Bill Text: IA HF2632 | 2023-2024 | 90th General Assembly | Introduced
Bill Title: A bill for an act establishing a retirement savings plan trust, providing penalties, and including implementation provisions.
Spectrum: Partisan Bill (Democrat 29-0)
Status: (Introduced - Dead) 2024-02-28 - Introduced, referred to Labor and Workforce. H.J. 430. [HF2632 Detail]
Download: Iowa-2023-HF2632-Introduced.html
House
File
2632
-
Introduced
HOUSE
FILE
2632
BY
BAETH
,
JAMES
,
NIELSEN
,
CAHILL
,
BROWN-POWERS
,
AMOS
JR.
,
STAED
,
SCHEETZ
,
OLSON
,
MATSON
,
WILSON
,
CROKEN
,
ZABNER
,
STECKMAN
,
BAGNIEWSKI
,
FORBES
,
BUCK
,
JACOBY
,
KRESSIG
,
GAINES
,
EHLERT
,
KURTH
,
WESSEL-KROESCHELL
,
COOLING
,
SCHOLTEN
,
WILBURN
,
KONFRST
,
GJERDE
,
and
LEVIN
A
BILL
FOR
An
Act
establishing
a
retirement
savings
plan
trust,
providing
1
penalties,
and
including
implementation
provisions.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
TLSB
5611YH
(6)
90
sc/ns
H.F.
2632
Section
1.
NEW
SECTION
.
12L.1
Purpose
and
definitions.
1
1.
The
general
assembly
finds
that
the
general
welfare
and
2
well-being
of
the
state
are
directly
related
to
the
ability
3
of
the
citizens
of
the
state
to
save
for
their
retirement
4
years,
and
that
a
vital
and
valid
public
purpose
is
served
by
5
the
creation
and
implementation
of
programs
which
encourage
6
and
make
possible
the
attainment
of
financial
security
by
7
the
greatest
number
of
citizens
of
the
state.
In
order
to
8
make
available
to
the
citizens
of
the
state
an
opportunity
to
9
fund
future
retirement
savings
needs,
it
is
necessary
that
a
10
public
trust
be
established
in
which
moneys
may
be
invested
for
11
retirement.
12
2.
As
used
in
this
chapter,
unless
the
context
otherwise
13
requires:
14
a.
“Administrative
fund”
means
the
administrative
fund
15
established
under
section
12L.10.
16
b.
“
Employee”
means
an
individual
who
is
eighteen
years
of
17
age
or
older,
who
is
employed
by
an
employer
for
at
least
one
18
hundred
twenty
days,
and
who
is
employed
for
compensation
in
19
this
state.
20
c.
“Employer”
means
a
person
or
entity
engaged
in
a
21
business,
industry,
profession,
trade,
or
other
enterprise
22
in
Iowa
for
at
least
two
years
that
employed
five
or
more
23
employees
at
any
time
during
the
previous
calendar
year.
24
d.
“Internal
Revenue
Code”
means
the
same
as
defined
in
25
section
422.3.
26
e.
“Iowa
retirement
savings
plan
trust”
or
“trust”
means
the
27
trust
created
under
section
12L.2.
28
f.
“Participant”
means
an
individual
that
has
entered
into
a
29
participation
agreement
under
this
chapter
to
contribute
to
an
30
Iowa
retirement
savings
plan.
31
g.
“Participation
agreement”
means
an
agreement
between
a
32
participant
and
the
trust
entered
into
under
this
chapter.
33
h.
“Program
fund”
means
the
program
fund
established
under
34
section
12L.10.
35
-1-
LSB
5611YH
(6)
90
sc/ns
1/
11
H.F.
2632
Sec.
2.
NEW
SECTION
.
12L.2
Creation
of
the
Iowa
retirement
1
savings
plan
trust.
2
An
Iowa
retirement
savings
plan
trust
for
persons
employed
3
for
compensation
in
this
state,
as
allowed
by
the
Internal
4
Revenue
Code,
is
created
for
the
purpose
of
helping
Iowans
5
save
for
retirement.
The
treasurer
of
state
is
the
trustee
6
of
the
trust,
and
has
all
powers
necessary
to
carry
out
and
7
effectuate
the
purposes,
objectives,
and
provisions
of
this
8
chapter
pertaining
to
the
trust,
including
the
power
to
do
all
9
of
the
following:
10
1.
Make
and
enter
into
contracts
necessary
for
the
11
administration
of
the
trust.
