House
File
569
-
Reprinted
HOUSE
FILE
569
BY
COMMITTEE
ON
STATE
GOVERNMENT
(SUCCESSOR
TO
HSB
115)
(As
Amended
and
Passed
by
the
House
March
28,
2017
)
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
HF
569
(4)
87
ec/sc/rj/md
H.F.
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
4
for
the
provision
of
investment
vehicles
authorized
under
5
section
403(b)
of
the
Internal
Revenue
Code,
as
defined
in
6
section
422.3.
The
tax-sheltered
investment
program
shall
7
include
investment
vehicles
authorized
under
section
403(b)
of
8
the
Internal
Revenue
Code
provided
by
any
insurance
company
9
or
investment
company
that
is
recommended
for
inclusion
in
10
the
program
by
a
person
licensed
as
an
insurance
producer
11
under
chapter
522B,
or
registered
as
a
securities
agent
12
or
investment
adviser
representative
under
chapter
502,
by
13
the
insurance
division
of
the
department
of
commerce.
The
14
director
shall
require
each
insurance
company
and
investment
15
company
included
in
the
program
to
utilize
the
third
party
16
administrator
selected
by
the
department
and
a
common
remitter,
17
and
shall
limit
the
total
number
of
insurance
companies
and
18
investment
companies
in
the
program
to
no
more
than
thirty.
To
19
be
eligible
for
inclusion
in
the
program,
an
insurance
company
20
shall
have
filed
with,
and
had
the
company’s
contract
and
21
forms
approved
by,
the
insurance
division
of
the
department
of
22
commerce,
and
an
investment
company
shall
be
registered
with
23
the
federal
securities
and
exchange
commission.
The
department
24
may
offer
the
tax-sheltered
investment
program
to
eligible
25
public
employers
in
the
state
of
Iowa.
26
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