602.9111  Investment of fund.

1.  So much of the judicial retirement fund as may not be necessary to be kept on hand for the making of disbursements under this article shall be invested by the treasurer of state in any investments authorized for the Iowa public employees' retirement system in section 97B.7, subsection 2, paragraph "b", and the earnings therefrom shall be credited to the fund. The treasurer of state may execute contracts and agreements with investment advisors, consultants, and investment management and benefit consultant firms in the administration of the judicial retirement fund.

2.  Investment management expenses shall be charged to the investment income of the fund and there is appropriated from the fund an amount required for the investment management expenses. The court administrator shall report the investment management expenses for the fiscal year as a percent of the market value of the system.

3.  For purposes of this section, investment management expenses are limited to the following:

a.  Fees for investment advisors, consultants, and investment management and benefit consultant firms hired by the treasurer of state in administering the fund.

b.  Fees and costs for safekeeping fund assets.

c.  Costs for performance and compliance monitoring, and accounting for fund investments.

d.  Any other costs necessary to prudently invest or protect the assets of the fund.

4.  The state court administrator and the treasurer of state, and their employees, are not personally liable for claims based upon an act or omission of the person performed in the discharge of the person's duties concerning the judicial retirement fund, except for acts or omissions which involve malicious or wanton misconduct.

Section History: Early form

  [C50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 605A.11]

Section History: Recent form

  83 Acts, ch 186, § 10202(2)

  CS83, § 602.9111

  84 Acts, ch 1180, § 10; 96 Acts, ch 1187, § 109

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