Text: HF00539 Text: HF00541 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 HOUSE FILE 540 1 2 1 3 AN ACT 1 4 RELATING TO PERSONNEL PROCEDURES AND INVESTMENT POLICY 1 5 REQUIREMENTS FOR STATE GOVERNMENT EMPLOYEES. 1 6 1 7 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 1 8 1 9 Section 1. Section 12B.10, subsection 6, Code 1997, is 1 10 amended by adding the following new paragraph: 1 11 NEW PARAGRAPH. h. Investments under the deferred 1 12 compensation plan established by the executive council 1 13 pursuant to section 509A.12. 1 14 Sec. 2. Section 12B.10A, subsection 6, Code 1997, is 1 15 amended by adding the following new paragraph: 1 16 NEW PARAGRAPH. h. The deferred compensation plan 1 17 established by the executive council pursuant to section 1 18 509A.12. 1 19 Sec. 3. Section 12B.10B, subsection 3, Code 1997, is 1 20 amended by adding the following new paragraph: 1 21 NEW PARAGRAPH. h. The deferred compensation plan 1 22 established by the executive council pursuant to section 1 23 509A.12. 1 24 Sec. 4. Section 12B.10C, Code 1997, is amended by adding 1 25 the following new subsection: 1 26 NEW SUBSECTION. 7. The deferred compensation plan 1 27 established by the executive council pursuant to section 1 28 509A.12. 1 29 Sec. 5. Section 12C.1, subsection 1, Code 1997, is amended 1 30 to read as follows: 1 31 1. All funds heldin the hands ofby the following 1 32 officers or institutions shall be deposited in one or more 1 33 depositories first approved by the appropriate governing body 1 34 as indicated: For the treasurer of state, by the executive 1 35 council; for judicial officers and court employees, by the 2 1 supreme court; for the county treasurer, recorder, auditor, 2 2 and sheriff, by the board of supervisors; for the city 2 3 treasurer or other designated financial officer of a city, by 2 4 the city council; for the county public hospital or merged 2 5 area hospital, by the board of hospital trustees; for a 2 6 memorial hospital, by the memorial hospital commission; for a 2 7 school corporation, by the board of school directors; for a 2 8 city utility or combined utility system established under 2 9 chapter 388, by the utility board; for a regional library 2 10 established under chapter 256, by the regional board of 2 11 library trustees; and for an electric power agency as defined 2 12 in section 28F.2, by the governing body of the electric power 2 13 agency. However, the treasurer of state and the treasurer of 2 14 each political subdivision or the designated financial officer 2 15 of a city shall invest all funds not needed for current 2 16 operating expenses in time certificates of deposit in approved 2 17 depositories pursuant to this chapter or in investments 2 18 permitted by section 12B.10. The list of public depositories 2 19 and the amounts severally deposited in the depositories are 2 20 matters of public record. This subsection does not limit the 2 21 definition of "public funds" contained in subsection 2. 2 22 Notwithstanding provisions of this section to the contrary, 2 23 public funds of a state government deferred compensation plan 2 24 established by the executive council may also be invested in 2 25 the investment products authorized under section 509A.12. 2 26 Sec. 6. NEW SECTION. 19A.12B DEFERRED COMPENSATION PLAN. 2 27 The department shall make available to eligible state 2 28 employees by September 1, 1997 the option of utilizing mutual 2 29 funds as an investment alternative to the state's deferred 2 30 compensation plan established under section 509A.12. 2 31 Participating employees shall, to the extent permitted by law, 2 32 be allowed to transfer moneys deferred under the plan to a 2 33 mutual fund offered pursuant to section 509A.12. 2 34 Sec. 7. Section 70A.31, Code 1997, is amended to read as 2 35 follows: 3 1 70A.31 ELIGIBILITY. 3 2 The phased retirement incentive program requires that 3 3 participants agree to work a maximum of thirty-two hours per 3 4 week and a minimum of twenty hours per week for the firstyear3 5 four years after entering the program. After the fourth year 3 6 of participation in the program, participants shall agree to 3 7 work a maximum of twenty hours per week. Participants shall 3 8 agree to retire from state government employment effective on 3 9 the last day of their fifth year of participation in the 3 10 program. 3 11 Sec. 8. Section 70A.32, subsection 4, Code 1997, is 3 12 amended to read as follows: 3 13 4. Continuation of membership in the state employees 3 14 disability insurance program. During the five-year period, 3 15 monthly earnings of the employee for purposes of the 3 16 disability insurance program shall equal the monthly earnings 3 17 as if the participant were a full-time employee. 3 18 Sec. 9. Section 70A.33, unnumbered paragraph 1, Code 1997, 3 19 is amended to read as follows: 3 20 A state employee meeting the requirements of section 70A.31 3 21 may file a request to participate in the program with the head 3 22 of the employee's state department, agency, or commission. 3 23 The employee shall specify the number of hours per week the 3 24 employee intends to work for each of the five years of 3 25 participation, subject to the requirements of section 70A.31. 3 26 Participation in the program is dependent upon the approval of 3 27 the head of the department, agency, or commission. The cost 3 28 to the state department, agency, or commission shall be paid 3 29 from the funds appropriated to the department, agency, or 3 30 commission for salaries, support, maintenance, and 3 31 miscellaneous purposes. 3 32 Sec. 10. Section 509A.12, unnumbered paragraph 1, Code 3 33 1997, is amended to read as follows: 3 34At the request of an employee, the governing body or the3 35county board of supervisors shall by contractual agreement4 1acquire an individual or group life insurance contract,4 2annuity contract, interest in a mutual fund, security, or any4 3other deferred payment contract for the purpose of funding a4 4deferred compensation program.A governing body, county board 4 5 of supervisors or other public entity, to the extent allowed 4 6 by law, may establish a deferred compensation program under 4 7 this section. The contributions made on behalf of an employee 4 8 who chooses to participate in the program shall be invested at 4 9 the direction of the employee in a life insurance contract, 4 10 annuity contract, mutual fund, security, or any other deferred 4 11 payment contract offered as an investment option under the 4 12 program. The contract acquired for an employee shall be in 4 13 accordance with the plan document and shall be acquired from 4 14anya company, or a salesperson for that company, that is 4 15 authorized to do business in this state, or through an Iowa-4 16licensed salesperson that the employee selects on a group or4 17individual basis. When the state of Iowa acquires an 4 18 investment product pursuant to the plan document the state 4 19 does not become a shareholder, stockholder, or owner of a 4 20 corporation in violation of Article VIII, section 3, of the 4 21 Constitution of the State of Iowa or any other provision of 4 22 law. 4 23 4 24 4 25 4 26 RON J. CORBETT 4 27 Speaker of the House 4 28 4 29 4 30 4 31 MARY E. KRAMER 4 32 President of the Senate 4 33 4 34 I hereby certify that this bill originated in the House and 4 35 is known as House File 540, Seventy-seventh General Assembly. 5 1 5 2 5 3 5 4 ELIZABETH ISAACSON 5 5 Chief Clerk of the House 5 6 Approved , 1997 5 7 5 8 5 9 5 10 TERRY E. BRANSTAD 5 11 Governor
Text: HF00539 Text: HF00541 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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