House
File
569
-
Enrolled
House
File
569
AN
ACT
CONCERNING
AUTHORIZED
INVESTMENT
VEHICLES
IN
A
TAX-SHELTERED
INVESTMENT
PROGRAM
ESTABLISHED
BY
THE
DEPARTMENT
OF
ADMINISTRATIVE
SERVICES.
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
Section
1.
Section
8A.438,
subsection
1,
Code
2017,
is
amended
to
read
as
follows:
1.
The
director
may
establish
a
tax-sheltered
investment
program
for
eligible
employees.
The
director
may
arrange
for
the
provision
of
investment
vehicles
authorized
under
section
403(b)
of
the
Internal
Revenue
Code,
as
defined
in
section
422.3.
The
tax-sheltered
investment
program
shall
include
investment
vehicles
authorized
under
section
403(b)
of
the
Internal
Revenue
Code
provided
by
any
insurance
company
or
investment
company
that
is
recommended
for
inclusion
in
the
program
by
a
person
licensed
as
an
insurance
producer
under
chapter
522B,
or
registered
as
a
securities
agent
or
investment
adviser
representative
under
chapter
502,
by
the
insurance
division
of
the
department
of
commerce.
The
director
shall
require
each
insurance
company
and
investment
company
included
in
the
program
to
utilize
the
third
party
administrator
selected
by
the
department
and
a
common
remitter,
and
shall
limit
the
total
number
of
insurance
companies
and
investment
companies
in
the
program
to
no
more
than
thirty.
To
be
eligible
for
inclusion
in
the
program,
an
insurance
company
shall
have
filed
with,
and
had
the
company’s
contract
and
House
File
569,
p.
2
forms
approved
by,
the
insurance
division
of
the
department
of
commerce,
and
an
investment
company
shall
be
registered
with
the
federal
securities
and
exchange
commission.
The
department
may
offer
the
tax-sheltered
investment
program
to
eligible
public
employers
in
the
state
of
Iowa.
______________________________
LINDA
UPMEYER
Speaker
of
the
House
______________________________
JACK
WHITVER
President
of
the
Senate
I
hereby
certify
that
this
bill
originated
in
the
House
and
is
known
as
House
File
569,
Eighty-seventh
General
Assembly.
______________________________
CARMINE
BOAL
Chief
Clerk
of
the
House
Approved
_______________,
2017
______________________________
TERRY
E.
BRANSTAD
Governor