Text: SF02349 Text: SF02351 Text: SF02300 - SF02399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 SENATE FILE 2350
1 2
1 3 AN ACT
1 4 ESTABLISHING A STATE EMPLOYEE DEFERRED COMPENSATION TRUST FUND.
1 5
1 6 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 7
1 8 Section 1. NEW SECTION. 19A.12C IOWA STATE EMPLOYEE
1 9 DEFERRED COMPENSATION TRUST FUND.
1 10 1. There is hereby created in the office of the treasurer
1 11 of state a special fund, separate and apart from all other
1 12 public moneys or funds of this state, to be known as the "Iowa
1 13 State Employee Deferred Compensation Trust Fund", hereafter
1 14 called the "fund". The fund shall consist of all moneys
1 15 deposited in the fund pursuant to this section, any other
1 16 assets that must be held in trust for the exclusive benefit of
1 17 participants in the state's deferred compensation program as
1 18 required by section 457 of the federal Internal Revenue Code,
1 19 and interest and earnings thereon, and shall be used for the
1 20 exclusive benefit of participants in a deferred compensation
1 21 program established by the state under section 509A.12.
1 22 2. The director is the trustee of the fund and shall
1 23 administer the fund. Any loss to the fund shall be charged
1 24 against the fund and the director shall not be personally
1 25 liable for such loss. In addition, the director is the
1 26 trustee of any trusts referenced in section 457(g) of the
1 27 federal Internal Revenue Code. Any loss to the trusts shall
1 28 be charged against the trusts and the director shall not be
1 29 personally liable for such loss.
1 30 3. By January 1, 1999, any compensation or portion of
1 31 compensation reduced by a participant in conjunction with a
1 32 deferred compensation program established by the state under
1 33 section 509A.12 and any earnings or income thereon shall be
1 34 held in trust and used for the exclusive benefit of the
1 35 participant or the participant's beneficiary as provided by
2 1 section 457 of the federal Internal Revenue Code.
2 2 4. For purposes of this section, custodial accounts,
2 3 annuity contracts, and any other contracts referenced in
2 4 section 457(g) of the federal Internal Revenue Code shall be
2 5 treated as trusts for purposes of section 457 of the federal
2 6 Internal Revenue Code.
2 7 5. Moneys in the fund are not subject to section 8.33.
2 8 Notwithstanding section 12C.7, subsection 2, interest or
2 9 earnings on moneys in the fund shall be credited to the fund.
2 10
2 11
2 12
2 13 MARY E. KRAMER
2 14 President of the Senate
2 15
2 16
2 17
2 18 RON J. CORBETT
2 19 Speaker of the House
2 20
2 21 I hereby certify that this bill originated in the Senate and
2 22 is known as Senate File 2350, Seventy-seventh General Assembly.
2 23
2 24
2 25
2 26 MARY PAT GUNDERSON
2 27 Secretary of the Senate
2 28 Approved , 1998
2 29
2 30
2 31
2 32 TERRY E. BRANSTAD
2 33 Governor
Text: SF02349 Text: SF02351 Text: SF02300 - SF02399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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