8A.437 - STATE EMPLOYEE HEALTH FLEXIBLE SPENDING ACCOUNT TRUST FUND.
8A.437 STATE EMPLOYEE HEALTH FLEXIBLE SPENDING
ACCOUNT TRUST FUND.
1. The director shall establish for state employees a health
flexible spending account plan which offers multiple benefits to
state employees. The state's health flexible spending account plan
shall be established to meet the conditions of section 125 of the
Internal Revenue Code of 1986.
2. A separate, special Iowa state employee health flexible
spending account trust fund is created in the state treasury under
the control of the department. The trust fund consists of all moneys
appropriated to the fund, all monthly administrative charges paid by
a state department or agency as authorized by section 8A.451, and any
other assets directed to be held in trust for the exclusive benefit
of participants in the state's health flexible spending account plan.
Moneys in the fund are not subject to section 8.33. Notwithstanding
section 12C.7, interest and earnings from moneys in the trust fund
shall be credited to the trust fund and shall be used exclusively for
the benefit of plan participants.
3. The director shall serve as trustee of the trust fund and has
the authority to direct expenditures as deemed appropriate to the
exclusive benefit of the plan participants. Section History: Recent Form
2003 Acts, ch 145, §73
Authority of governing body, §509A.1