Text: HF02215 Text: HF02217 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 97B.1, subsection 2, Code 1999, is
1 2 amended by adding the following new subsection:
1 3 NEW SUBSECTION. cc. "Optional plan" means the Iowa public
1 4 employees' defined contribution plan created in chapter 97E.
1 5 Sec. 2. Section 97B.1A, unnumbered paragraph 1, Code 1999,
1 6 is amended to read as follows:
1 7 When used in this chapter and chapter 97E unless the
1 8 context requires otherwise:
1 9 Sec. 3. Section 97B.1A, subsection 8, unnumbered paragraph
1 10 1, Code 1999, is amended to read as follows:
1 11 "Employee" means as provided in this subsection:
1 12 aa. "Employee" includes an individual who is employed as
1 13 defined in this chapter for whom coverage under this chapter
1 14 is mandatory and who has not elected out of coverage under
1 15 this chapter and elected coverage under the optional plan
1 16 pursuant to section 97B.42A.
1 17 Sec. 4. Section 97B.42A, Code 1999, is amended by adding
1 18 the following new subsection:
1 19 NEW SUBSECTION. 1A. Commencing on July 1, 2003, a person
1 20 who is newly hired in a position as an employee, as defined in
1 21 section 97B.1A, subsection 8, paragraph "aa" or "a", shall be
1 22 covered under this chapter unless the person complies with the
1 23 requirements of subsection 1 to elect out of coverage, if
1 24 applicable, or the person files an application with
1 25 appropriate documentation to the department within sixty days
1 26 of employment in the position to affirmatively elect out of
1 27 coverage under this chapter and elect coverage under the
1 28 optional plan created in chapter 97E. A decision to elect out
1 29 of coverage under this chapter is irrevocable upon approval
1 30 from the system.
1 31 Sec. 5. Section 97B.42A, Code 1999, is amended by adding
1 32 the following new subsection:
1 33 NEW SUBSECTION. 3A. A person who is employed in a
1 34 position as an employee and who is covered under the system in
1 35 this chapter on July 1, 2003, and who is not an active member
2 1 of another retirement system in the state which is maintained
2 2 in whole or in part by public contributions or payments, shall
2 3 remain in coverage under the system on and after July 1, 2003,
2 4 unless the person files an application with appropriate
2 5 documentation with the department to elect out of coverage
2 6 under this chapter and into coverage under the optional plan
2 7 within one year from July 1, 2003. If a person elects out of
2 8 coverage, the department shall deem the election a termination
2 9 of employment for purposes of section 97B.53 and the
2 10 department shall transfer funds from the retirement fund to
2 11 the member's retirement account in the optional plan created
2 12 pursuant to chapter 97E in an amount equal to the accumulated
2 13 contributions of the member, and, for a vested member, the
2 14 accumulated employer contributions, as of the date of election
2 15 as provided in section 97B.53, subsection 1. A decision to
2 16 elect out of coverage under this chapter pursuant to this
2 17 section is irrevocable upon approval from the department.
2 18 Sec. 6. Section 97B.42A, Code 1999, is amended by adding
2 19 the following new subsection:
2 20 NEW SUBSECTION. 5. An employee shall not simultaneously
2 21 be a member of the optional plan created in chapter 97E and
2 22 the Iowa public employees' retirement system and must, if
2 23 coverage is otherwise mandatory under chapter 97B, be a member
2 24 of either the optional plan created in chapter 97E or the
2 25 system. A period of service shall not be credited to both the
2 26 optional plan created in chapter 97E and the system.
2 27 Sec. 7. Section 97B.42A, Code 1999, is amended by adding
2 28 the following new subsection:
2 29 NEW SUBSECTION. 6. Notwithstanding any provision of this
2 30 section to the contrary, a member of the system who is subject
2 31 to a qualified order for the purpose of enforcing child,
2 32 spousal, or medical support obligations or marital property
2 33 orders pursuant to section 97B.39, shall not be eligible to
2 34 transfer to the optional plan created in chapter 97E unless
2 35 the order is modified to apply under the optional plan created
3 1 in chapter 97E.
3 2 Sec. 8. NEW SECTION. 97E.1 PLAN CREATED – DEFINITIONS.
3 3 1. The "Iowa public employees' defined contribution
3 4 retirement plan" is created. The plan is within the
3 5 department of personnel.
