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House Study Bill 115 - IntroducedA Bill ForAn Act 1concerning authorized investment vehicles in a
2tax-sheltered investment program established by the
3department of administrative services.
4BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 8A.438, subsection 1, Code 2017, is
2amended to read as follows:
31. The director may establish a tax-sheltered investment
4program for eligible employees. The director may arrange for
5the provision of investment vehicles authorized under section
6403(b) of the Internal Revenue Code, as defined in section
7422.3. If the director establishes a tax-sheltered investment
8program pursuant to this section, the program shall include
9investment vehicles authorized under section 403(b) of the
10Internal Revenue Code from any investment provider who requests
11inclusion in the program who is authorized to do business in
12this state and who is approved by the insurance division of
13the department of commerce. The department may offer the
14tax-sheltered investment program to eligible public employers
15in the state of Iowa.
16EXPLANATION
17The inclusion of this explanation does not constitute agreement with
18the explanation’s substance by the members of the general assembly.
19This bill provides that if the director of the department
20of administrative services establishes a tax-sheltered
21investment program under section 403(b) of the Internal Revenue
22Code, the program shall include investment vehicles from any
23investment provider who requests inclusion in the program who
24is authorized to do business in this state and who is approved
25by the insurance division of the department of commerce.
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2tax-sheltered investment program established by the
3department of administrative services.
4BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 8A.438, subsection 1, Code 2017, is
2amended to read as follows:
31. The director may establish a tax-sheltered investment
4program for eligible employees. The director may arrange for
5the provision of investment vehicles authorized under section
6403(b) of the Internal Revenue Code, as defined in section
7422.3. If the director establishes a tax-sheltered investment
8program pursuant to this section, the program shall include
9investment vehicles authorized under section 403(b) of the
10Internal Revenue Code from any investment provider who requests
11inclusion in the program who is authorized to do business in
12this state and who is approved by the insurance division of
13the department of commerce. The department may offer the
14tax-sheltered investment program to eligible public employers
15in the state of Iowa.
16EXPLANATION
17The inclusion of this explanation does not constitute agreement with
18the explanation’s substance by the members of the general assembly.
19This bill provides that if the director of the department
20of administrative services establishes a tax-sheltered
21investment program under section 403(b) of the Internal Revenue
22Code, the program shall include investment vehicles from any
23investment provider who requests inclusion in the program who
24is authorized to do business in this state and who is approved
25by the insurance division of the department of commerce.
-1-ec/sc