12
2.
Enter
into
agreements
with
any
financial
institution,
13
the
state,
or
any
federal
or
other
state
agency,
or
other
14
entity
as
required
to
implement
this
chapter.
15
3.
Carry
out
the
duties
and
obligations
of
the
trust
16
pursuant
to
this
chapter.
17
4.
Accept
any
grants,
gifts,
legislative
appropriations,
18
and
other
moneys
from
the
state,
any
unit
of
federal,
state,
or
19
local
government,
or
any
other
person,
firm,
partnership,
or
20
corporation
which
the
treasurer
of
state
shall
deposit
into
the
21
administrative
fund
or
the
program
fund.
22
5.
Carry
out
studies
and
projections
so
the
treasurer
of
23
state
may
advise
participants
regarding
present
and
estimated
24
future
retirement
needs
and
levels
of
financial
participation
25
in
the
trust
required
in
order
to
enable
participants
to
26
achieve
their
retirement
funding
objectives.
27
6.
Participate
in
any
federal,
state,
or
local
governmental
28
program
for
the
benefit
of
the
trust.
29
7.
Procure
insurance
against
any
loss
in
connection
with
the
30
property,
assets,
or
activities
of
the
trust.
31
8.
Enter
into
agreements
with
participants
and
employers.
32
9.
Make
distributions
and
refunds
to
participants
pursuant
33
to
participation
agreements
as
prescribed
by
the
Internal
34
Revenue
Code.
35
-2-
LSB
5611YH
(6)
90
sc/ns
2/
11
H.F.
2632
10.
Invest
moneys
from
the
program
fund
in
any
investments
1
which
are
determined
by
the
treasurer
of
state
to
be
2
appropriate.
3
11.
Engage
investment
advisors,
if
necessary,
to
assist
in
4
the
investment
of
trust
assets.
5
12.
Contract
for
goods
and
services
and
engage
personnel
6
as
necessary,
including
consultants,
actuaries,
managers,
7
legal
counsel,
and
auditors,
for
the
purpose
of
rendering
8
professional,
managerial,
and
technical
assistance
and
advice
9
to
the
treasurer
of
state
regarding
trust
administration
and
10
operation.
11
13.
Establish,
impose,
and
collect
administrative
fees
12
and
charges
in
connection
with
transactions
of
the
trust,
and
13
provide
for
reasonable
service
charges,
including
penalties
for
14
cancellations
and
late
payments
with
respect
to
participation
15
agreements.
16
14.
Administer
the
funds
of
the
trust.
17
15.
Design
and
establish
the
process
for
enrollment,
18
including
the
process
by
which
an
employee
can
opt
out
of
the
19
trust,
select
a
contribution
level,
and
select
an
investment
20
option.
21
16.
Set
minimum,
maximum,
and
default
contribution
rates
22
in
accordance
with
limits
established
by
the
Internal
Revenue
23
Code.
24
17.
Facilitate
education
and
outreach
to
employers
and
25
employees.
26
18.
Determine
any
nominal
and
reasonable
assistance
that
27
businesses
may
receive
from
moneys
in
the
fund
to
offset
the
28
initial
costs
of
enrolling
employees
in
the
trust
and
complying
29
with
implementation
of
the
trust.
30
19.
Adopt
rules
pursuant
to
chapter
17A
for
the
31
administration
of
the
trust.
32
Sec.
3.
NEW
SECTION
.
12L.3
Enrollment
and
contributions.
33
1.
An
employer
shall
establish
a
payroll
deposit
retirement
34
savings
arrangement
to
allow
employees
to
participate
in
the
35
-3-
LSB
5611YH
(6)
90
sc/ns
3/
11
H.F.
2632
trust,
automatically
enroll
in
the
trust
each
employee
who
1
has
not
opted
out
of
participation
in
the
trust,
and
deposit
2
on
behalf
of
a
participating
employee
the
money
deducted
3
into
the
trust.
An
employer
may
at
any
time
establish
an
4
employer-sponsored
retirement
plan
instead
of
participating
in
5
the
trust.
6
2.
An
employer
shall
automatically
enroll
a
participant
7
with
a
default
contribution
rate
set
by
the
treasurer
of
state
8
so
long
as
such
contributions
will
not
cause
the
participant’s
9
total
contributions
to
individual
retirement
accounts
for
the
10
year
to
exceed
the
deductible
amount
for
the
participant’s
11
taxable
year
under
section
219(b)(1)(A)
of
the
Internal
Revenue
12
Code.
