Senate File 2167 - Introduced SENATE FILE 2167 BY STEWART A BILL FOR An Act relating to authorized forms of investment for 1 contributions to the Iowa educational savings plan trust. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 6016XS (2) 83 rn/nh
S.F. 2167 Section 1. Section 12D.4, subsection 1, Code 2009, is 1 amended by adding the following new paragraph: 2 NEW PARAGRAPH . e. The treasurer of state shall establish, 3 by December 31, 2010, an additional investment option involving 4 investment of program fund moneys in a participant’s account 5 directly in bank-issued certificates of deposit insured by 6 the federal deposit insurance corporation. Licensed advisors 7 or securities agents may be compensated from the product 8 distributor, bank, or other distribution agent for their 9 activities in marketing and advising investors regarding the 10 program. 11 EXPLANATION 12 This bill relates to the manner in which contributions to the 13 Iowa educational savings plan trust are invested. 14 The bill directs the treasurer of state to establish an 15 additional educational savings plan trust investment option 16 involving investment of moneys in a participant’s account 17 within the program fund directly in bank-issued certificates of 18 deposit insured by the federal deposit insurance corporation. 19 The bill authorizes licensed advisors or securities agents to 20 be compensated from the product distributor, bank, or other 21 distribution agent for their activities in marketing and 22 advising investors regarding the program. 23 The bill requires the option to be established by December 24 31, 2010. 25 -1- LSB 6016XS (2) 83 rn/nh 1/ 1