At the request of an employee, the governing body or the county board of supervisors shall by contractual agreement acquire an individual or group life insurance contract, annuity contract, interest in a mutual fund, security, or any other deferred payment contract for the purpose of funding a deferred compensation program. The contract acquired for an employee shall be in accordance with the plan document and from any company that is authorized to do business in this state, or through an Iowa-licensed salesperson that the employee selects on a group or individual basis. When the state of Iowa acquires an investment product pursuant to the plan document the state does not become a shareholder, stockholder, or owner of a corporation in violation of Article VIII, section 3, of the Constitution of the State of Iowa or any other provision of law.
This section is in addition to any benefit program provided by law for employees of the state or its political subdivisions.
[C73, 75, 77, 79, 81, S81, § 509A.12; 81 Acts, ch 117, § 1087]
94 Acts, ch 1183, §80; 95 Acts, ch 162, §11
Referred to in § 97B.42, 331.324
Iowa General Assembly
Search: Iowa Code 1997
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