3 6 2. As used in this chapter unless the context requires
3 7 otherwise:
3 8 a. "Defined benefit system" means the Iowa public
3 9 employees' retirement system created in chapter 97B.
3 10 b. "Department" means the department of personnel.
3 11 c. "Member" means an employee who has elected coverage
3 12 under the plan and who has a retirement account in the defined
3 13 contribution plan.
3 14 d. "Plan" or "defined contribution plan" means the Iowa
3 15 public employees' defined contribution retirement plan created
3 16 in this chapter.
3 17 e. "Plan choice rate" means the amount of the employer
3 18 contribution as a percentage of payroll of members of the
3 19 defined contribution plan that is allocated to the defined
3 20 benefit system pursuant to section 97E.9 and that is adjusted
3 21 by the department pursuant to section 97E.10 to actuarially
3 22 fund the unfunded liabilities and the normal cost rate changes
3 23 in the defined benefit plan resulting from employee selection
3 24 of the defined contribution plan pursuant to section 97B.42A.
3 25 Sec. 9. NEW SECTION. 97E.2 DEFINED CONTRIBUTION PLAN
3 26 ESTABLISHED – ASSETS TO BE HELD IN TRUST – CONTRACTED
3 27 SERVICES.
3 28 1. The department shall establish within the public
3 29 employees' retirement system a defined contribution plan in
3 30 accordance with this chapter. The plan must be established as
3 31 a pension plan for the exclusive benefit of members and their
3 32 beneficiaries and as a "qualified plan" pursuant to section
3 33 401(a) of the Internal Revenue Code and its implementing
3 34 regulations. Retirement accounts must be established for each
3 35 member of the defined contribution plan. Assets of the plan
4 1 must be held in trust. The plan is established in addition to
4 2 any retirement, pension, deferred compensation, or other
4 3 benefit plan administered by the state or a political
4 4 subdivision.
4 5 2. The department shall contract for plan administration
4 6 and use a competitive bidding process when contracting for
4 7 consulting, educational, investment, recordkeeping, or other
4 8 services for the plan.
4 9 3. The department shall contract for a qualified
4 10 consultant to assist in preparation of the request for bid or
4 11 request for proposal for plan services.
4 12 Sec. 10. NEW SECTION. 97E.3 PLAN GOALS.
4 13 In implementing and administering the defined contribution
4 14 plan, the department shall consider the following goals for
4 15 the plan:
4 16 1. The impact to employers of changes to administrative
4 17 processes in order to establish the plan that is minimized to
4 18 the extent possible.
4 19 2. The administrative structure for the plan is configured
4 20 in an economical and efficient manner.
4 21 3. Administration and services for the plan are contracted
4 22 out to the extent possible, but that the department shall
4 23 provide for the diligent oversight of the contracts.
4 24 4. Reasonable participant services are provided for and
4 25 that fees are commensurate with the services.
4 26 5. Lines of communication and responsibilities are clearly
4 27 established so that employers or their personnel and payroll
4 28 officers do not advise members about plan choices or
4 29 investment alternatives.
4 30 6. Employers are encouraged to provide paid time for
4 31 employees to attend educational programs sponsored by the
4 32 department.
4 33 Sec. 11. NEW SECTION. 97E.4 DEPARTMENT POWERS AND DUTIES
4 34 – RULEMAKING.
4 35 1. The department has the powers and shall perform the
5 1 duties regarding the defined contribution plan, as applicable.
5 2 2. The department shall, in accordance with chapter 17A,
5 3 adopt rules necessary for the implementation of this chapter,
5 4 including rules concerning the following:
5 5 a. Matters necessary for the treatment of the plan as a
5 6 qualified plan under applicable sections of the Internal
5 7 Revenue Code.
5 8 b. The treatment of dormant or inactive accounts.
5 9 c. The security and privacy of information maintained by
5 10 the department concerning a member's investments, as required
5 11 by applicable law.
5 12 d. Minimum asset, reserve, insurance, or other security
5 13 requirements intended to ensure the solvency of a contractor
5 14 used by the department for investment services.
5 15 e. The commencement of benefits in the plan.
5 16 Sec. 12. NEW SECTION. 97E.5 ADMINISTRATIVE EXPENSES AND
5 17 FEES.
5 18 1. The department may establish a fund within the defined
5 19 contribution plan for paying the plan's administrative
5 20 expenses.
5 21 2. The department may do any of the following:
5 22 a. Assess fees to pay the reasonable administrative costs
5 23 of the plan.
