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8a-436
8A.436 STATE EMPLOYEE DEPENDENT CARE SPENDING ACCOUNT
TRUST FUND.
1. A separate, special Iowa state employee dependent care
spending account trust fund is created in the state treasury under
the control of the department. The trust fund consists of all
moneys, including monthly administrative charges paid by a state
department or agency as authorized by section 8A.451, held in trust
for the exclusive benefit of participants in the state's dependent
care spending account plan. Moneys in the fund are not subject to
section 8.33. Notwithstanding section 12C.7, interest and earnings
from moneys in the trust fund shall be credited to the trust fund and
shall be used exclusively for the benefit of plan participants.
2. The director shall serve as trustee of the trust fund and
shall administer the fund as required by sections 125 and 129 of the
federal Internal Revenue Code. Any loss to the fund shall be charged
against the fund and the director shall not be personally liable for
such loss. The director has the authority to direct expenditures as
deemed appropriate to the exclusive benefit of the plan participants.
Section History: Recent Form
2003 Acts, ch 145, §72
