8A.438 - TAX-SHELTERED INVESTMENT CONTRACTS.
8A.438 TAX-SHELTERED INVESTMENT CONTRACTS.
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 department
may offer the tax-sheltered investment program to eligible public
employers in the state of Iowa.
2. a. A special, separate tax-sheltered investment revolving
trust fund is created in the state treasury under the control of the
department. The fund shall consist of all moneys deposited in the
fund pursuant to this section, any funds received from other entities
in the state of Iowa, and interest and earnings thereon. The
director is the trustee of the fund and shall administer the fund.
Any loss to the fund shall be charged against the fund and the
director shall not be personally liable for such loss.
b. Moneys in the fund are not subject to section 8.33.
Notwithstanding section 12C.7, subsection 2, interest or earnings on
moneys in the fund shall be credited to the fund. Section History: Recent Form
2003 Acts, ch 145, §74; 2008 Acts, ch 1171, §57
Referred to in § 260C.14, 273.3, 294.16 Footnotes
Department to establish plan by January 1, 2010; selection of
vendors for tax-sheltered investment program; 2008 Acts, ch 1171, §67