5 24 b. Negotiate with a vendor or vendors for vendor
5 25 reimbursement of departmental administrative expenses for the
5 26 plan.
5 27 3. All fees assessed must be fully disclosed to plan
5 28 members and treated as public information.
5 29 4. Costs for the department to provide for contract
5 30 oversight are included as part of the administrative expenses
5 31 of the plan.
5 32 Sec. 13. NEW SECTION. 97E.6 PLAN MEMBERSHIP.
5 33 Except as otherwise provided in this chapter, a member of
5 34 the plan means an employee who elected coverage under the plan
5 35 pursuant to section 97B.42A.
6 1 Sec. 14. NEW SECTION. 97E.7 TRANSFERS OR ROLLOVERS INTO
6 2 PLAN – MEMBERSHIP CREDIT FOR PURPOSES OF VESTING.
6 3 1. Except as provided in this section, the department
6 4 shall accept the transfer or rollover of assets from another
6 5 qualified plan to the member's retirement account. If a
6 6 member is transferring assets from the defined benefit system,
6 7 the member shall, for the purposes of becoming vested pursuant
6 8 to section 97E.8, receive credit for the employee's prior
6 9 membership service under the defined benefit system.
6 10 2. a. Money from the defined benefit system shall not be
6 11 transferred or rolled over to a retirement account unless the
6 12 money was contributed to the defined benefit system on an
6 13 after-tax basis.
6 14 b. To the extent that the transfer or rollover is
6 15 disallowed under the Internal Revenue Code provisions in
6 16 effect as of the calendar year immediately preceding the date
6 17 of the transfer or rollover, a member may not transfer or
6 18 rollover to a retirement account contributions made under
6 19 sections 403(b) and 457 of the Internal Revenue Code.
6 20 Sec. 15. NEW SECTION. 97E.8 VESTING – MANDATORY
6 21 TERMINATION OF MEMBERSHIP – FORFEITURES.
6 22 1. A member is fully vested with the member's
6 23 contributions and the income on those contributions from the
6 24 date that the employee becomes a member of the plan, but is
6 25 not considered a vested member unless the member meets the
6 26 criteria under subsection 2.
6 27 2. A member is not vested with the employer's
6 28 contributions and the income on those contributions and does
6 29 not attain the status of a vested member until the member has
6 30 a total of four years of membership service under the system.
6 31 3. A member who terminates covered employment before
6 32 becoming a vested member shall terminate plan membership by
6 33 removing from the plan the member's entire account balance as
6 34 provided in section 97E.13. The employer contributions and
6 35 income on the employer's contributions in the member's
7 1 retirement account are forfeited and must be allocated as
7 2 provided in section 97E.9.
7 3 Sec. 16. NEW SECTION. 97E.9 ALLOCATION OF CONTRIBUTIONS
7 4 AND FORFEITURES.
7 5 1. Each plan member's retirement account must be credited
7 6 with employee contributions calculated as provided in section
7 7 97B.11.
7 8 2. Each employer of a plan member shall make contributions
7 9 to the plan and to the defined benefit system as allocated by
7 10 this subsection in an amount calculated as provided in section
7 11 97B.11.
7 12 a. Each plan member's retirement account shall be credited
7 13 with the portion of employer contributions calculated by using
7 14 the rate provided in section 97B.11 minus the plan choice
7 15 rate.
7 16 b. The retirement fund of the defined benefit system shall
7 17 be credited with the remaining employer contributions for that
7 18 member calculated using the plan choice rate.
7 19 3. If employer contributions to the member's account and
7 20 investment income on the employer contributions are forfeited,
7 21 the department shall allocate the forfeitures under this
7 22 section to meet the employer contributions obligation provided
7 23 under subsection 2, paragraph "a", in lieu of direct
7 24 contributions by the employer and shall increase the
7 25 contribution amount under subsection 2, paragraph "b", by the
7 26 amount of the forfeitures used in lieu of the employer
7 27 contributions.
7 28 Sec. 17. NEW SECTION. 97E.10 DETERMINATION AND
7 29 ADJUSTMENT OF PLAN CHOICE RATE AND CONTRIBUTION ALLOCATIONS –
7 30 RULEMAKING.
