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House Journal: Page 1827: Monday, April 22, 1996

Page  50

 1   direction of the board of trustees for the exclusive
 2   benefit of members paying contributions as provided in
 3   subsection 3.
 4     5.  The assets of the voluntary benefit programs
 5   shall be credited to the voluntary benefit fund, which
 6   is hereby created.  The voluntary benefit fund shall
 7   include contributions deposited in accordance with
 8   subsection 3, and any interest and earnings on the
 9   contributions.  The board of trustees shall annually
10   establish an investment policy to govern the
11   investment and reinvestment of the assets in the
12   voluntary benefit fund.  The voluntary benefit fund
13   created under this section and the fire and police
14   retirement fund created under section 411.8 shall not
15   be used to subsidize any portion of the liabilities of
16   the other fund.
17     6.  The board of trustees shall include in its
18   annual budget the amount of money necessary during the
19   following year to provide for the expense of operation
20   of the voluntary benefit programs.  The operating
21   expenses shall be paid from the voluntary benefit fund
22   under the direction of the board of trustees.
23                         DIVISION V
24      JUDICIAL RETIREMENT SYSTEM
25     Sec. 100.  Section 602.9111, Code 1995, is amended
26   to read as follows:
27     602.9111  INVESTMENT OF FUND.
28     So much of the judicial retirement fund as may not
29   be necessary to be kept on hand for the making of
30   disbursements under this article shall be invested by
31   the treasurer of state in bonds or other evidences of
32   indebtedness issued, assumed, or guaranteed by the
33   United States of America, or by any agency or
34   instrumentality thereof or in any investments
35   authorized for the Iowa public employees' retirement
36   system in section 97B.7, subsection 2, paragraph "b",
37   and the earnings therefrom shall be credited to said
38   the fund.  The treasurer of state may execute
39   contracts and agreements with investment advisors,
40   consultants, and investment management and benefit
41   consultant firms in the administration of the judicial
42   retirement fund.
43     Investment management expenses shall be charged to
44   the investment income of the fund and there is
45   appropriated from the fund an amount required for the
46   investment management expenses.  The court
47   administrator shall report the investment management
48   expenses for the fiscal year as a percent of the
49   market value of the system.
50     For purposes of this section, investment management

Iowa General Assembly

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

© 1996 Cornell College and League of Women Voters of Iowa

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Last update: Tue Apr 23 13:30:03 CDT 1996
URL: /DOCS/GA/76GA/Session.2/HJournal/01800/01827.html
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