§ 509A.12 — Deferred compensation program for governmental employees

Iowa § 509A.12

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 509A: GROUP INSURANCE FOR PUBLIC EMPLOYEES

Text

1. A governing body, county board of supervisors, or other public entity, to the extent
allowed by law, may establish a deferred compensation program under this section. The
contributions made on behalf of an employee who chooses to participate in the program shall
be invested at the direction of the employee in a life insurance contract, annuity contract,
mutualfund,security,oranyotherdeferredpaymentcontractofferedasaninvestmentoption
under the program. The contract acquired for an employee shall be in accordance with the
plan document and shall be acquired from a company, or a salesperson for that company,
that is authorized to do business in this state. When the state of Iowa acquires an investment
product pursuant to the plan document the state does not become a shareholder, stockholder,
or owner of a corporation in violation of Article VIII, section 3, of the Constitution of the State
of Iowa or any other provision of law.
2. This section is in addition to any benefit program provided by law for employees of the
state or its political subdivisions.

Legislative History

[C73, 75, 77, 79, 81, S81, §509A.12; 81 Acts, ch 117, §1087]