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PAG LIN 1 1 Section 1. Section 12B.10, subsection 6, Code 1995, is 1 2 amended by adding the following new paragraph: 1 3 NEW PARAGRAPH. g. Investments under the deferred 1 4 compensation plan established by the executive council 1 5 pursuant to section 509A.12. 1 6 Sec. 2. Section 12B.10A, subsection 6, Code 1995, is 1 7 amended by adding the following new paragraph: 1 8 NEW PARAGRAPH. g. The deferred compensation plan 1 9 established by the executive council pursuant to section 1 10 509A.12. 1 11 Sec. 3. Section 12B.10B, subsection 3, Code 1995, is 1 12 amended by adding the following new paragraph: 1 13 NEW PARAGRAPH. g. The deferred compensation plan 1 14 established by the executive council pursuant to section 1 15 509A.12. 1 16 Sec. 4. Section 12B.10C, Code 1995, is amended by adding 1 17 the following new subsection: 1 18 NEW SUBSECTION. 6. The deferred compensation plan 1 19 established by the executive council pursuant to section 1 20 509A.12. 1 21 Sec. 5. Section 12C.1, subsection 1, Code 1995, is amended 1 22 to read as follows: 1 23 1. All funds held in the hands of the following officers 1 24 or institutions shall be deposited in one or more depositories 1 25 first approved by the appropriate governing body as indicated: 1 26 For the treasurer of state, by the executive council; for 1 27 judicial officers and court employees, by the supreme court; 1 28 for the county treasurer, recorder, auditor, and sheriff, by 1 29 the board of supervisors; for the city treasurer or other 1 30 designated financial officer of a city, by the city council; 1 31 for the county public hospital or merged area hospital, by the 1 32 board of hospital trustees; for a memorial hospital, by the 1 33 memorial hospital commission; for a school corporation, by the 1 34 board of school directors; for a city utility or combined 1 35 utility system established under chapter 388, by the utility 2 1 board; for a regional library established under chapter 256, 2 2 by the regional board of library trustees; and for an electric 2 3 power agency as defined in section 28F.2, by the governing 2 4 body of the electric power agency. However, the treasurer of 2 5 state and the treasurer of each political subdivision or the 2 6 designated financial officer of a city shall invest all funds 2 7 not needed for current operating expenses in time certificates 2 8 of deposit in approved depositories pursuant to this chapter 2 9 or in investments permitted by section 12B.10. The list of 2 10 public depositories and the amounts severally deposited in the 2 11 depositories are matters of public record. This subsection 2 12 does not limit the definition of "public funds" contained in 2 13 subsection 2. Notwithstanding provisions of this section to 2 14 the contrary, public funds may also be invested in investments 2 15 authorized under section 509A.12 concerning the state's 2 16 deferred compensation plan. 2 17 Sec. 6. Section 49.20, Code 1995, is amended to read as 2 18 follows: 2 19 49.20 COMPENSATION OF MEMBERS. 2 20 The members of election boards shall be deemed temporary 2 21statecounty employeeswho are compensated by the county in2 22which they serve,and shall receive compensation at a rate 2 23 established by the county board of supervisors, which shall be 2 24 not less than three dollars and fifty cents per hour, while 2 25 engaged in the discharge of their duties and shall be 2 26 reimbursed for actual and necessary travel expense, except 2 27 that persons who have advised the commissioner prior to their 2 28 appointment to the election board that they are willing to 2 29 serve without pay at elections conducted for any school 2 30 district or a city of three thousand five hundred or less 2 31 population, shall receive no compensation for service at those 2 32 elections. Compensation shall be paid to members of election 2 33 boards only after the vote has been canvassed and it has been 2 34 determined in the course of the canvass that the election 2 35 record certificate has been properly executed by the election 3 1 board. 3 2 Sec. 7. Section 70A.31, Code 1995, is amended to read as 3 3 follows: 3 4 70A.31 ELIGIBILITY. 