Bills › 91st General Assembly
Establishing a retirement savings plan trust, and including implementation provisions
Sponsored by Sen. Liz Bennett (D), Sen. Tony Bisignano (D), Sen. Matt Blake (D), Sen. Molly Donahue (D), Sen. William A. Dotzler Jr. (D), Sen. Sarah Trone Garriott (D), Sen. Janet Petersen (D), Sen. Herman C. Quirmbach (D), Sen. Art Staed (D), Sen. Thomas Townsend (D), Sen. Janice Weiner (D), Sen. Cindy Winckler (D)
Where it is now
- Done: IntroducedFebruary 3, 2025
- Done: SubcommitteeFebruary 5, 2025
- Stopped: Senate committeeDied when the General Assembly ended
- Next: Passes the Senate
- Next: House committeeFunnel: by March 20, 2026
- Next: Passes the House
- Next: To the Governor
- Next: Signed into law
Died when the session ended The General Assembly adjourned on October 2, 2026. 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 and functions according to other federal law. 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.
Read the full explanation
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. The bill provides that individuals who are employed for compensation in this state and whose wages are subject to withholding by the state are automatically enrolled in the trust by the treasurer of state with a default contribution rate of percent, which can be adjusted at the participant’s request. A participant may opt out of the trust at any time. Employers may allow employees to have their contributions deducted from their paychecks. Employer contributions to the trust are not required, and if an employer chooses to make contributions, the employer has no proprietary right to the moneys in the trust. The bill requires the treasurer of state to provide participants with reports on the trust fund at least once per year. The bill also requires that all participant account information be maintained as confidential, except as necessary to administer the trust or as agreed to in writing by the person who provides the information or is the subject of the information. The bill prohibits local governments from establishing or offering retirement plans for anyone other than public employees. The bill provides that the state, the treasurer of state, and the trust shall 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, 2026.
From the explanation printed with the bill as introduced, written by the Legislative Services Agency. Amendments adopted later aren’t reflected. Full bill text
Senate subcommittee
Named February 5, 2025. It hasn’t reported yet.
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part
Iowa Code it changes
Creates§12L.1§12L.10§12L.11§12L.12§12L.13§12L.14§12L.2§12L.3§12L.4§12L.5§12L.6§12L.7§12L.8§12L.9
Read from the bill as introduced. Each links to every bill touching that chapter of the Iowa Code. How the Code works
Family tree
Where this legislation came from and where it went: earlier tries, the versions it moved through this Assembly, and later bills built on it.
Tried before
91st General Assembly
Earlier and later bills are matched by wording or an identical title; check the text to be sure it’s the same idea.
Tried before
This idea has been filed in an earlier General Assembly. None got through a chamber.
- SF 2232 Establishing a retirement savings plan trust, and including implementation provisions90th General Assembly · In committee · nearly identicalCleared committee
Matched by the wording of each bill’s explanation, or an identical title. Companion bills and renumbered versions of this bill aren’t listed; they’re the same bill.