Bills › 89th General Assembly
Establishing a retirement savings plan trust, and including implementation and effective date provisions
Topics:State government
Where it is now
- Done: IntroducedJanuary 22, 2021
- Stopped: SubcommitteeDied when the General Assembly ended
- Next: House committee
- Next: Passes the House
- Next: Senate committee
- Next: Passes the Senate
- Next: To the Governor
- Next: Signed into law
Died when the session ended The 2022 session adjourned on May 24, 2022, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
This bill creates the Iowa retirement savings plan trust under the office of treasurer of state for the purpose of helping Iowans save for retirement. The bill provides that the trust be operated so that, for federal tax purposes, it meets the requirements of a retirement plan as provided by the Internal Revenue Code. The state treasurer is the trustee of the trust and has numerous powers, as specified in the bill, for the purpose of carrying out the purpose of the trust. Powers granted the treasurer of state to effectuate the purpose of the trust include entering into agreements with trust participants and employers, investing moneys in the trust, and entering into any agreements or contracts necessary to carry out the purposes of the trust.
Read the full explanation
The bill provides that the state, the treasurer of state, and the trust may not guarantee any rate of return on any contributions to the trust and are not liable for any loss incurred by any person as a result of participating in the trust. The bill requires the treasurer to submit an annual audited financial report on the operations of the trust. The bill provides that when the requirements of the bill are enacted, the treasurer shall not allow individuals to make contributions to the trust earlier than July 1, 2023. The bill takes effect July 1, 2022.
Iowa Code it changes
Creates§12K.1§12K.2§12K.3§12K.4§12K.5§12K.6§12K.7§12K.8§12K.9
Lobbying
5 for · 1 against · 1 undecided · Who →
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Tried before
89th General Assembly
Earlier and later bills are matched by wording or an identical title.
Tried before
This idea has been filed in an earlier General Assembly. None got through a chamber.
- HF 94 Establishing a retirement savings plan trust, and including implementation and effective d…88th General Assembly · In committee · same titleCleared committee
Similar bills this General Assembly
- SSB 1234 Establishing a retirement savings plan trust, making appropriations, and including impleme…91st General Assembly · Subcommittee recommends passageSimilar
Matched by wording or an identical title.