House File 2110 - Introduced




                                 HOUSE FILE       
                                 BY  COWNIE

                                      A BILL FOR

  1 An Act requiring investment managers and consultants for the
  2    Iowa public employees' retirement system to be located in
  3    this state and including an applicability provision.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
    TLSB 5806YH (2) 87
    ec/rn

PAG LIN



  1  1    Section 1.  Section 97B.4, subsection 3, paragraph f, Code
  1  2 2018, is amended to read as follows:
  1  3    f.  Outside advisors.  The system may execute contracts
  1  4 with persons outside state government, including investment
  1  5 advisors, consultants, and managers, in the administration
  1  6 of this chapter. However, a contract with an investment
  1  7 manager or investment consultant shall not be executed by the
  1  8 system pursuant to this paragraph if the investment manager or
  1  9 investment consultant is not located in this state and without
  1 10 the prior approval by the board of the hiring of the investment
  1 11 manager or investment consultant.
  1 12    Sec. 2.  APPLICABILITY.  This Act applies to contracts with
  1 13 an investment manager or investment contract entered into on or
  1 14 after the effective date of this Act.
  1 15                           EXPLANATION
  1 16 The inclusion of this explanation does not constitute agreement with
  1 17 the explanation's substance by the members of the general assembly.
  1 18    This bill provides that the Iowa public employees'
  1 19 retirement system shall not enter into a contract with an
  1 20 investment manager or investment consultant that is not located
  1 21 in this state.  The bill applies to contracts entered into on
  1 22 or after the effective date of the bill.
       LSB 5806YH (2) 87
       ec/rn