House Study Bill 647
HOUSE FILE
BY (PROPOSED COMMITTEE ON
ECONOMIC GROWTH BILL BY
CHAIRPERSON HOFFMAN)
Passed House, Date Passed Senate, Date
Vote: Ayes Nays Vote: Ayes Nays
Approved
A BILL FOR
1 An Act relating to investments in Iowa under the Iowa public
2 employees' retirement system.
3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
4 TLSB 6411HC 80
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PAG LIN
1 1 Section 1. Section 97B.7A, subsection 2, Code Supplement
1 2 2003, is amended to read as follows:
1 3 2. INVESTMENT ACQUISITIONS. Within the limitations of the
1 4 investment standards prescribed in this section, the system
1 5 may acquire and retain every kind of property and every kind
1 6 of investment which persons of prudence, discretion, and
1 7 intelligence acquire or retain for their own account.
1 8 Consistent with this section, investments shall be made in a
1 9 manner that will enhance the economy of this state, including
1 10 increasing venture capital opportunities for Iowa businesses,
1 11 and in particular, will result in increased employment of the
1 12 residents of this state. Investments of moneys in the
1 13 retirement fund are not subject to sections 73.15 through
1 14 73.21.
1 15 EXPLANATION
1 16 This bill relates to the investment of funds by the Iowa
1 17 public employees' retirement system and provides that
1 18 investments shall be made, consistent with prudent investment
1 19 policy, in a manner that enhances venture capital
1 20 opportunities for Iowa businesses.
1 21 LSB 6411HC 80
1 22 ec/pj/5
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