§ 411.40 — Voluntary benefit programs

Iowa § 411.40

• Jurisdiction: Iowa
• Title IX: LOCAL GOVERNMENT
• Ch. 411: RETIREMENT SYSTEM FOR POLICE OFFICERS AND FIRE FIGHTERS

Text

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.