House File 2120HOUSE FILE BY KELLEY, PETTENGILL, WHITAKER, KRESSIG, WENTHE, ABDUL=SAMAD, and BAILEY Passed House, Date Passed Senate, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to the setting aside of a percentage of child 2 support payments to be invested and reserved for the child. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 5864HH 82 5 pf/nh/5 PAG LIN 1 1 Section 1. Section 598.21B, subsection 1, Code Supplement 1 2 2007, is amended by adding the following new paragraph: 1 3 NEW PARAGRAPH. bb. The guidelines prescribed by the 1 4 supreme court shall provide that fifteen percent of the child 1 5 support amount which either party is ordered to pay is set 1 6 aside in a separate fund and invested in a well=balanced 1 7 financial portfolio to be reserved for the child until the 1 8 child reaches the age of eighteen if the child is enrolled in 1 9 an institution of higher education, to be used for education 1 10 expenses, or until the child reaches the age of twenty=five if 1 11 the child does not pursue higher education, unless the court 1 12 determines setting aside such amount is not in the best 1 13 interest of the child. 1 14 EXPLANATION 1 15 This bill directs that the child support guidelines are to 1 16 provide that 15 percent of child support paid by either parent 1 17 is to be set aside in a separate fund and invested in a 1 18 well=balanced financial portfolio to be reserved for the child 1 19 until the child reaches age 18 if the child is enrolled in an 1 20 institution of higher education or until the child reaches age 1 21 25 if the child does not pursue higher education, unless the 1 22 court determines setting aside such amount is not in the best 1 23 interest of the child. 1 24 LSB 5864HH 82 1 25 pf/nh/5.1