A
participant
may
at
any
time
opt
out
of
the
trust
13
or
select
an
alternate
level
of
contribution
or
an
alternate
14
investment
option
from
section
12L.4.
15
3.
Following
implementation
of
the
trust,
at
least
once
16
each
year,
a
participating
employer
shall
designate
an
open
17
enrollment
period
during
which
an
employee
who
previously
opted
18
out
of
the
trust
may
enroll
in
the
trust.
19
Sec.
4.
NEW
SECTION
.
12L.4
Investment
options.
20
1.
The
treasurer
of
state
may
establish
a
low-risk
21
investment
portfolio
and
a
target
date
fund
as
investment
22
options.
23
2.
The
target
date
fund
is
the
default
investment
option
for
24
a
participant
who
fails
to
elect
an
investment
option
unless
25
the
treasurer
of
state
designates
by
rule
a
new
investment
26
option
as
the
default.
In
making
the
determination,
the
27
treasurer
of
state
shall
consider
the
cost,
risk
profile,
28
benefit
level,
and
ease
of
enrollment
in
the
alternate
29
investment
option.
30
Sec.
5.
NEW
SECTION
.
12L.5
Employer
and
employee
31
information
packets.
32
1.
The
treasurer
of
state
shall
design
and
disseminate
33
to
employers
an
employer
information
packet
and
an
employee
34
information
packet,
which
must
include
background
information
35
-4-
LSB
5611YH
(6)
90
sc/ns
4/
11
H.F.
2632
on
the
trust
and
appropriate
disclosures
for
employees.
The
1
employee
information
packet
must
explain
all
of
the
following:
2
a.
The
benefits
and
risks
associated
with
making
3
contributions
to
the
trust.
4
b.
The
mechanics
of
how
to
make
contributions
to
the
trust.
5
c.
How
to
opt
out
of
the
trust.
6
d.
The
process
to
withdraw
retirement
savings.
7
e.
How
to
obtain
additional
information
about
the
trust.
8
f.
That
an
employee
seeking
financial
advice
should
contact
9
a
financial
advisor,
that
a
participating
employer
is
not
in
a
10
position
to
provide
financial
advice,
and
that
a
participating
11
employer
is
not
liable
for
decisions
of
an
employee
regarding
12
participation
in
the
trust.
13
g.
That
the
trust
is
not
an
employer-sponsored
retirement
14
trust.
15
h.
That
investments
are
not
guaranteed
by
the
state.
16
i.
Financial
education
information
concerning
the
importance
17
of
saving
and
planning
for
retirement.
18
j.
Any
other
information
deemed
necessary
by
the
treasurer
19
of
state.
20
2.
The
employee
information
packet
must
include
a
form
for
21
an
employee
to
opt
out
of
participation
in
the
trust
or
elect
22
to
participate
with
a
contribution
rate
other
than
the
default
23
contribution
rate.
24
3.
A
participating
employer
shall
supply
the
employee
25
information
packet
to
an
employee
who
is
eligible
for
26
participation
in
the
trust.
27
Sec.
6.
NEW
SECTION
.
12L.6
Fiduciary
duty.
28
1.
The
treasurer
of
state,
an
agent
of
the
treasurer
29
of
state,
and
persons
serving
as
staff
for
the
trust
shall
30
discharge
their
duties
with
respect
to
the
trust
solely
in
the
31
interest
of
the
trust’s
participants
and
beneficiaries
for
32
the
exclusive
purposes
of
providing
benefits
to
participants
33
and
beneficiaries
and
defraying
reasonable
expenses
of
34
administering
the
trust
and
by
investing
with
the
care,
skill,
35
-5-
LSB
5611YH
(6)
90
sc/ns
5/
11
H.F.
2632
prudence,
and
diligence
under
the
prevailing
circumstances
that
1
a
prudent
person
acting
in
a
like
capacity
and
familiar
with
2
relevant
matters
would
use
in
the
conduct
of
an
enterprise
of
a
3
like
character
and
with
like
aims.
4
2.
A
participating
employer
is
not
a
fiduciary
of
the
trust
5
and
is
not
liable
with
regard
to
investment
returns,
benefits
6
paid
to
a
participant,
an
employee’s
decision
to
participate
7
in
the
trust,
or
the
investment
decisions
of
the
treasurer
of
8
state
or
a
participant.
9
Sec.
7.
NEW
SECTION
.
