CHAPTER 2
INVESTMENT BOARD
[Prior to 1/7/04, see 581—21.1]
495—2.1(97B) Investment board. The principal place of business of the board is IPERS’ headquarters, 7401 Register Drive, Des Moines, Iowa.
	1.	Effective July 1, 2002, the board shall be the trustee of the retirement fund. The board shall meet annually, and may meet more often, to review its investment policies.
	2.	At the first meeting in each fiscal year, the voting members shall elect a chair and vice chair. Future meeting dates for the year shall also be decided at the first meeting. Advance notice of time, date, tentative agenda, and place of each meeting shall be given in compliance with Iowa Code chapter 21. All meetings of the board are open to the public and shall be held in accordance with Robert’s Rules of Order, Newly Revised.
	3.	Parties wishing to present items for the agenda of the next meeting shall file a written request with the board chair at least five business days prior to the meeting. The board may take up matters not included on its agenda.
	4.	Four members eligible to vote shall constitute a quorum. A simple majority vote of the full voting membership shall be the vote of the board.
	5.	Members of the board shall file financial statements pursuant to Iowa Code section 68B.35(2)“e.”
	6.	In the event that it should become necessary to fill the chief investment officer position, the board may consult with, and make hiring recommendations to, the chief executive officer that are consistent with the requirements of Iowa Code chapter 8A, subchapter IV.
	7.	The board shall set the salary of the CEO pursuant to Iowa Code section 97B.3.
	8.	The board shall participate in the annual performance evaluation of the chief investment officer.
[ARC 0017C, IAB 2/22/12, effective 3/28/12; ARC 2981C, IAB 3/15/17, effective 4/19/17]
495—2.2(97B) Group trusts. Assets of the fund may be invested in a tax-exempt group trust that has been determined by the Internal Revenue Service to be a pooled fund arrangement pursuant to Revenue Ruling 81-100, as modified by Revenue Rulings 2004-67 and 2011-1, and that is operated or maintained exclusively for the commingling and collective investment of moneys. In such case, the terms of the group trust shall be adopted as part of this plan.
[ARC 1348C, IAB 2/19/14, effective 3/26/14]
These rules are intended to implement Iowa Code chapter 97B.
[Filed 12/17/03, Notice 11/12/03—published 1/7/04, effective 2/11/04]
[Filed 12/1/05, Notice 10/26/05—published 12/21/05, effective 1/25/06]
[Filed 4/7/06, Notice 3/1/06—published 4/26/06, effective 5/31/06]
[Filed emergency 6/25/08—published 7/16/08, effective 6/25/08]
[Filed 8/20/08, Notice 7/16/08—published 9/10/08, effective 10/15/08]
[Filed ARC 0017C (Notice ARC 9951B, IAB 12/28/11), IAB 2/22/12, effective 3/28/12]
[Filed ARC 1348C (Notice ARC 1256C, IAB 12/25/13), IAB 2/19/14, effective 3/26/14]
[Filed ARC 2981C (Notice ARC 2892C, IAB 1/18/17), IAB 3/15/17, effective 4/19/17]