Senate
Study
Bill
1107
-
Introduced
SENATE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
STATE
GOVERNMENT
BILL
BY
CHAIRPERSON
SMITH)
A
BILL
FOR
An
Act
concerning
authorized
investment
vehicles
in
a
1
tax-sheltered
investment
program
established
by
the
2
department
of
administrative
services.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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2200XC
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ec/sc
S.F.
_____
Section
1.
Section
8A.438,
subsection
1,
Code
2017,
is
1
amended
to
read
as
follows:
2
1.
The
director
may
establish
a
tax-sheltered
investment
3
program
for
eligible
employees.
The
director
may
arrange
for
4
the
provision
of
investment
vehicles
authorized
under
section
5
403(b)
of
the
Internal
Revenue
Code,
as
defined
in
section
6
422.3
.
If
the
director
establishes
a
tax-sheltered
investment
7
program
pursuant
to
this
section,
the
program
shall
include
8
investment
vehicles
authorized
under
section
403(b)
of
the
9
Internal
Revenue
Code
from
any
investment
provider
who
requests
10
inclusion
in
the
program
who
is
authorized
to
do
business
in
11
this
state
and
who
is
approved
by
the
insurance
division
of
12
the
department
of
commerce.
The
department
may
offer
the
13
tax-sheltered
investment
program
to
eligible
public
employers
14
in
the
state
of
Iowa.
15
EXPLANATION
16
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
17
the
explanation’s
substance
by
the
members
of
the
general
assembly.
18
This
bill
provides
that
if
the
director
of
the
department
19
of
administrative
services
establishes
a
tax-sheltered
20
investment
program
under
section
403(b)
of
the
Internal
Revenue
21
Code,
the
program
shall
include
investment
vehicles
from
any
22
investment
provider
who
requests
inclusion
in
the
program
who
23
is
authorized
to
do
business
in
this
state
and
who
is
approved
24
by
the
insurance
division
of
the
department
of
commerce.
25
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