Enrolled




                              HOUSE FILE       
                              BY  COMMITTEE ON STATE
                                  GOVERNMENT

                              (SUCCESSOR TO HSB 115)
 \5
                                   A BILL FOR
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                                         House File 569

                             AN ACT
 CONCERNING AUTHORIZED INVESTMENT VEHICLES IN A
    TAX=SHELTERED INVESTMENT PROGRAM ESTABLISHED BY THE
    DEPARTMENT OF ADMINISTRATIVE SERVICES.

 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
    Section 1.  Section 8A.438, subsection 1, Code 2017, is
 amended to read as follows:
    1.  The director may establish a tax=sheltered investment
 program for eligible employees. The director may arrange
 for the provision of investment vehicles authorized under
 section 403(b) of the Internal Revenue Code, as defined in
 section 422.3.  The tax=sheltered investment program shall
 include investment vehicles authorized under section 403(b) of
 the Internal Revenue Code provided by any insurance company
 or investment company that is recommended for inclusion in
 the program by a person licensed as an insurance producer
 under chapter 522B, or registered as a securities agent
 or investment adviser representative under chapter 502, by
 the insurance division of the department of commerce. The
 director shall require each insurance company and investment
 company included in the program to utilize the third party
 administrator selected by the department and a common remitter,
 and shall limit the total number of insurance companies and
 investment companies in the program to no more than thirty.  To
 be eligible for inclusion in the program, an insurance company
 shall have filed with, and had the company's contract and
 forms approved by, the insurance division of the department of
 commerce, and an investment company shall be registered with
 the federal securities and exchange commission.  The department
 may offer the tax=sheltered investment program to eligible
 public employers in the state of Iowa.


                                                                                            LINDA UPMEYER


                                                                                            JACK WHITVER


                                                                                            CARMINE BOAL


                                                                                            TERRY E. BRANSTA

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