Iowa § 411.7 Management of fund

Iowa Statutes

§ 411.7 — Management of fund

Iowa § 411.7

Title IXLOCAL GOVERNMENT

Ch. 411RETIREMENT SYSTEM FOR POLICE OFFICERS AND FIRE FIGHTERS

This text of Iowa § 411.7 (Management of fund) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Iowa Code § 411.7 (2026).

Text

1.The board of trustees is the trustee of the fire and police retirement fund created in section 411.8 and shall annually establish an investment policy to govern the investment and reinvestment of the moneys in the fund, subject to the terms, conditions, limitations, and restrictions imposed by subsection 2 and chapters 12F, 12H, 12J, and 12K. Subject to like terms, conditions, limitations, and restrictions the system has full power to hold, purchase, sell, assign, transfer, or dispose of any of the securities and investments in which the fund has been invested, as well as of the proceeds of the investments and any moneys belonging to the fund.

2.The secretary of the board of trustees shall invest, in accordance with the investment policyestablishedbytheboardoftrustees, theportionofthef

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1. The board of trustees is the trustee of the fire and police retirement fund created in
section 411.8 and shall annually establish an investment policy to govern the investment and
reinvestment of the moneys in the fund, subject to the terms, conditions, limitations, and
restrictions imposed by subsection 2 and chapters 12F, 12H, 12J, and 12K. Subject to like
terms, conditions, limitations, and restrictions the system has full power to hold, purchase,
sell, assign, transfer, or dispose of any of the securities and investments in which the fund
has been invested, as well as of the proceeds of the investments and any moneys belonging
to the fund.
2. The secretary of the board of trustees shall invest, in accordance with the investment
policyestablishedbytheboardoftrustees, theportionofthefundestablishedinsection411.8
which in the judgment of the board is not needed for current payment of benefits under this
chapterininvestmentsauthorizedinsection97B.7AformoneysintheIowapublicemployees’
retirement fund.
3. The secretary of the board of trustees is the custodian of the fire and police retirement
fund. All payments from the fund shall be made by the secretary only upon vouchers signed
by two persons designated by the board of trustees. The system may select master custodian
banks to provide custody of the assets of the retirement system.
4. A member or employee of the board of trustees shall not have any direct interest in the
gains or profits of any investment made by the board of trustees, other than as a member of
the system. A trustee shall not receive any pay or emolument for the trustee’s services except
assecretary. Amemberoremployeeoftheboardoftrusteesshallnotdirectlyorindirectlyfor
the trustee or employee or as an agent in any manner use the assets of the retirement system
except to make current and necessary payments as authorized by the board of trustees, nor
shall any trustee or employee of the system become an endorser or surety or become in any
manner an obligor for moneys loaned by or borrowed from the system.
5. Except as otherwise provided in section 411.36, a member, employee, and the secretary
oftheboardoftrusteesshallnotbepersonallyliableforalosstothefireandpoliceretirement
fund, the loss shall be assessed against the fire and police retirement fund, and moneys are
hereby appropriated from the fund in an amount sufficient to cover the losses.