3 5 The phased retirement incentive program requires that 3 6 participants work a maximum of thirty-two hours per week and a 3 7 minimum of twenty hours per week for the firstyearfour years 3 8 after entering the program. After the fourth year of 3 9 participation in the program, participants shall work a 3 10 maximum of twenty hours per week. After the fifth year of 3 11 participation in the program, participants shall retire from 3 12 state government service or employment. 3 13 Sec. 8. Section 70A.33, unnumbered paragraph 1, Code 1995, 3 14 is amended to read as follows: 3 15 A state employee meeting the requirements of section 70A.31 3 16 may file a request to participate in the program with the head 3 17 of the employee's state department, agency, or commission. 3 18 The employee shall specify the number of hours per week the 3 19 employee intends to work for each of the five years of 3 20 participation, subject to the requirements of section 70A.31. 3 21 Participation in the program is dependent upon the approval of 3 22 the head of the department, agency, or commission. The cost 3 23 to the state department, agency, or commission shall be paid 3 24 from the funds appropriated to the department, agency, or 3 25 commission for salaries, support, maintenance, and 3 26 miscellaneous purposes. 3 27 Sec. 9. Section 509A.12, unnumbered paragraph 1, Code 3 28 Supplement 1995, is amended to read as follows: 3 29At the request of an employee, the governing body or the3 30county board of supervisors shall by contractual agreement3 31acquire an individual or group life insurance contract,3 32annuity contract, interest in a mutual fund, security, or any3 33other deferred payment contract for the purpose of funding a3 34deferred compensation program.A governing body or county 3 35 board of supervisors may establish a deferred compensation 4 1 program under this section. The contributions made on behalf 4 2 of an employee who chooses to participate in the program shall 4 3 be invested at the direction of the employee in a life 4 4 insurance contract, annuity contract, mutual fund, security, 4 5 or any other deferred payment contract offered as an 4 6 investment option under the program. The contract acquired 4 7 for an employee shall be in accordance with the plan document 4 8 and fromanya company, or a salesperson for that company, 4 9 that is authorized to do business in this state, or through an4 10Iowa-licensed salesperson that the employee selects on a group4 11or individual basis. When the state of Iowa acquires an 4 12 investment product pursuant to the plan document, the state 4 13 does not become a shareholder, stockholder, or owner of a 4 14 corporation in violation of Article VIII, section 3, of the 4 15 Constitution of the State of Iowa or any other provision of 4 16 law. 4 17 EXPLANATION 4 18 Sections 1 through 4 add a deferred compensation plan 4 19 established by the executive council to the list of entities 4 20 that include several state employee retirement plans exempt 4 21 from certain investment policy requirements of chapter 12B. 4 22 The bill also provides that public funds invested for 4 23 purposes of a state deferred compensation plan can be invested 4 24 as provided in section 509A.12. Section 509A.12, dealing with 4 25 the deferred compensation program for government employees, is 4 26 amended concerning the investment options available to an 4 27 employee. 4 28 Section 49.20 is amended to provide that members of the 4 29 local election boards be deemed temporary county employees 4 30 rather than state employees. 4 31 The bill also provides that employees who participate in 4 32 the phased retirement program must retire after the fifth year 4 33 in the program. 4 34 BACKGROUND STATEMENT 4 35 SUBMITTED BY THE AGENCY 5 1 This bill does the following: 5 2 Makes changes to the deferred compensation program. 5 3 Provisions regarding members of election boards are changed 5 4 so that election board members are correctly considered 5 5 employees of the county in which they serve. 5 6 The bill also clarifies that employees who participate in 5 7 the phased retirement program must retire after the fifth year 5 8 of participation in the program. 5 9 LSB 3364DP 76 5 10 ec/sc/14.3
Text: SSB02314 Text: SSB02316 Text: SSB02300 - SSB02399 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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