§ 602.9111 — Investment of fund

Iowa § 602.9111

• Jurisdiction: Iowa
• Title XV: JUDICIAL BRANCH AND JUDICIAL PROCEDURES
• Ch. 602: JUDICIAL BRANCH

Text

1. So much of the judicial retirement fund as may not be necessary to be kept on hand
for the making of disbursements under this article shall be invested by the treasurer of state
in any investments authorized for the Iowa public employees’ retirement system in section
97B.7A and subject to the requirements of chapters 12F, 12H, 12J, and 12K, and the earnings
therefrom shall be credited to the fund. The treasurer of state may execute contracts and
agreements with investment advisors, consultants, and investment management and benefit
consultant firms in the administration of the judicial retirement fund.
2. Investment management expenses shall be charged to the investment income of
the fund and there is appropriated from the fund an amount required for the investment
management expenses. The court administrator shall report the investment management
expenses for the fiscal year as a percent of the market value of the system.
3. For purposes of this section, investment management expenses are limited to the
following:
a. Fees for investment advisors, consultants, and investment management and benefit
consultant firms hired by the treasurer of state in administering the fund.
b. Fees and costs for safekeeping fund assets.
c. Costs for performance and compliance monitoring, and accounting for fund
investments.
d. Any other costs necessary to prudently invest or protect the assets of the fund.
4. The state court administrator and the treasurer of state, and their employees, are not
personally liable for claims based upon an act or omission of the person performed in the
discharge of the person’s duties concerning the judicial retirement fund, except for acts or
omissions which involve malicious or wanton misconduct.

Legislative History

[C50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §605A.11]