H.F. 2181 Section 1. NEW SECTION . 12G.1 Targeted personal savings 1 program established. 2 1. A targeted personal savings program is established, to 3 be developed and coordinated by the treasurer of state. The 4 objective of the program shall be to encourage low and moderate 5 income individuals and families to save and build wealth 6 through the development of savings strategies and coordination 7 with nonprofit groups, employers, financial institutions, and 8 government agencies that can offer guidance and assistance. 9 2. The treasurer of state shall adopt rules for the 10 identification of targeted low-income and moderate-income 11 individuals and families and the development of promotional 12 literature regarding the existence of the program, and shall 13 develop program parameters and guidelines establishing the 14 following: 15 a. A public education campaign promoting the advantages 16 of personal savings and the viability and desirability of 17 implementing a personal savings program regardless of an 18 individual’s or a family’s financial status. 19 b. An incentive program and awards ceremony whereby 20 individuals and families who have made significant progress 21 toward achieving personal savings goals shall be officially 22 recognized by the state. 23 c. A process for facilitating access to advisory groups, 24 credit counseling agencies, financial institutions, and state 25 and federal agencies that can offer financial guidance and 26 assistance in accumulating personal wealth. 27 d. Strategies for coordination of the program with the Iowa 28 educational savings plan trust established in chapter 12D. 29 e. Presentations to schools, hospitals, civic organizations, 30 and privately organized clubs and groups regarding the 31 existence of the program. 32 3. The treasurer of state shall submit a report to the 33 governor and the general assembly regarding program activities 34 and success rates on an annual basis, with the first such 35 -1- LSB 6157HH (2) 83 rn/nh 1/ 3

H.F. 2181 report submitted by January 1, 2011. 1 Sec. 2. NEW SECTION . 12G.2 Targeted personal savings 2 program —— task force established. 3 1. The treasurer of state shall convene a targeted 4 personal savings program task force to assist the office in 5 administering the targeted personal savings program established 6 in section 12G.1. Members of the task force may include but 7 shall not be limited to representatives of community groups, 8 cooperative extension offices, nonprofit credit counseling 9 agencies, banks and credit unions, and city, county, and state 10 government agencies, appointed by the respective entities. 11 2. Appointments are not subject to sections 69.16 and 12 69.16A. Vacancies shall be filled by the original appointment 13 authority and in the manner of the original appointments. 14 EXPLANATION 15 This bill provides for the establishment of a targeted 16 personal savings program within the office of the treasurer 17 of state. The objective of the program shall be to encourage 18 low and moderate income individuals and families to save and 19 build wealth through the development of savings strategies 20 and coordination with nonprofit groups, employers, financial 21 institutions, and government agencies that can offer guidance 22 and assistance. 23 The bill provides that the state treasurer shall adopt rules 24 relating to identifying low and moderate income individuals and 25 families who could benefit from the program, and development of 26 promotional literature regarding the existence of the program. 27 The bill specifies program parameters and guidelines including 28 public education promoting the advantages of personal savings 29 and the viability and desirability of implementing a personal 30 savings program regardless of an individual’s or a family’s 31 financial status; an incentive program and awards ceremony 32 recognizing individuals and families who have made significant 33 progress toward achieving personal savings goals; a process 34 for facilitating access to advisory groups, credit counseling 35 -2- LSB 6157HH (2) 83 rn/nh 2/ 3

H.F. 2181 agencies, financial institutions, and state and federal 1 agencies which can offer financial guidance and assistance; 2 strategies for coordination of the program with the Iowa 3 educational savings plan trust; and presentations to schools, 4 hospitals, civic organizations, and privately organized clubs 5 and groups regarding the existence of the program. 6 The bill directs the state treasurer to establish a 7 task force of entities specified in the bill to assist in 8 administration of the program, and requires the state treasurer 9 to submit a report to the governor and the general assembly 10 regarding program activities and success rates on an annual 11 basis, with the first such report submitted by January 1, 2011. 12 -3- LSB 6157HH (2) 83 rn/nh 3/ 3