House File 240 - Introduced HOUSE FILE BY BERRY Passed House, Date Passed Senate, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to the setting aside of a portion of child 2 support payments in a separate fund to be invested and 3 reserved for the child. 4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 5 TLSB 2166HH 83 6 pf/nh/5 PAG LIN 1 1 Section 1. Section 598.21B, subsection 1, Code 2009, is 1 2 amended by adding the following new paragraph: 1 3 NEW PARAGRAPH. bb. The guidelines prescribed by the 1 4 supreme court shall provide that ten percent of the child 1 5 support amount which either party is ordered to pay is set 1 6 aside in a separate fund and invested in a well=balanced 1 7 financial portfolio to be reserved for the child until the 1 8 child reaches the age of twenty=five, unless the court 1 9 determines setting aside such amount is not in the best 1 10 interest of the child. 1 11 EXPLANATION 1 12 This bill directs that the child support guidelines are to 1 13 provide that 10 percent of child support paid by either parent 1 14 is to be set aside in a separate fund and invested in a 1 15 well=balanced financial portfolio to be reserved for the child 1 16 until the child reaches age 25, unless the court determines 1 17 setting aside such amount is not in the best interest of the 1 18 child. 1 19 LSB 2166HH 83 1 20 pf/nh/5