Senate
File
463
-
Introduced
SENATE
FILE
463
BY
COMMITTEE
ON
STATE
GOVERNMENT
(SUCCESSOR
TO
SSB
1107)
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
TLSB
2200SV
(2)
87
ec/sc
S.F.
463
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
adviser
representative
under
chapter
502,
by
the
insurance
14
division
of
the
department
of
commerce.
The
director
shall
15
require
each
insurance
company
and
investment
company
included
16
in
the
program
to
utilize
a
common
remitter
and
shall
limit
the
17
total
number
of
insurance
companies
and
investment
companies
18
in
the
program
to
no
more
than
thirty.
To
be
eligible
for
19
inclusion
in
the
program,
an
insurance
company
shall
have
20
filed
with,
and
had
the
company’s
contract
and
forms
approved
21
by,
the
insurance
division
of
the
department
of
commerce,
and
22
an
investment
company
shall
be
registered
with
the
federal
23
securities
and
exchange
commission.
The
department
may
24
offer
the
tax-sheltered
investment
program
to
eligible
public
25
employers
in
the
state
of
Iowa.
26
EXPLANATION
27
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
28
the
explanation’s
substance
by
the
members
of
the
general
assembly.
29
This
bill
provides
that
if
the
director
of
the
department
of
30
administrative
services
establishes
a
tax-sheltered
investment
31
program
under
section
403(b)
of
the
Internal
Revenue
Code,
the
32
program
shall
include
investment
vehicles
from
any
insurance
33
company
or
investment
company
recommended
for
inclusion
in
34
the
program
by
a
licensed
insurance
producer
or
registered
35
-1-
LSB
2200SV
(2)
87
ec/sc
1/
2
S.F.
463
securities
agent
or
investment
advisor
representative.
The
1
bill
provides
that
to
be
eligible
for
inclusion
in
the
2
program,
the
insurance
company
shall
have
filed
with,
and
had
3
the
company’s
contract
and
forms
approved
by,
the
insurance
4
division
of
the
department
of
commerce,
and
an
investment
5
company
shall
be
registered
with
the
federal
securities
6
and
exchange
commission.
In
addition,
the
bill
directs
the
7
director
of
the
department
of
administrative
services
to
8
require
each
insurance
company
and
investment
company
in
the
9
program
to
utilize
a
common
remitter
and
to
limit
the
total
10
number
of
companies
in
the
plan
to
no
more
than
30.
11
-2-
LSB
2200SV
(2)
87
ec/sc
2/
2