12L.7
Participant
reports.
10
1.
The
treasurer
of
state
shall
provide
reports
on
the
11
status
of
trust
accounts
to
participants
at
least
annually.
12
2.
The
treasurer
of
state
shall
provide
annual
reports
13
to
participating
employers,
including
the
name
of
each
14
participating
employee
of
the
employer
and
the
contribution
15
amounts
made
by
the
employer.
16
Sec.
8.
NEW
SECTION
.
12L.8
Confidentiality
of
account
17
information.
18
Except
to
the
extent
necessary
to
administer
the
trust,
19
a
participant’s
account
information
for
accounts
in
the
20
trust,
including
but
not
limited
to
names,
addresses,
21
telephone
numbers,
personal
identification
information,
22
amounts
contributed,
and
earnings
on
amounts
contributed,
23
is
confidential.
The
treasurer
of
state
shall
maintain
the
24
information
as
confidential
unless
the
person
who
provides
the
25
information
or
is
the
subject
of
the
information
expressly
26
agrees
in
writing
that
the
information
may
be
disclosed.
27
Sec.
9.
NEW
SECTION
.
12L.9
Limitation
of
liability.
28
The
trust,
the
treasurer
of
state,
and
the
state
of
Iowa
may
29
not
guarantee
any
rate
of
return
or
any
interest
rate
on
any
30
contribution
to
the
trust.
The
trust,
treasurer
of
state,
and
31
the
state
of
Iowa
are
not
liable
for
any
loss
incurred
by
any
32
person
as
a
result
of
participating
in
the
trust.
33
Sec.
10.
NEW
SECTION
.
12L.10
Program
and
administrative
34
funds
——
investment
and
payments.
35
-6-
LSB
5611YH
(6)
90
sc/ns
6/
11
H.F.
2632
1.
The
treasurer
of
state
shall
segregate
moneys
received
1
by
the
trust
into
two
funds:
the
program
fund
and
the
2
administrative
fund.
3
2.
All
moneys
paid
by
participants
in
connection
with
4
participation
agreements
shall
be
deposited
as
received
into
5
separate
accounts
within
the
program
fund.
6
3.
Contributions
to
the
trust
made
by
participants
shall
7
only
be
made
in
the
form
of
cash.
8
Sec.
11.
NEW
SECTION
.
12L.11
Cancellation
of
agreements.
9
A
participant
may
cancel
a
participation
agreement
at
will.
10
Upon
cancellation
of
a
participation
agreement,
a
participant
11
shall
be
entitled
to
the
return
of
the
participant’s
account
12
balance
subject
to
penalties
prescribed
by
the
Internal
Revenue
13
Code.
14
Sec.
12.
NEW
SECTION
.
12L.12
Annual
audited
financial
15
report.
16
1.
The
treasurer
of
state
shall
submit
an
annual
audited
17
financial
report,
prepared
in
accordance
with
generally
18
accepted
accounting
principles,
on
the
operations
of
the
trust
19
by
January
1
to
the
governor
and
the
general
assembly.
20
2.
The
annual
audit
shall
be
made
either
by
the
auditor
21
of
state
or
by
an
independent
certified
public
accountant
22
designated
by
the
auditor
of
state
and
must
include
direct
and
23
indirect
costs
attributable
to
the
use
of
outside
consultants,
24
independent
contractors,
and
any
other
persons
who
are
not
25
state
employees.
26
3.
The
annual
audit
must
be
supplemented
by
all
of
the
27
following
information
prepared
by
the
treasurer
of
state:
28
a.
Any
related
studies
or
evaluations
prepared
in
the
29
preceding
year.
30
b.
A
summary
of
the
benefits
provided
by
the
trust,
31
including
the
number
of
participants
in
the
trust.
32
c.
Any
other
information
which
is
relevant
in
order
to
make
33
a
full,
fair,
and
effective
disclosure
of
the
operations
of
the
34
trust.
35
-7-
LSB
5611YH
(6)
90
sc/ns
7/
11
H.F.
2632
Sec.
13.
NEW
SECTION
.
12L.13
Tax
considerations.
1
For
federal
tax
purposes,
the
Iowa
retirement
savings
plan
2
trust
shall
conform
to
the
requirements
established
by
the
3
Internal
Revenue
Code
to
be
able
to
operate
as
a
retirement
4
plan.
