House
Study
Bill
535
-
Introduced
SENATE/HOUSE
FILE
_____
BY
(PROPOSED
IOWA
PUBLIC
EMPLOYEES’
RETIREMENT
SYSTEM
BILL)
A
BILL
FOR
An
Act
concerning
the
administration
of
the
Iowa
public
1
employees’
retirement
system.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
TLSB
5360DP
(7)
83
ec/nh
S.F.
_____
H.F.
_____
Section
1.
Section
97B.4,
subsection
2,
paragraph
c,
Code
1
2009,
is
amended
to
read
as
follows:
2
c.
In
administering
this
chapter
,
the
system
may
enter
into
3
a
biennial
agreement
with
the
department
of
administrative
4
services
concerning
the
sharing
of
resources
between
the
5
system
and
department
which
are
of
benefit
to
each
and
6
which
are
consistent
with
the
mission
of
the
system
and
7
the
department.
The
budget
program
for
the
system
shall
be
8
established
by
the
chief
executive
officer
in
consultation
with
9
the
board
and
other
staff
of
the
system
and
shall
be
compiled
10
and
submitted
by
the
system
pursuant
to
section
8.23.
11
Sec.
2.
Section
97B.4,
subsection
4,
paragraph
a,
Code
2009,
12
is
amended
to
read
as
follows:
13
a.
Annual
report
to
governor.
Not
later
than
the
14
thirty-first
day
of
December
of
each
year,
the
system
shall
15
submit
to
the
governor
a
report
covering
the
administration
16
and
operation
of
this
chapter
during
the
preceding
fiscal
17
year
and
shall
make
recommendations
for
amendments
to
this
18
chapter.
The
report
shall
include
a
balance
sheet
of
the
19
moneys
in
the
retirement
fund.
The
report
shall
also
include
20
information
concerning
the
investment
management
expenses
21
for
the
retirement
fund
for
each
fiscal
year
expressed
as
a
22
percent
of
the
market
value
of
the
retirement
fund
investment
23
assets
,
including
the
information
described
in
section
97B.7,
24
subsection
3
,
paragraph
“d”
.
The
information
provided
under
25
this
paragraph
shall
also
include
information
on
the
investment
26
policies
and
investment
performance
of
the
retirement
fund.
27
In
providing
this
information,
to
the
extent
possible,
the
28
system
shall
include
the
total
investment
return
for
the
entire
29
fund,
for
portions
of
the
fund
managed
by
investment
managers,
30
and
for
internally
managed
portions
of
the
fund,
and
the
cost
31
of
managing
the
fund
per
thousand
dollars
of
assets.
The
32
performance
shall
be
based
upon
market
value,
and
shall
be
33
contrasted
with
relevant
market
indices
and
with
performances
34
of
pension
funds
of
similar
asset
size.
35
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5360DP
(7)
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ec/nh
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3
S.F.
_____
H.F.
_____
Sec.
3.
Section
97B.58,
Code
2009,
is
amended
to
read
as
1
follows:
2
97B.58
Information
furnished
by
employer.
3
To
enable
the
system
to
administer
this
chapter
and
perform
4
its
functions,
the
employer
shall,
upon
the
request
of
and
5
in
the
manner
provided
by
the
system,
supply
full
provide
6
accurate,
complete,
and
timely
information
to
the
system
of
7
all
matters
relating
to
the
pay
of
all
members,
date
of
birth,
8
their
retirement,
death,
or
other
cause
for
termination
of
9
employment,
and
other
pertinent
facts
the
system
may
require
10
in
the
manner
provided
by
the
system.
The
system
shall
not
be
11
liable
to
any
member,
retiree,
or
beneficiary
for
any
monetary
12
or
other
relief
due
to
the
failure
of
the
employer
to
comply
13
with
this
section.
14
EXPLANATION
15
This
bill
concerns
the
administration
of
the
Iowa
public
16
employees’
retirement
system
(IPERS).
17
Code
section
97B.4(2)(c)
is
amended
by
striking
the
18
provision
which
authorized
the
system
to
enter
into
a
biennial
19
agreement
with
the
department
of
administrative
services
20
concerning
the
sharing
of
resources
between
IPERS
and
the
21
department.
22
Code
section
97B.4(4)(a),
concerning
the
annual
report
23
to
the
governor,
is
amended
by
striking
the
inclusion
of
24
information
relative
to
investment
management
expenses
25
described
in
Code
section
97B.7(3)(d).
Legislation
enacted
26
in
2008
struck
the
requirement
in
Code
section
97B.7(3)(d)
27
limiting
investment
management
expenses
to
.4
percent
of
the
28
fund
value.
29
Code
section
97B.58,
concerning
information
furnished
by
30
employers
under
IPERS,
is
amended.
The
bill
provides
that
31
the
employer
shall
provide
accurate
and
complete
information
32
requested
by
IPERS
to
administer
the
Code
chapter
and
further
33
provides
that
IPERS
shall
not
be
liable
to
any
member,
retiree,
34
or
beneficiary
for
any
monetary
or
other
relief
due
to
the
35
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LSB
5360DP
(7)
83
ec/nh
2/
3
S.F.
_____
H.F.
_____
failure
of
an
employer
to
comply
with
the
Code
section.
1
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LSB
5360DP
(7)
83
ec/nh
3/
3