Bills › 91st General Assembly
Establishing a retirement savings plan trust, making appropriations, and including implementation provisions
Topics:State budget
Where it is now
- Done: IntroducedApril 28, 2025
- Done: SubcommitteeApril 28, 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, the trust 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. A participant may cancel participation in the trust at any time. 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. An employer is also not liable for a participant’s investment decisions, the administration of the plan, or the consequences of participation in the plan. The bill requires the treasurer to submit an annual audited financial report on the operations of the trust. For FY 2025-2026, the bill appropriates from the unclaimed property trust fund to the treasurer of state for deposit in the trust’s administrative fund an amount not to exceed $200,000 and requires the treasurer of state to reimburse the unclaimed property trust fund from the administrative fund by June 30, 2032. _____ are enacted, the treasurer shall not allow individuals to make contributions to the trust earlier than January 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 April 28, 2025. On April 29, 2025 it recommended amendment and passage.
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.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
Lobbying
0 for · 0 against · 10 undecided · Who →