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House Journal: Page 1778: Monday, April 22, 1996

Martin of Scott offered amendment H-5515 filed by the committee
on state government as follows:

H-5515

 1     Amend Senate File 2245, as amended, passed, and
 2   reprinted by the Senate, as follows:
 3     1.  By striking everything after the enacting
 4   clause and inserting the following:
 5                                      "DIVISION I
 6      IOWA PUBLIC EMPLOYEES' RETIREMENT SYSTEM (IPERS)
 7     Section 1.  Section 97B.4, unnumbered paragraph 1,
 8   Code 1995, is amended to read as follows:
 9     The department, through the chief investment
10   officer and chief benefits officer, shall administer
11   this chapter.  The department may adopt, amend, or
12   rescind rules, employ persons, execute contracts with
13   outside parties, make expenditures, require reports,
14   make investigations, and take other action it deems
15   necessary for the administration of the system in
16   conformity with the requirements of this chapter, the
17   applicable provisions of the Internal Revenue Code,
18   and all other applicable federal and state laws.  The
19   rules shall be effective upon compliance with chapter
20   17A.  Not later than the fifteenth day of December of
21   each year, the department shall submit to the governor
22   a report covering the administration and operation of
23   this chapter during the preceding fiscal year and
24   shall make recommendations for amendments to this
25   chapter.  The report shall include a balance sheet of
26   the moneys in the Iowa public employees' retirement
27   fund.
28     Sec. 2.  Section 97B.7, subsection 2, paragraph b,
29   unnumbered paragraphs 1 through 3, Code 1995, are
30   amended to read as follows:
31     To invest the portion of the retirement fund which
32   in the judgment of the department is not needed for
33   current payment of benefits under this chapter.  The
34   department shall execute the disposition and
35   investment of moneys in the retirement fund in
36   accordance with the investment policy and goal
37   statement established by the investment board.  In
38   establishing the investment policy of the fund and the
39   investment of the fund, the department and investment
40   board shall exercise the judgment and care, under the
41   circumstances then prevailing, which persons of
42   prudence, discretion, and intelligence exercise in the
43   management of their own affairs, not for the purpose
44   of speculation, but with regard to the permanent
45   disposition of the funds, considering the probable
46   income, as well as the probable safety, of their
47   capital.  Within the limitations of the standard
48   prescribed in this section, the treasurer of state,
49   the department, and the board may acquire and retain
50   every kind of property and every kind of investment

Iowa General Assembly

Index: House Journal (76th General Assembly: Session 2)

© 1996 Cornell College and League of Women Voters of Iowa

Comments? hjourn@legis.iowa.gov.

Last update: Tue Apr 23 13:30:03 CDT 1996
URL: /DOCS/GA/76GA/Session.2/HJournal/01700/01778.html
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