97B.4 ADMINISTRATION OF CHAPTER -- POWERS AND DUTIES
OF SYSTEM -- IMMUNITY.
1. Chief executive officer. The system, through the chief
executive officer, shall administer this chapter. The chief
executive officer shall also be the system's statutory designee with
respect to the rulemaking power.
2. General authority.a. The system may adopt, amend, waive, or rescind rules,
employ persons, execute contracts with outside parties, make
expenditures, require reports, make investigations, and take other
action it deems necessary for the administration of the retirement
system in conformity with the requirements of this chapter, the
applicable provisions of the Internal Revenue Code, and all other
applicable federal and state laws. The rules shall be effective upon
compliance with chapter 17A.
b. The system may delegate to any person such authority as it
deems reasonable and proper for the effective administration of this
chapter, and may bond any person handling moneys or signing checks
under this chapter.
c. In administering this chapter, the system may enter into a
biennial agreement with the department of administrative services
concerning the sharing of resources between the system and department
which are of benefit to each and which are consistent with the
mission of the system and the department. The budget program for the
system shall be established by the chief executive officer in
consultation with the board and other staff of the system and shall
be compiled and submitted by the system pursuant to section 8.23.
d. In administering this chapter, the system shall not be a
participating agency for purposes of chapter 8A, subchapter II.
3. Personnel.a. Chief investment officer. The chief executive officer,
following consultation with the board, shall employ a chief
investment officer who shall be appointed pursuant to chapter 8A,
subchapter IV, and shall be responsible for administering the
investment program for the retirement fund pursuant to the investment
policies of the board.
b. Chief benefits officer. The chief executive officer,
following consultation with the benefits advisory committee, shall
employ a chief benefits officer who shall be appointed pursuant to
chapter 8A, subchapter IV, and shall be responsible for administering
the benefits and other services provided under the retirement system.
c. Actuary. The system shall employ an actuary who shall be
selected by the board and shall serve at the pleasure of the board.
The actuary shall be the technical advisor for the system on matters
regarding the operation of the retirement fund.
d. System employees. Subject to other provisions of this
chapter, the system may employ all other personnel as necessary for
the administration of the retirement system. The maximum number of
full-time equivalent employees specified by the general assembly for
the system for administration of the retirement system for a fiscal
year shall not be reduced by any authority other than the general
assembly. The personnel of the system shall be appointed pursuant to
chapter 8A, subchapter IV. The system shall not appoint or employ a
person who is an officer or committee member of a political party
organization or who holds or is a candidate for a partisan elective
public office.
e. Legal advisors. The system may employ attorneys and
contract with attorneys and legal firms for the provision of legal
counsel and advice in the administration of this chapter and chapter
97C.
f. Outside advisors. The system may execute contracts with
persons outside state government, including investment advisors,
consultants, and managers, in the administration of this chapter.
However, a contract with an investment manager or investment
consultant shall not be executed by the system pursuant to this
paragraph without the prior approval by the board of the hiring of
the investment manager or investment consultant.
4. Reports.a. Annual report to governor. Not later than the
thirty-first day of December of each year, the system shall submit to
the governor a report covering the administration and operation of
this chapter during the preceding fiscal year and shall make
recommendations for amendments to this chapter. The report shall
include a balance sheet of the moneys in the retirement fund. The
report shall also include information concerning the investment
management expenses for the retirement fund for each fiscal year
expressed as a percent of the market value of the retirement fund
investment assets, including the information described in section
97B.7, subsection 3, paragraph "d". The information provided
under this paragraph shall also include information on the investment
policies and investment performance of the retirement fund. In
providing this information, to the extent possible, the system shall
include the total investment return for the entire fund, for portions
of the fund managed by investment managers, and for internally
managed portions of the fund, and the cost of managing the fund per
thousand dollars of assets. The performance shall be based upon
market value, and shall be contrasted with relevant market indices
and with performances of pension funds of similar asset size.
