State Codes and Statutes
Statutes >
Iowa >
Title-1 >
Subtitle-4 >
Chapter-8a >
8a-435
8A.435 STATE EMPLOYEE DEFERRED COMPENSATION MATCH
TRUST FUND.
1. A separate, special Iowa state employee deferred compensation
match trust fund is created in the state treasury under the control
of the department. The trust fund shall consist of all moneys
deposited in the fund, and other assets that must be held in trust
for the exclusive benefit of participants in the state's deferred
compensation match program as required by section 401(a) of the
federal Internal Revenue Code, and interest and earnings thereon, and
shall be used for the exclusive benefit of participants and their
beneficiaries in a deferred compensation match 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 trust
and the director shall not be personally liable for such loss.
3. 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, §71
