411.40 - VOLUNTARY BENEFIT PROGRAMS.

        411.40  VOLUNTARY BENEFIT PROGRAMS.         The board of trustees may establish voluntary benefit programs for      members subject to the following conditions:         1.  The voluntary benefit programs may provide benefits including,      but not limited to, retiree health benefits, long- term care, and      life insurance.         2.  Participation in the voluntary benefit programs by members      shall be voluntary.         3.  Contributions to the voluntary benefit programs shall be paid      entirely by each participating member by means of payroll deduction.      Cities employing members participating in voluntary benefit programs      shall forward the amounts deducted to the board of trustees for      deposit in the voluntary benefit fund.         4.  The voluntary benefit programs and the voluntary benefit fund      shall be administered under the direction of the board of trustees      for the exclusive benefit of members paying contributions as provided      in subsection 3.         5.  The assets of the voluntary benefit programs shall be credited      to the voluntary benefit fund, which is hereby created.  The      voluntary benefit fund shall include contributions deposited in      accordance with subsection 3, and any interest and earnings on the      contributions.  The board of trustees shall annually establish an      investment policy to govern the investment and reinvestment of the      assets in the voluntary benefit fund.  The voluntary benefit fund      created under this section and the fire and police retirement fund      created under section 411.8 shall not be used to subsidize any      portion of the liabilities of the other fund.         6.  The board of trustees shall include in its annual budget the      amount of money necessary during the following year to provide for      the expense of operation of the voluntary benefit programs.  The      operating expenses shall be paid from the voluntary benefit fund      under the direction of the board of trustees.  
         Section History: Recent Form
         96 Acts, ch 1187, §108         Referred to in § 411.5