House
File
310
-
Introduced
HOUSE
FILE
310
BY
LOFGREN
A
BILL
FOR
An
Act
relating
to
the
division
of
retirement
and
pension
1
accounts
in
a
dissolution
of
marriage.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
TLSB
2470YH
(2)
84
pf/nh
H.F.
310
Section
1.
Section
598.21,
Code
2011,
is
amended
by
adding
1
the
following
new
subsection:
2
NEW
SUBSECTION
.
5A.
Retirement
and
pension
or
defined
3
benefit
accounts.
4
a.
With
the
exception
of
a
pension
or
defined
benefit
5
account,
retirement
accounts
shall
be
divided
based
on
the
6
value
of
the
account
on
the
date
of
the
entry
of
the
final
7
decree,
unless
otherwise
agreed
to
by
both
parties.
The
8
party
who
is
not
the
account
holder
shall
receive
the
amount
9
specified
in
the
final
decree
based
upon
the
account’s
value
10
on
the
date
of
the
entry
of
the
final
decree
and
the
amount
11
shall
not
be
subject
to
market
fluctuations
following
the
entry
12
of
the
decree.
If
the
party
holding
the
retirement
account
13
elects
to
place
the
account
in
a
safe
or
guaranteed
market,
14
the
party
shall
not
be
subject
to
claims
that
the
party
failed
15
to
take
reasonable
steps
to
maximize
the
potential
return
on
16
investments.
17
b.
Pension
or
defined
benefit
accounts
shall
be
divided
18
based
on
the
value
as
of
the
date
of
entry
of
the
final
decree,
19
subject
to
the
divisions
method
specified
in
the
decree,
unless
20
another
date
is
otherwise
agreed
to
by
the
parties.
21
EXPLANATION
22
This
bill
relates
to
the
division
of
retirement
and
pension
23
accounts
in
a
dissolution
of
marriage.
The
bill
directs
that,
24
with
the
exception
of
a
pension
or
a
defined
benefit
account,
a
25
retirement
account
is
to
be
divided
based
on
the
value
of
the
26
account
on
the
date
of
the
entry
of
the
final
decree,
unless
27
otherwise
agreed
to
by
the
parties.
The
amount
is
not
subject
28
to
market
fluctuations
following
entry
of
the
decree
and
if
the
29
party
holding
the
retirement
account
may
elect
to
place
the
30
account
in
a
safe
or
guaranteed
market
without
being
subject
to
31
claims
that
the
party
failed
to
maximize
the
potential
return
32
on
the
investment.
Under
the
bill,
pensions
or
defined
benefit
33
accounts
are
to
be
divided
based
on
the
value
as
of
the
date
34
of
entry
of
the
final
decree,
and
are
subject
to
the
method
of
35
-1-
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2470YH
(2)
84
pf/nh
1/
2
H.F.
310
division
specified
in
the
decree,
unless
another
date
is
agreed
1
to
by
the
parties.
2
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(2)
84
pf/nh
2/
2