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IA SSB1234
SB
Status
4/28/2025
Primary Sponsor
Appropriations
Click for details
AI Summary
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Establishes the Iowa Retirement Savings Plan Trust under the State Treasurer to help Iowans save for retirement through voluntary participation agreements with employed individuals
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Designates the Treasurer of State as trustee with authority to invest funds, enter contracts, collect administrative fees, engage investment advisors, and adopt administrative rules
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Limits liability for the state, Treasurer, trust, and employers regarding investment performance, rate of return guarantees, and losses incurred by participants
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Appropriates up to $200,000 from the unclaimed property trust fund for FY 2025-2026 to establish the administrative fund, with required repayment by June 30, 2032
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Requires annual audited financial reports to be submitted to the governor and general assembly by November 1, with contributions allowed to begin no earlier than January 1, 2026
Legislative Description
A bill for an act establishing a retirement savings plan trust, making appropriations, and including implementation provisions.
Last Action
Subcommittee recommends amendment and passage.
4/29/2025