The
plan
may
conform
to
the
requirements
under
section
5
401(a),
section
408,
or
another
section
of
the
Internal
Revenue
6
Code
which
allows
Iowans
the
best
retirement
option
under
the
7
trust
as
determined
by
the
treasurer
of
state.
8
Sec.
14.
NEW
SECTION
.
12L.14
Property
rights
to
assets
in
9
trust.
10
1.
The
assets
of
the
trust
shall
at
all
times
be
preserved,
11
invested,
and
expended
solely
and
only
for
the
purposes
of
the
12
trust
and
shall
be
held
in
trust
for
the
participants.
13
2.
No
property
rights
in
the
trust
shall
exist
in
favor
of
14
the
state.
15
3.
The
assets
of
the
trust
shall
not
be
transferred
or
used
16
by
the
state
for
any
purposes
other
than
the
purposes
of
the
17
trust.
18
Sec.
15.
NEW
SECTION
.
12L.15
Interstate
agreements.
19
The
treasurer
of
state
may
enter
into
agreements
with
other
20
states
for
the
cooperative
or
joint
administration
of
the
trust
21
if
the
treasurer
of
state
finds
that
doing
so
will
facilitate
22
the
purposes
of
the
trust.
23
Sec.
16.
NEW
SECTION
.
12L.16
Penalties.
24
1.
An
employer
who
fails,
without
reasonable
cause,
to
25
enroll
an
employee
in
the
trust
shall
receive
a
warning
26
for
the
initial
offense.
For
subsequent
violations,
an
27
employer
is
subject
to
a
civil
penalty
in
an
amount
not
to
28
exceed
two
hundred
fifty
dollars
for
each
employee
for
each
29
calendar
year
or
portion
of
a
calendar
year
during
which
the
30
employee
was
neither
enrolled
in
the
trust
nor
had
opted
out
31
of
participating
in
the
trust.
In
determining
the
amount
of
32
the
penalty,
the
treasurer
of
state
shall
consider
the
number
33
and
nature
of
the
violations.
Penalties
collected
under
this
34
section
shall
be
deposited
in
the
general
fund
of
the
state.
35
-8-
LSB
5611YH
(6)
90
sc/ns
8/
11
H.F.
2632
2.
The
treasurer
of
state
shall
develop
a
process
for
an
1
employee
to
report
employer
noncompliance
with
the
provisions
2
of
this
chapter.
An
employer
shall
not
take
disciplinary
3
action
or
otherwise
retaliate
against
an
employee
who
makes
a
4
report
under
this
section.
5
Sec.
17.
NEW
SECTION
.
12L.17
Construction.
6
This
chapter
shall
be
construed
liberally
in
order
to
7
effectuate
its
purpose.
8
Sec.
18.
IMPLEMENTATION
PROVISION.
9
1.
The
treasurer
of
state
shall
provide
that
when
the
10
requirements
of
chapter
12L
are
enacted,
individuals
may
begin
11
making
contributions
to
the
Iowa
retirement
savings
plan
trust,
12
as
created
by
section
12L.2,
as
enacted
in
this
Act,
no
earlier
13
than
July
1,
2025.
14
2.
For
the
first
year
of
the
trust’s
operation,
this
Act
15
applies
to
an
employer
with
one
hundred
or
more
employees
at
16
any
time
during
the
previous
calendar
year.
For
the
second
17
year
of
the
trust’s
operation,
this
Act
applies
to
an
employer
18
with
fifty
or
more
employees
at
any
time
during
the
previous
19
calendar
year.
For
the
third
year
of
the
trust’s
operation
and
20
for
each
year
thereafter,
this
Act
applies
to
an
employer
with
21
five
or
more
employees
at
any
time
during
the
previous
calendar
22
year
as
provided
in
chapter
12L.
23
3.
a.
An
employer
that
employs
one
hundred
or
more
24
employees
at
any
time
during
the
calendar
year
preceding
the
25
year
in
which
the
trust
is
operating
shall
establish
a
payroll
26
deposit
retirement
savings
arrangement
within
nine
months
after
27
the
implementation
date
of
the
trust.
28
b.
An
employer
that
employs
fifty
or
more
employees
at
any
29
time
during
the
calendar
year
preceding
the
second
year
in
30
which
the
trust
is
operating
shall
establish
a
payroll
deposit
31
retirement
savings
arrangement
within
one
year
and
nine
months
32
after
the
implementation
date
of
the
trust.
33
c.
An
employer
that
employs
five
or
more
employees
at
any
34
time
during
the
calendar
year
preceding
the
third
year
in
35
-9-
LSB
5611YH
(6)
90
sc/ns
9/
11
H.F.
