House
File
569
-
Introduced
HOUSE
FILE
569
BY
COMMITTEE
ON
STATE
GOVERNMENT
(SUCCESSOR
TO
HSB
115)
A
BILL
FOR
An
Act
concerning
authorized
investment
vehicles
in
a
1
tax-sheltered
investment
program
established
by
the
2
department
of
administrative
services.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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569
Section
1.
Section
8A.438,
subsection
1,
Code
2017,
is
1
amended
to
read
as
follows:
2
1.
The
director
may
establish
a
tax-sheltered
investment
3
program
for
eligible
employees.
The
director
may
arrange
for
4
the
provision
of
investment
vehicles
authorized
under
section
5
403(b)
of
the
Internal
Revenue
Code,
as
defined
in
section
6
422.3
.
If
the
director
establishes
a
tax-sheltered
investment
7
program
pursuant
to
this
section,
the
program
shall
include
8
investment
vehicles
authorized
under
section
403(b)
of
the
9
Internal
Revenue
Code
provided
by
any
insurance
company
or
10
investment
company
that
is
recommended
for
inclusion
in
the
11
program
by
a
person
licensed
as
an
insurance
producer
under
12
chapter
522B,
or
registered
as
a
securities
agent
or
investment
13
advisor
representative
under
chapter
502,
by
the
insurance
14
division
of
the
department
of
commerce.
To
be
eligible
for
15
inclusion
in
the
program,
an
insurance
company
shall
have
16
filed
with,
and
had
the
company’s
contract
and
forms
approved
17
by,
the
insurance
division
of
the
department
of
commerce,
and
18
an
investment
company
shall
be
registered
with
the
federal
19
securities
and
exchange
commission.
The
department
may
20
offer
the
tax-sheltered
investment
program
to
eligible
public
21
employers
in
the
state
of
Iowa.
22
EXPLANATION
23
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
24
the
explanation’s
substance
by
the
members
of
the
general
assembly.
25
This
bill
provides
that
if
the
director
of
the
department
of
26
administrative
services
establishes
a
tax-sheltered
investment
27
program
under
section
403(b)
of
the
Internal
Revenue
Code,
the
28
program
shall
include
investment
vehicles
from
any
insurance
29
company
or
investment
company
recommended
for
inclusion
in
30
the
program
by
a
licensed
insurance
producer
or
registered
31
securities
agent
or
investment
advisor
representative.
The
32
bill
provides
that
to
be
eligible
for
inclusion
in
the
33
program,
the
insurance
company
shall
have
filed
with,
and
had
34
the
company’s
contract
and
forms
approved
by,
the
insurance
35
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H.F.
569
division
of
the
department
of
commerce,
and
an
investment
1
company
shall
be
registered
with
the
federal
securities
and
2
exchange
commission.
3
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