7 31 1. The department shall provide for the periodic review of
7 32 the sufficiency of the plan choice rate and shall adjust the
7 33 rate as specified in this section. The department shall adopt
7 34 procedures to ensure that the data necessary to comply with
7 35 this section is collected and maintained for all system
8 1 members.
8 2 2. The plan choice rate shall be set and adjusted based
8 3 upon the following factors:
8 4 a. As determined under subsection 3, the change in the
8 5 normal cost contribution rate in the defined benefit system
8 6 that is the result of member selection of the defined
8 7 contribution plan.
8 8 b. As determined under subsection 4, the anticipated
8 9 reduction in defined contribution plan costs because of
8 10 forfeitures.
8 11 c. As determined under subsection 5, the sufficiency of
8 12 the plan choice rate to actuarially fund the defined
8 13 contribution plan's share of the defined benefit system's
8 14 unfunded liabilities.
8 15 3. The change in the normal cost contribution rate must be
8 16 an amount equal to the difference between the normal cost
8 17 contribution rate in the defined benefit system that would
8 18 have resulted if all system members remained in the defined
8 19 benefit system and the normal cost contribution rate in the
8 20 defined benefit system for the actual members of the defined
8 21 benefit system, multiplied by the covered payroll of members
8 22 in the defined benefit system, divided by the covered payroll
8 23 of members in the defined contribution plan. The measurements
8 24 under this subsection must be based on the defined benefit
8 25 system in effect on the effective date of this Act until the
8 26 department determines that the defined benefit system has been
8 27 amended in a manner that significantly affects plan choices
8 28 available to system members. After the department determines
8 29 that the defined benefit system has been significantly
8 30 changed, the measurements in this subsection with respect to
8 31 members entering the system after the significant change must
8 32 be made on the basis of the defined benefit system, as
8 33 amended.
8 34 4. The anticipated reduction in defined contribution plan
8 35 costs as a result of forfeitures under section 97E.9 shall be
9 1 determined as the amount of forfeitures expected during the
9 2 next fiscal year based on actual forfeitures in the preceding
9 3 fiscal year, adjusted by taking into account the gains or
9 4 losses during the preceding fiscal year resulting from
9 5 forfeitures of greater or lesser amounts than expected,
9 6 divided by twice the covered payroll of members of the defined
9 7 contribution plan.
9 8 5. The sufficiency of the plan choice rate to actuarially
9 9 fund the appropriate share of the defined benefit system's
9 10 unfunded liabilities shall be determined as follows:
9 11 a. The department shall determine the number of years
9 12 required to actuarially fund the defined benefit plan's
9 13 unfunded liabilities as of the June 30, 2002, actuarial
9 14 valuation, which shall be the initial schedule for the defined
9 15 contribution plan to actuarially fund the plan's share of the
9 16 unfunded liabilities. The board shall reduce the schedule by
9 17 one year each year.
9 18 b. During each subsequent actuarial valuation of the
9 19 defined benefit system, the department shall determine whether
9 20 the plan choice rate minus the sum of the amounts provided in
9 21 subsection 2, paragraphs "a" and "b", is sufficient to pay the
9 22 unfunded liability obligations within the schedule determined
9 23 under subsection 5, paragraph "a". If the amount is
9 24 insufficient to fund the liability over a period of ten years
9 25 longer than the scheduled period or is more than sufficient to
9 26 fund the liability over a period of ten years earlier than the
9 27 scheduled period, the department shall determine to the
9 28 nearest one-tenth of one percent the amount of the increase or
9 29 decrease in the plan choice rate that is required to
9 30 actuarially fund the liabilities according to the established
9 31 schedule.
9 32 6. If the department determines that the plan choice rate
9 33 should be increased or decreased, the plan choice rate shall
9 34 be increased or decreased accordingly. If the plan choice
9 35 rate is increased, the allocation of employer contributions to
10 1 member accounts under section 97E.9 shall be decreased by that
10 2 rate. If the plan choice rate is decreased, the allocation of
10 3 employer contributions to member accounts under section 97E.9
10 4 shall be increased by that rate.
10 5 7. By November 1 of the year of a determination pursuant
10 6 to this section that the allocation of employer contributions
10 7 under section 97E.9 shall be changed, the department shall
10 8 notify system members, participating employers, employee and
10 9 employer organizations, the governor, and the legislature of
10 10 its determination and of the changes required.
10 11 8. Effective January 1 of the year after a determination
10 12 under this section, the plan choice rate and the allocation of
10 13 contributions under section 97E.9 shall be adjusted according
10 14 to the department's determination.
