House File 2110 - Introduced HOUSE FILE 2110 BY COWNIE A BILL FOR An Act requiring investment managers and consultants for the 1 Iowa public employees’ retirement system to be located in 2 this state and including an applicability provision. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 5806YH (2) 87 ec/rn
H.F. 2110 Section 1. Section 97B.4, subsection 3, paragraph f, Code 1 2018, is amended to read as follows: 2 f. Outside advisors. The system may execute contracts 3 with persons outside state government, including investment 4 advisors, consultants, and managers, in the administration 5 of this chapter . However, a contract with an investment 6 manager or investment consultant shall not be executed by the 7 system pursuant to this paragraph if the investment manager or 8 investment consultant is not located in this state and without 9 the prior approval by the board of the hiring of the investment 10 manager or investment consultant. 11 Sec. 2. APPLICABILITY. This Act applies to contracts with 12 an investment manager or investment contract entered into on or 13 after the effective date of this Act. 14 EXPLANATION 15 The inclusion of this explanation does not constitute agreement with 16 the explanation’s substance by the members of the general assembly. 17 This bill provides that the Iowa public employees’ 18 retirement system shall not enter into a contract with an 19 investment manager or investment consultant that is not located 20 in this state. The bill applies to contracts entered into on 21 or after the effective date of the bill. 22 -1- LSB 5806YH (2) 87 ec/rn 1/ 1