2632
which
the
trust
is
operating
shall
establish
a
payroll
deposit
1
retirement
savings
arrangement
within
two
years
and
nine
months
2
after
the
implementation
date
of
the
trust.
3
EXPLANATION
4
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
5
the
explanation’s
substance
by
the
members
of
the
general
assembly.
6
This
bill
creates
the
Iowa
retirement
savings
plan
trust
7
under
the
office
of
treasurer
of
state
for
the
purpose
of
8
helping
Iowans
save
for
retirement.
The
bill
provides
that
9
the
trust
be
operated
so
that,
for
federal
tax
purposes,
it
10
meets
the
requirements
of
a
retirement
plan
as
provided
by
the
11
Internal
Revenue
Code.
12
The
state
treasurer
is
the
trustee
of
the
trust
and
has
13
numerous
powers,
as
specified
in
the
bill,
for
the
purpose
of
14
carrying
out
the
purpose
of
the
trust.
Powers
granted
the
15
treasurer
of
state
to
effectuate
the
purpose
of
the
trust
16
include
entering
into
agreements
with
trust
participants
and
17
employers,
investing
moneys
in
the
trust,
and
entering
into
any
18
agreements
or
contracts
necessary
to
carry
out
the
purposes
of
19
the
trust.
20
The
bill
provides
that
individuals
who
are
employed
for
21
compensation
in
this
state
must
be
automatically
enrolled
22
in
the
trust
by
the
individual’s
employer
with
a
default
23
contribution
rate
set
by
the
treasurer
of
state.
A
participant
24
may
opt
out
of
the
trust
at
any
time
and
may
at
any
time
choose
25
a
different
contribution
rate
or
investment
option.
The
bill
26
requires
employers
to
designate
an
open
enrollment
period
for
27
the
trust
at
least
once
per
year.
28
The
bill
permits
the
treasurer
of
state
to
establish
a
29
low-risk
investment
portfolio
and
a
target
date
portfolio,
30
which
is
the
default
investment
option.
The
treasurer
of
31
state
must
distribute
informational
packets
to
employers
and
32
employees
about
the
trust
and
provide
participating
employers
33
and
participants
with
reports
on
the
trust
fund
at
least
once
34
per
year.
The
bill
also
requires
that
all
participant
account
35
-10-
LSB
5611YH
(6)
90
sc/ns
10/
11
H.F.
2632
information
be
maintained
as
confidential,
except
as
necessary
1
to
administer
the
trust
or
as
agreed
to
in
writing
by
the
2
person
who
provides
the
information
or
is
the
subject
of
the
3
information.
4
The
bill
allows
the
treasurer
of
state
to
enter
into
5
agreements
with
other
states
for
the
administration
of
the
6
trust.
7
The
bill
creates
civil
penalties
for
employers
who
fail
8
to
enroll
an
employee
in
the
trust
without
reasonable
cause,
9
enforced
by
the
treasurer
of
state.
A
penalty
shall
not
exceed
10
$250
for
each
employee
that
an
employer
fails
to
enroll
each
11
year.
Civil
penalties
collected
under
the
bill
are
deposited
12
in
the
general
fund
of
the
state.
13
The
bill
provides
that
the
state,
the
treasurer
of
state,
14
and
the
trust
may
not
guarantee
any
rate
of
return
on
any
15
contributions
to
the
trust
and
are
not
liable
for
any
loss
16
incurred
by
any
person
as
a
result
of
participating
in
the
17
trust.
The
bill
requires
the
treasurer
to
submit
an
annual
18
audited
financial
report
on
the
operations
of
the
trust.
19
The
bill
provides
that
when
the
requirements
of
the
bill
20
are
enacted,
the
treasurer
shall
not
allow
individuals
to
make
21
contributions
to
the
trust
earlier
than
July
1,
2025.
During
22
the
first
year
of
the
trust’s
operation,
the
bill
applies
to
23
employers
that
employed
100
or
more
employees
at
any
time
24
during
the
prior
year.
In
the
second
year,
the
bill
applies
to
25
employers
that
employed
50
or
more
employees
at
any
time
during
26
the
prior
year.
After
the
second
year,
the
bill
applies
to
all
27
employers
with
five
or
more
employees
during
the
prior
calendar
28
year.
29
-11-
LSB
5611YH
(6)
90
sc/ns
11/
11
