Bill Text: IA SF321 | 2021-2022 | 89th General Assembly | Amended
Bill Title: A bill for an act relating to the investment and use of funds in the veterans trust fund. (Formerly SSB 1135.)
Spectrum: Committee Bill
Status: (Engrossed - Dead) 2022-03-01 - Referred to Appropriations. H.J. 438. [SF321 Detail]
Download: Iowa-2021-SF321-Amended.html
Senate
File
321
-
Reprinted
SENATE
FILE
321
BY
COMMITTEE
ON
VETERANS
AFFAIRS
(SUCCESSOR
TO
SSB
1135)
(As
Amended
and
Passed
by
the
Senate
March
10,
2021
)
A
BILL
FOR
An
Act
relating
to
the
investment
and
use
of
funds
in
the
1
veterans
trust
fund.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
SF
321
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89
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S.F.
321
Section
1.
Section
12B.10,
subsection
6,
Code
2021,
is
1
amended
by
adding
the
following
new
paragraph:
2
NEW
PARAGRAPH
.
n.
Investments
by
the
veterans
trust
fund
3
established
in
section
35A.13.
4
Sec.
2.
Section
12B.10C,
subsection
4,
Code
2021,
is
amended
5
by
adding
the
following
new
paragraph:
6
NEW
PARAGRAPH
.
k.
The
veterans
trust
fund
established
in
7
section
35A.13.
8
Sec.
3.
Section
35A.13,
subsection
3,
Code
2021,
is
amended
9
to
read
as
follows:
10
3.
Moneys
credited
to
the
trust
fund
shall
not
be
11
transferred,
used,
obligated,
appropriated,
or
otherwise
12
encumbered,
except
as
provided
in
this
section
.
Moneys
in
the
13
trust
fund
may
be
used
for
cash
flow
purposes
during
a
fiscal
14
year
provided
that
any
moneys
so
allocated
are
returned
to
the
15
trust
fund
by
the
end
of
that
fiscal
year.
Moneys
in
the
trust
16
fund
may
also
be
used
for
cemetery
grant
development
purposes
17
provided
that
any
moneys
so
allocated,
except
for
moneys
used
18
for
department
of
administrative
services
expenditures
related
19
to
the
grant,
are
returned
to
the
trust
fund
upon
receipt
of
20
federal
funds
received
for
such
purposes.
21
Sec.
4.
Section
35A.13,
Code
2021,
is
amended
by
adding
the
22
following
new
subsection:
23
NEW
SUBSECTION
.
3A.
a.
Notwithstanding
subsection
4,
24
moneys
in
the
fund,
except
so
much
of
the
fund
as
may
be
25
necessary
to
be
kept
on
hand
for
the
making
of
disbursements
26
under
this
section,
shall
be
invested
by
the
treasurer
of
27
state,
in
consultation
with
the
commission,
in
any
investments
28
authorized
for
the
Iowa
public
employees’
retirement
system
29
in
section
97B.7A,
including
common
stock,
and
subject
to
the
30
requirements
of
chapters
12F,
12H,
and
12J,
and
the
earnings
31
therefrom
shall
be
credited
to
the
fund.
The
treasurer
of
32
state
may
execute
contracts
and
agreements
with
investment
33
advisors,
consultants,
and
investment
management
and
benefit
34
consultant
firms
in
the
administration
of
investments
of
moneys
35
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321
in
the
fund.
1
b.
Investment
management
expenses
shall
be
charged
to
the
2
investment
income
of
the
fund
and
there
is
appropriated
to
the
3
treasurer
of
state
from
the
investment
income
of
the
fund
an
4
amount
required
for
the
investment
management
expenses.
5
c.
For
purposes
of
this
subsection,
investment
management
6
expenses
are
limited
to
the
following:
7
(1)
Fees
for
investment
advisors,
consultants,
and
8
investment
management
and
benefit
consultant
firms
hired
by
9
the
treasurer
of
state
in
administering
the
investments
of
the
10
fund.
11
(2)
Fees
and
costs
for
safekeeping
fund
assets.
12
(3)
Costs
for
performance
and
compliance
monitoring,
and
13
accounting
for
fund
investments.
14
(4)
Any
other
costs
necessary
to
prudently
invest
or
protect
15
the
assets
of
the
fund.
16
d.
The
commission
and
the
treasurer
of
state,
and
their
17
employees,
are
not
personally
liable
for
claims
based
upon
an
18
act
or
omission
of
the
person
performed
in
the
discharge
of
the
19
person’s
duties
concerning
the
veterans
trust
fund,
except
for
20
acts
or
omissions
which
involve
malicious
or
wanton
misconduct.
21
Sec.
5.
Section
35A.13,
subsection
4,
Code
2021,
is
amended
22
by
striking
the
subsection
and
inserting
in
lieu
thereof
the
23
following:
24
4.
a.
For
each
fiscal
year
that
the
balance
of
the
trust
25
fund
on
July
1
is
below
fifty
million
dollars,
the
interest
26
and
earnings
on
moneys
in
the
fund
and
the
first
five
hundred
27
thousand
dollars
transferred
pursuant
to
section
99G.39
from
28
the
lottery
fund
are
appropriated
to
the
commission
to
be
used
29
to
achieve
the
purposes
of
subsection
6.
Moneys
appropriated
30
to
the
commission
under
this
paragraph
that
remain
unencumbered
31
or
unobligated
at
the
end
of
the
fiscal
year
shall
revert
to
32
the
fund.
33
b.
For
each
fiscal
year
that
the
balance
of
the
trust
fund
34
on
July
1
is
above
fifty
million
dollars
but
the
balance
of
the
35
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fund
was
below
fifty
million
dollars
on
July
1
of
the
previous
1
fiscal
year,
moneys
transferred
pursuant
to
section
99G.39
from
2
the
lottery
fund
are
appropriated
to
the
commission
to
be
used
3
to
achieve
the
purposes
of
subsection
6.
Moneys
appropriated
4
to
the
commission
under
this
paragraph
that
remain
unencumbered
5
or
unobligated
at
the
end
of
the
fiscal
year
shall
revert
to
6
the
fund.
7
c.
For
each
fiscal
year
that
the
balance
of
the
trust
fund
8
on
July
1
is
above
fifty
million
dollars
and
the
balance
of
9
the
fund
was
above
fifty
million
dollars
on
July
1
of
the
10
previous
fiscal
year,
moneys
equal
to
the
net
income
the
fund
11
received
in
the
previous
fiscal
year
are
appropriated
to
the
12
commission
to
be
used
to
achieve
the
purposes
of
subsection
13
6.
Moneys
appropriated
to
the
commission
under
this
paragraph
14
that
remain
unencumbered
or
unobligated
at
the
end
of
the
15
fiscal
year
shall
revert
to
the
fund.
For
the
purposes
of
this
16
paragraph,
“income"
means
moneys
credited
to
the
veterans
trust
17
fund
pursuant
to
subsection
2
and
moneys
transferred
pursuant
18
to
section
99G.39.
19
d.
Notwithstanding
paragraphs
“a”
,
“b”
,
and
“c”
,
moneys
20
credited
to
the
war
orphans
educational
assistance
account
21
shall
be
expended
as
provided
in
subsection
7.
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