Senate File 321 S-3059 Amend Senate File 321 as follows: 1 1. By striking everything after the enacting clause and 2 inserting: 3 < Section 1. Section 12B.10, subsection 6, Code 2021, is 4 amended by adding the following new paragraph: 5 NEW PARAGRAPH . n. Investments by the veterans trust fund 6 established in section 35A.13. 7 Sec. 2. Section 12B.10C, subsection 4, Code 2021, is amended 8 by adding the following new paragraph: 9 NEW PARAGRAPH . k. The veterans trust fund established in 10 section 35A.13. 11 Sec. 3. Section 35A.13, subsection 3, Code 2021, is amended 12 to read as follows: 13 3. Moneys credited to the trust fund shall not be 14 transferred, used, obligated, appropriated, or otherwise 15 encumbered, except as provided in this section . Moneys in the 16 trust fund may be used for cash flow purposes during a fiscal 17 year provided that any moneys so allocated are returned to the 18 trust fund by the end of that fiscal year. Moneys in the trust 19 fund may also be used for cemetery grant development purposes 20 provided that any moneys so allocated, except for moneys used 21 for department of administrative services expenditures related 22 to the grant, are returned to the trust fund upon receipt of 23 federal funds received for such purposes. 24 Sec. 4. Section 35A.13, Code 2021, is amended by adding the 25 following new subsection: 26 NEW SUBSECTION . 3A. a. Notwithstanding subsection 4, 27 moneys in the fund, except so much of the fund as may be 28 necessary to be kept on hand for the making of disbursements 29 under this section, shall be invested by the treasurer of 30 state, in consultation with the commission, in any investments 31 authorized for the Iowa public employees’ retirement system 32 in section 97B.7A, including common stock, and subject to the 33 requirements of chapters 12F, 12H, and 12J, and the earnings 34 therefrom shall be credited to the fund. The treasurer of 35 -1- SF321.1190 (1) 89 dg/rn 1/ 3 #1.
state may execute contracts and agreements with investment 1 advisors, consultants, and investment management and benefit 2 consultant firms in the administration of investments of moneys 3 in the fund. 4 b. Investment management expenses shall be charged to the 5 investment income of the fund and there is appropriated to the 6 treasurer of state from the investment income of the fund an 7 amount required for the investment management expenses. 8 c. For purposes of this subsection, investment management 9 expenses are limited to the following: 10 (1) Fees for investment advisors, consultants, and 11 investment management and benefit consultant firms hired by 12 the treasurer of state in administering the investments of the 13 fund. 14 (2) Fees and costs for safekeeping fund assets. 15 (3) Costs for performance and compliance monitoring, and 16 accounting for fund investments. 17 (4) Any other costs necessary to prudently invest or protect 18 the assets of the fund. 19 d. The commission and the treasurer of state, and their 20 employees, are not personally liable for claims based upon an 21 act or omission of the person performed in the discharge of the 22 person’s duties concerning the veterans trust fund, except for 23 acts or omissions which involve malicious or wanton misconduct. 24 Sec. 5. Section 35A.13, subsection 4, Code 2021, is amended 25 by striking the subsection and inserting in lieu thereof the 26 following: 27 4. a. For each fiscal year that the balance of the trust 28 fund on July 1 is below fifty million dollars, the interest 29 and earnings on moneys in the fund and the first five hundred 30 thousand dollars transferred pursuant to section 99G.39 from 31 the lottery fund are appropriated to the commission to be used 32 to achieve the purposes of subsection 6. Moneys appropriated 33 to the commission under this paragraph that remain unencumbered 34 or unobligated at the end of the fiscal year shall revert to 35 -2- SF321.1190 (1) 89 dg/rn 2/ 3
the fund. 1 b. For each fiscal year that the balance of the trust fund 2 on July 1 is above fifty million dollars but the balance of the 3 fund was below fifty million dollars on July 1 of the previous 4 fiscal year, moneys transferred pursuant to section 99G.39 from 5 the lottery fund are appropriated to the commission to be used 6 to achieve the purposes of subsection 6. Moneys appropriated 7 to the commission under this paragraph that remain unencumbered 8 or unobligated at the end of the fiscal year shall revert to 9 the fund. 10 c. For each fiscal year that the balance of the trust fund 11 on July 1 is above fifty million dollars and the balance of 12 the fund was above fifty million dollars on July 1 of the 13 previous fiscal year, moneys equal to the net income the fund 14 received in the previous fiscal year are appropriated to the 15 commission to be used to achieve the purposes of subsection 16 6. Moneys appropriated to the commission under this paragraph 17 that remain unencumbered or unobligated at the end of the 18 fiscal year shall revert to the fund. For the purposes of this 19 paragraph, “income" means moneys credited to the veterans trust 20 fund pursuant to subsection 2 and moneys transferred pursuant 21 to section 99G.39. 22 d. Notwithstanding paragraphs “a” , “b” , and “c” , moneys 23 credited to the war orphans educational assistance account 24 shall be expended as provided in subsection 7. > 25 ______________________________ JIM CARLIN -3- SF321.1190 (1) 89 dg/rn 3/ 3