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House File 569 - 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 provided by any insurance company or
11investment company that is recommended for inclusion in the
12program by a person licensed as an insurance producer under
13chapter 522B, or registered as a securities agent or investment
14advisor representative under chapter 502, by the insurance
15division of the department of commerce. To be eligible for
16inclusion in the program, an insurance company shall have
17filed with, and had the company’s contract and forms approved
18by, the insurance division of the department of commerce, and
19an investment company shall be registered with the federal
20securities and exchange commission. The department may
21offer the tax-sheltered investment program to eligible public
22employers in the state of Iowa.
23EXPLANATION
24The inclusion of this explanation does not constitute agreement with
25the explanation’s substance by the members of the general assembly.
26This bill provides that if the director of the department of
27administrative services establishes a tax-sheltered investment
28program under section 403(b) of the Internal Revenue Code, the
29program shall include investment vehicles from any insurance
30company or investment company recommended for inclusion in
31the program by a licensed insurance producer or registered
32securities agent or investment advisor representative. The
33bill provides that to be eligible for inclusion in the
34program, the insurance company shall have filed with, and had
35the company’s contract and forms approved by, the insurance
-1-1division of the department of commerce, and an investment
2company shall be registered with the federal securities and
3exchange commission.
-2-ec/sc/rj
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 provided by any insurance company or
11investment company that is recommended for inclusion in the
12program by a person licensed as an insurance producer under
13chapter 522B, or registered as a securities agent or investment
14advisor representative under chapter 502, by the insurance
15division of the department of commerce. To be eligible for
16inclusion in the program, an insurance company shall have
17filed with, and had the company’s contract and forms approved
18by, the insurance division of the department of commerce, and
19an investment company shall be registered with the federal
20securities and exchange commission. The department may
21offer the tax-sheltered investment program to eligible public
22employers in the state of Iowa.
23EXPLANATION
24The inclusion of this explanation does not constitute agreement with
25the explanation’s substance by the members of the general assembly.
26This bill provides that if the director of the department of
27administrative services establishes a tax-sheltered investment
28program under section 403(b) of the Internal Revenue Code, the
29program shall include investment vehicles from any insurance
30company or investment company recommended for inclusion in
31the program by a licensed insurance producer or registered
32securities agent or investment advisor representative. The
33bill provides that to be eligible for inclusion in the
34program, the insurance company shall have filed with, and had
35the company’s contract and forms approved by, the insurance
-1-1division of the department of commerce, and an investment
2company shall be registered with the federal securities and
3exchange commission.
-2-ec/sc/rj