Text: SF00322 Text: SF00324 Text: SF00300 - SF00399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 SENATE FILE 323
1 2
1 3 AN ACT
1 4 RELATING TO THE STANDARD FOR INVESTMENT OF RETIREMENT FUNDS
1 5 BY MUNICIPAL UTILITIES.
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 2001, is
1 10 amended by adding the following new paragraph:
1 11 NEW PARAGRAPH. k. Investments by municipal utility
1 12 retirement systems governed under chapter 412.
1 13 Sec. 2. Section 12B.10B, subsection 3, Code 2001, is
1 14 amended by adding the following new paragraph:
1 15 NEW PARAGRAPH. j. Municipal utility retirement systems
1 16 governed under chapter 412.
1 17 Sec. 3. Section 12B.10C, Code 2001, is amended by adding
1 18 the following new subsection:
1 19 NEW SUBSECTION. 9. Municipal utility retirement systems
1 20 governed under chapter 412.
1 21 Sec. 4. Section 412.4, Code 2001, is amended to read as
1 22 follows:
1 23 412.4 PAYMENTS AND INVESTMENTS.
1 24 The council, board of waterworks trustees, or other board
1 25 or commission, whichever is authorized by law to manage and
1 26 operate any such waterworks, or other municipally owned and
1 27 operated public utility, shall have the right and power to
1 28 contract with any legal reserve insurance company authorized
1 29 to conduct its business in the state, or any bank located in
1 30 Iowa having trust powers for the investment of funds
1 31 contributed to an annuity or pension system, for the payment
1 32 of the pensions or annuities provided in such pension or
1 33 annuity retirement system, and may pay the premiums or make
1 34 the contribution of such contract out of the fund provided in
1 35 section 412.2. Funds shall be invested in accordance with the
2 1 investment policy for the retirement fund, as established by
2 2 the governing body of the public utility. In establishing the
2 3 investment policy, the council, board or commission shall be
2 4 governed by the standards set forth in section 97B.7,
2 5 subsection 2, paragraph "b". However, permissible investments
2 6 shall be limited to those investments authorized in section
2 7 12B.10, subsection 5, and investments in diversified
2 8 commingled investment funds holding only publicly traded
2 9 securities and under the management of an investment advisor
2 10 registered with the federal securities and exchange commission
2 11 under the Investment Advisor Act of 1940. Funds contributed
2 12 to a bank pursuant to such a contract shall be invested in the
2 13 manner prescribed in section 633.123A or chapter 633, division
2 14 XX, part 4, subpart C, and may be commingled with and invested
2 15 as a part of a common or master fund managed for the benefit
2 16 of more than one public utility.
2 17
2 18
2 19
2 20 MARY E. KRAMER
2 21 President of the Senate
2 22
2 23
2 24
2 25 BRENT SIEGRIST
2 26 Speaker of the House
2 27
2 28 I hereby certify that this bill originated in the Senate and
2 29 is known as Senate File 323, Seventy-ninth General Assembly.
2 30
2 31
2 32
2 33 MICHAEL E. MARSHALL
2 34 Secretary of the Senate
2 35 Approved , 2001
3 1
3 2
3 3
3 4 THOMAS J. VILSACK
3 5 Governor
Text: SF00322 Text: SF00324 Text: SF00300 - SF00399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
© 2001 Cornell College and League of Women Voters of Iowa
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