10 15 Sec. 18. NEW SECTION. 97E.11 MAXIMUM CONTRIBUTION
10 16 LIMITATION.
10 17 The annual additions to a retirement account within the
10 18 defined contribution plan shall not exceed the annual limits
10 19 on contributions as specified in section 415 of the Internal
10 20 Revenue Code of 1986 and adjusted annually by the commissioner
10 21 of internal revenue.
10 22 Sec. 19. NEW SECTION. 97E.12 INVESTMENT ALTERNATIVES –
10 23 NOTICE OF CHANGES – DEFAULT FUND.
10 24 1. The department shall contract with a vendor or vendors
10 25 to provide for at least eight investment alternatives within
10 26 the defined contribution plan. In providing for the plan's
10 27 investment alternatives, only a vendor or vendors offering
10 28 suitable and well-managed investments that is authorized to do
10 29 business in this state shall be used.
10 30 2. The investment alternatives shall include at least
10 31 three that offer plan members the following:
10 32 a. The ability to materially affect the potential return
10 33 on amounts in the member's retirement account and shall
10 34 specify the degree of risk to which those amounts are subject.
10 35 b. A range of investment alternatives that does all of the
11 1 following:
11 2 (1) Provides sound and diversified funds.
11 3 (2) Offers, under each alternative, a materially different
11 4 risk and return characteristic than found in the other
11 5 alternatives.
11 6 (3) Allows the member or beneficiary to choose among them
11 7 to achieve a portfolio with an aggregate risk and return
11 8 characteristic to achieve a point within the risk and return
11 9 range normally appropriate for the member or beneficiary based
11 10 on age, income, and individual retirement goals.
11 11 (4) Tends to minimize through diversification the overall
11 12 risk of large losses.
11 13 3. Subject to a competitive bidding process, the
11 14 investment alternatives may include the investment
11 15 alternatives offered to the state employees' deferred
11 16 compensation plan pursuant to section 19A.12B.
11 17 4. The department shall from time to time review the
11 18 suitability and management of investment alternatives and may
11 19 change the alternatives to be offered. The department shall
11 20 notify affected members of potential changes in alternatives
11 21 before any changes become effective.
11 22 5. Assets within each member's retirement account must be
11 23 invested as directed by the member.
11 24 6. The department shall provide for a balanced fund to be
11 25 established as a default investment fund. If a member fails
11 26 to direct how the member's retirement account is to be
11 27 invested, the member's entire account balance shall be
11 28 invested in the default fund.
11 29 Sec. 20. NEW SECTION. 97E.13 PAYOUT OF ACCOUNT BALANCES
11 30 WHEN TERMINATING PLAN MEMBERSHIP.
11 31 Any time after termination of covered employment by a
11 32 member, a member or the member's beneficiary may terminate
11 33 plan membership by making a written application to the
11 34 department and removing the member's account balance from the
11 35 plan through any combination of the following payout options,
12 1 each of which is subject to applicable regulations of the
12 2 internal revenue service:
12 3 1. A direct rollover to an eligible retirement plan or to
12 4 an individual retirement account or annuity pursuant to
12 5 section 401(a)(31) of the Internal Revenue Code.
12 6 2. A regular rollover to an eligible retirement plan
12 7 pursuant to section 402(c) of the Internal Revenue Code.
12 8 3. A lump sum distribution of the member's account
12 9 balance.
12 10 Sec. 21. NEW SECTION. 97E.14 DISTRIBUTION OPTIONS FOR
12 11 PLAN MEMBERS – RULEMAKING – MINIMUM DISTRIBUTION
12 12 REQUIREMENTS – RESTRICTIONS.
12 13 1. Subject to the requirements of this chapter and chapter
12 14 97B, if applicable, a member may, after termination of covered
12 15 employment, leave the member's account balance in the plan,
12 16 and the member is eligible for a distribution as provided in
12 17 this section.
12 18 2. After termination of covered employment, upon written
12 19 application to the department, a member may, if provided for
12 20 by the board, select a distribution option offered pursuant to
12 21 a contract negotiated by the department with a plan vendor or
12 22 vendors.
12 23 3. A member who is less than seventy and one-half years of
12 24 age who returns to covered employment shall not continue to
12 25 receive a distribution under this section while the member is
12 26 actively employed in a covered position.
