Text: HSB00672 Text: HSB00674 Text: HSB00600 - HSB00699 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. NEW SECTION. 19A.12C IOWA STATE EMPLOYEE 1 2 DEFERRED COMPENSATION TRUST FUND. 1 3 1. There is hereby created in the office of the treasurer 1 4 of state a special fund, separate and apart from all other 1 5 public moneys or funds of this state, to be known as the "Iowa 1 6 State Employee Deferred Compensation Trust Fund", hereafter 1 7 called the "fund". The fund shall consist of all moneys 1 8 deposited in the fund pursuant to this section, any other 1 9 assets that must be held in trust for the exclusive benefit of 1 10 participants in the state's deferred compensation program as 1 11 required by section 457 of the federal Internal Revenue Code, 1 12 and interest and earnings thereon, and shall be used for the 1 13 exclusive benefit of participants in a deferred compensation 1 14 program established by the state under section 509A.12. 1 15 2. The director is the trustee of the fund and shall 1 16 administer the fund. Any loss to the fund shall be charged 1 17 against the fund and the director shall not be personally 1 18 liable for such loss. In addition, the director is the 1 19 trustee of any trusts referenced in section 457(g) of the 1 20 federal Internal Revenue Code. Any loss to the trusts shall 1 21 be charged against the trusts and the director shall not be 1 22 personally liable for such loss. 1 23 3. By January 1, 1999, any compensation or portion of 1 24 compensation reduced by a participant in conjunction with a 1 25 deferred compensation program established by the state under 1 26 section 509A.12 and any earnings or income thereon shall be 1 27 held in trust and used for the exclusive benefit of the 1 28 participant or the participant's beneficiary as provided by 1 29 section 457 of the federal Internal Revenue Code. 1 30 4. For purposes of this section, custodial accounts, 1 31 annuity contracts, and any other contracts referenced in 1 32 section 457(g) of the federal Internal Revenue Code shall be 1 33 treated as trusts for purposes of section 457 of the federal 1 34 Internal Revenue Code. 1 35 5. Moneys in the fund are not subject to section 8.33. 2 1 Notwithstanding section 12C.7, subsection 2, interest or 2 2 earnings on moneys in the fund shall be credited to the fund. 2 3 EXPLANATION 2 4 This bill establishes within the office of the state 2 5 treasurer an Iowa State Employee Deferred Compensation Trust 2 6 Fund to be administered by the director of the department of 2 7 personnel. The fund consists of moneys deferred by employees 2 8 participating in the state's deferred compensation program to 2 9 be used for the exclusive benefit of participants in the 2 10 state's deferred compensation program pursuant to requirements 2 11 established in the federal Internal Revenue Code. 2 12 The bill provides that the director of the department of 2 13 personnel shall not be personally liable for any losses to the 2 14 fund or for losses to trusts as referred to in the federal 2 15 Internal Revenue Code. 2 16 The bill provides that moneys deferred from employees 2 17 participating in the state's deferred compensation program 2 18 shall be deposited in the fund or placed in trust as provided 2 19 by the federal Internal Revenue Code by January 1, 1999. 2 20 The bill also provides that section 8.33 concerning the 2 21 reversion of any moneys in the fund to the general fund of the 2 22 state does not apply to moneys in the fund. The bill further 2 23 provides that any interest on moneys in the fund shall be 2 24 credited to the fund and shall be used for the exclusive 2 25 benefit of participants in the state's deferred compensation 2 26 program. 2 27 LSB 3261DP 77 2 28 ec/jl/8.1
Text: HSB00672 Text: HSB00674 Text: HSB00600 - HSB00699 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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