Bill Text: IA SF463 | 2017-2018 | 87th General Assembly | Introduced

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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 SSB 1107.)

Spectrum: Committee Bill

Status: (Introduced - Dead) 2017-04-12 - Withdrawn. S.J. 978. [SF463 Detail]

Download: Iowa-2017-SF463-Introduced.html

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Senate File 463 - Introduced




                                 SENATE FILE       
                                 BY  COMMITTEE ON STATE
                                     GOVERNMENT

                                 (SUCCESSOR TO SSB
                                     1107)

                                      A BILL FOR

  1 An Act concerning authorized investment vehicles in a
  2    tax=sheltered investment program established by the
  3    department of administrative services.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
    TLSB 2200SV (2) 87
    ec/sc

PAG LIN



  1  1    Section 1.  Section 8A.438, subsection 1, Code 2017, is
  1  2 amended to read as follows:
  1  3    1.  The director may establish a tax=sheltered investment
  1  4 program for eligible employees. The director may arrange for
  1  5 the provision of investment vehicles authorized under section
  1  6 403(b) of the Internal Revenue Code, as defined in section
  1  7 422.3.  If the director establishes a tax=sheltered investment
  1  8 program pursuant to this section, the program shall include
  1  9 investment vehicles authorized under section 403(b) of the
  1 10 Internal Revenue Code provided by any insurance company or
  1 11 investment company that is recommended for inclusion in the
  1 12 program by a person licensed as an insurance producer under
  1 13 chapter 522B, or registered as a securities agent or investment
  1 14 adviser representative under chapter 502, by the insurance
  1 15 division of the department of commerce.  The director shall
  1 16 require each insurance company and investment company included
  1 17 in the program to utilize a common remitter and shall limit the
  1 18 total number of insurance companies and investment companies
  1 19 in the program to no more than thirty. To be eligible for
  1 20 inclusion in the program, an insurance company shall have
  1 21 filed with, and had the company's contract and forms approved
  1 22 by, the insurance division of the department of commerce, and
  1 23 an investment company shall be registered with the federal
  1 24 securities and exchange commission.  The department may
  1 25 offer the tax=sheltered investment program to eligible public
  1 26 employers in the state of Iowa.
  1 27                           EXPLANATION
  1 28 The inclusion of this explanation does not constitute agreement with
  1 29 the explanation's substance by the members of the general assembly.
  1 30    This bill provides that if the director of the department of
  1 31 administrative services establishes a tax=sheltered investment
  1 32 program under section 403(b) of the Internal Revenue Code, the
  1 33 program shall include investment vehicles from any insurance
  1 34 company or investment company recommended for inclusion in
  1 35 the program by a licensed insurance producer or registered
  2  1 securities agent or investment advisor representative.  The
  2  2 bill provides that to be eligible for inclusion in the
  2  3 program, the insurance company shall have filed with, and had
  2  4 the company's contract and forms approved by, the insurance
  2  5 division of the department of commerce, and an investment
  2  6 company shall be registered with the federal securities
  2  7 and exchange commission.  In addition, the bill directs the
  2  8 director of the department of administrative services to
  2  9 require each insurance company and investment company in the
  2 10 program to utilize a common remitter and to limit the total
  2 11 number of companies in the plan to no more than 30.
       LSB 2200SV (2) 87
       ec/sc