12 27 4. The department shall adopt rules under chapter 17A to
12 28 administer this section and to provide that distributions
12 29 comply with the minimum distribution requirements established
12 30 in the Internal Revenue Code.
12 31 Sec. 22. NEW SECTION. 97E.15 DEATH BENEFITS.
12 32 A plan member's beneficiary shall be designated and
12 33 determined pursuant to rules adopted by the department under
12 34 chapter 17A. Upon written application filed with the
12 35 department after the death of a plan member, the member's
13 1 beneficiary is entitled to the member's account balance and
13 2 all rights established in and subject to this chapter.
13 3 Sec. 23. NEW SECTION. 97E.16 MINIMUM ACCOUNT BALANCE
13 4 REQUIRED FOR MEMBERSHIP AFTER TERMINATION – ADJUSTMENT BY
13 5 RULE.
13 6 1. a. If a member's account balance is less than five
13 7 thousand dollars at the time that the member terminates
13 8 covered employment, the member shall terminate plan membership
13 9 by removing the member's account balance from the plan in a
13 10 manner provided pursuant to section 97E.13.
13 11 b. If the member fails to remove the member's account
13 12 balance, the department may close the account by paying to the
13 13 member a lump sum distribution of the member's entire account
13 14 balance.
13 15 2. The department may by rule adjust the minimum account
13 16 balance provided in this section as necessary to maintain
13 17 reasonable administrative costs and to account for inflation.
13 18 Sec. 24. EFFECTIVE DATE. This Act takes effect on July 1,
13 19 2003.
13 20 EXPLANATION
13 21 This bill establishes an option for employees covered or
13 22 eligible to be covered under the Iowa public employees'
13 23 retirement system (IPERS) to elect out of coverage under that
13 24 system and into a defined contribution plan established by the
13 25 department of personnel. This bill takes effect on July 1,
13 26 2003.
13 27 Membership in the defined contribution plan is established
13 28 by the bill. The bill provides that a person hired on or
13 29 after July 1, 2003, who is eligible for coverage under IPERS,
13 30 has the option of electing out of that coverage and electing
13 31 coverage under a defined contribution plan established by the
13 32 department. Active members of IPERS as of July 1, 2003, are
13 33 given an option for one year from July 1, 2003, to transfer to
13 34 the defined contribution plan. If a member transfers
13 35 coverage, the department shall transfer moneys to the member's
14 1 account in the defined contribution plan in an amount equal to
14 2 the amount the person would be eligible to receive as a refund
14 3 if the person terminated membership under IPERS.
14 4 The bill provides that the department shall establish the
14 5 defined contribution plan as a qualified plan pursuant to
14 6 section 401a of the Internal Revenue Code. The bill provides
14 7 that the department shall contract for the administration of
14 8 the plan through a competitive bidding process. The bill
14 9 authorizes the department to assess fees for the
14 10 administration of the plan.
14 11 The bill provides that a member shall be vested in the
14 12 defined contribution plan when the combination of years in
14 13 IPERS, if applicable, and the plan equals four. A member who
14 14 terminates employment prior to vesting shall forfeit the
14 15 employer's contributions, and investment income on that
14 16 amount, to the plan which shall otherwise offset contributions
14 17 required to be made to the plan by that employer.
14 18 The bill provides that contributions to the plan from
14 19 employers and employees shall be based on the percentage rates
14 20 provided members of IPERS. While the entire employee
14 21 contribution is deposited in members' accounts, a portion of
14 22 the employer's contributions, as determined by the department,
14 23 shall be retained and deposited in the IPERS fund to ensure
14 24 that IPERS remains in a fully funded status. The method of
14 25 determining the portion transferred to the IPERS retirement
14 26 fund is established by the bill.
14 27 The bill provides that at least eight investment choices be
14 28 provided to members under the defined contribution plan and
14 29 provides for member selection of investment choices. The bill
14 30 provides that moneys in a member's account shall be deposited
14 31 in a balanced fund if the member fails to select an investment
14 32 option. Distributions to plan members, eligible rollovers of
14 33 accounts, and death benefit provisions are included in the
14 34 bill. The bill also provides for an immediate distribution of
14 35 moneys in a member's account if the account balance is less
15 1 than $5,000, or the amount established by the department, at
15 2 the time the member is terminated from covered employment.
15 3 LSB 5407YH 78
15 4 ec/cf/24
Text: HF02215 Text: HF02217 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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