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House File 569 - EnrolledAn Actconcerning authorized investment vehicles in a
tax-sheltered investment program established by the
department of administrative services.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
Section 1. Section 8A.438, subsection 1, Code 2017, is
amended to read as follows:
1. The director may establish a tax-sheltered investment
program for eligible employees. The director may arrange
for the provision of investment vehicles authorized under
section 403(b) of the Internal Revenue Code, as defined in
section 422.3. The tax-sheltered investment program shall
include investment vehicles authorized under section 403(b) of
the Internal Revenue Code provided by any insurance company
or investment company that is recommended for inclusion in
the program by a person licensed as an insurance producer
under chapter 522B, or registered as a securities agent
or investment adviser representative under chapter 502, by
the insurance division of the department of commerce. The
director shall require each insurance company and investment
company included in the program to utilize the third party
administrator selected by the department and a common remitter,
and shall limit the total number of insurance companies and
investment companies in the program to no more than thirty. To
be eligible for inclusion in the program, an insurance company
shall have filed with, and had the company’s contract and
forms approved by, the insurance division of the department of
commerce, and an investment company shall be registered with
the federal securities and exchange commission. The department
may offer the tax-sheltered investment program to eligible
public employers in the state of Iowa.
______________________________
LINDA UPMEYERSpeaker of the House______________________________
JACK WHITVERPresident of the Senate I hereby certify that this bill originated in the House and is known as House File 569, Eighty-seventh General Assembly.______________________________
CARMINE BOALChief Clerk of the HouseApproved _______________, 2017______________________________
TERRY E. BRANSTADGovernorec/sc/rj/md
tax-sheltered investment program established by the
department of administrative services.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
Section 1. Section 8A.438, subsection 1, Code 2017, is
amended to read as follows:
1. The director may establish a tax-sheltered investment
program for eligible employees. The director may arrange
for the provision of investment vehicles authorized under
section 403(b) of the Internal Revenue Code, as defined in
section 422.3. The tax-sheltered investment program shall
include investment vehicles authorized under section 403(b) of
the Internal Revenue Code provided by any insurance company
or investment company that is recommended for inclusion in
the program by a person licensed as an insurance producer
under chapter 522B, or registered as a securities agent
or investment adviser representative under chapter 502, by
the insurance division of the department of commerce. The
director shall require each insurance company and investment
company included in the program to utilize the third party
administrator selected by the department and a common remitter,
and shall limit the total number of insurance companies and
investment companies in the program to no more than thirty. To
be eligible for inclusion in the program, an insurance company
shall have filed with, and had the company’s contract and
forms approved by, the insurance division of the department of
commerce, and an investment company shall be registered with
the federal securities and exchange commission. The department
may offer the tax-sheltered investment program to eligible
public employers in the state of Iowa.
______________________________
LINDA UPMEYERSpeaker of the House______________________________
JACK WHITVERPresident of the Senate I hereby certify that this bill originated in the House and is known as House File 569, Eighty-seventh General Assembly.______________________________
CARMINE BOALChief Clerk of the HouseApproved _______________, 2017______________________________
TERRY E. BRANSTADGovernorec/sc/rj/md