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8a-434
8A.434 IOWA STATE EMPLOYEE DEFERRED COMPENSATION
TRUST FUND.
1. A separate, special Iowa state employee deferred compensation
trust fund is created in the state treasury under the control of the
department. The fund shall consist of all moneys deposited in the
fund pursuant to this section, any other assets that must be held in
trust for the exclusive benefit of participants in the state's
deferred compensation program as required by section 457 of the
federal Internal Revenue Code, and interest and earnings thereon, and
shall be used for the exclusive benefit of participants in a deferred
compensation program established by the state under section 509A.12.
2. The director is the trustee of the fund and shall administer
the fund. Any loss to the fund shall be charged against the fund and
the director shall not be personally liable for such loss. In
addition, the director is the trustee of any trusts referenced in
section 457(g) of the federal Internal Revenue Code. Any loss to the
trusts shall be charged against the trusts and the director shall not
be personally liable for such loss.
3. Any compensation or portion of compensation reduced by a
participant in conjunction with a deferred compensation program
established by the state under section 509A.12 and any earnings or
income thereon shall be held in trust and used for the exclusive
benefit of the participant or the participant's beneficiary as
provided by section 457 of the federal Internal Revenue Code.
4. For purposes of this section, custodial accounts, annuity
contracts, and any other contracts referenced in section 457(g) of
the federal Internal Revenue Code shall be treated as trusts for
purposes of section 457 of the federal Internal Revenue Code.
5. Moneys in the fund are not subject to section 8.33.
Notwithstanding section 12C.7, subsection 2, interest or earnings on
moneys in the fund shall be credited to the fund. Section History: Recent Form
2003 Acts, ch 145, §70
