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