b. Annual statement to members. The system shall prepare and
distribute to the members, at the expense of the retirement fund, an
annual statement of the member's account and, in such a manner as the
system deems appropriate, other information concerning the retirement
system.
c. Actuarial investigation. During calendar year 2002, and
every four years thereafter, the system shall cause an actuarial
investigation to be made of all experience under the retirement
system. Pursuant to such an investigation, the system shall, from
time to time, determine upon an actuarial basis the condition of the
retirement system and shall report to the general assembly its
findings and recommendations.
d. Annual valuation of assets. The system shall cause an
annual actuarial valuation to be made of the assets and liabilities
of the retirement system and shall prepare an annual statement of the
amounts to be contributed under this chapter, and shall publish
annually such valuation of the assets and liabilities and the
statement of receipts and disbursements of the retirement system.
Based upon the actuarial methods and assumptions adopted by the board
for the annual actuarial valuation, the system shall certify to the
governor the contribution rates determined thereby as the rates
necessary and sufficient for members and employers to fully fund the
benefits and retirement allowances being credited. Effective with
the fiscal year beginning July 1, 2008, the annual actuarial
valuation required by this paragraph shall include information as
required by section 97D.5 for each membership group which separately
determines contribution rates under this chapter.
5. Investments. The system, through the chief investment
officer, shall invest, subject to chapter 12F and in accordance with
the investment policy and goal statement established by the board,
the portion of the retirement fund which, in the judgment of the
system, is not needed for current payment of benefits under this
chapter subject to the requirements of section 97B.7A.
6. Old records. The system may destroy or dispose of such
original reports or records as have been properly recorded or
summarized in the permanent records of the system and are deemed by
the chief executive officer to be no longer necessary to the proper
administration of this chapter. The destruction or disposition shall
be made only by order of the chief executive officer. Records of
deceased members of the retirement system may be destroyed ten years
after the later of the final payment made to a third party on behalf
of the member or the death of the member. Any moneys received from
the disposition of these records shall be deposited to the credit of
the retirement fund subject to rules adopted by the system.
7. Immunity. The system, employees of the system, the board,
the members of the board, and the treasurer of state are not
personally liable for actions or omissions under this chapter that do
not involve malicious or wanton misconduct even if those actions or
omissions violate the standards established in section 97B.7A.
97B.4 ADMINISTRATION OF CHAPTER -- POWERS AND DUTIES
OF SYSTEM -- IMMUNITY.
1. Chief executive officer. The system, through the chief
executive officer, shall administer this chapter. The chief
executive officer shall also be the system's statutory designee with
respect to the rulemaking power.
2. General authority.a. The system may adopt, amend, waive, or rescind rules,
employ persons, execute contracts with outside parties, make
expenditures, require reports, make investigations, and take other
action it deems necessary for the administration of the retirement
system in conformity with the requirements of this chapter, the
applicable provisions of the Internal Revenue Code, and all other
applicable federal and state laws. The rules shall be effective upon
compliance with chapter 17A.
b. The system may delegate to any person such authority as it
deems reasonable and proper for the effective administration of this
chapter, and may bond any person handling moneys or signing checks
under this chapter.
c. In administering this chapter, the system may enter into a
biennial agreement with the department of administrative services
concerning the sharing of resources between the system and department
which are of benefit to each and which are consistent with the
mission of the system and the department. The budget program for the
system shall be established by the chief executive officer in
consultation with the board and other staff of the system and shall
be compiled and submitted by the system pursuant to section 8.23.
d. In administering this chapter, the system shall not be a
participating agency for purposes of chapter 8A, subchapter II.
3. Personnel.a. Chief investment officer. The chief executive officer,
following consultation with the board, shall employ a chief
investment officer who shall be appointed pursuant to chapter 8A,
subchapter IV, and shall be responsible for administering the
investment program for the retirement fund pursuant to the investment
policies of the board.
b. Chief benefits officer. The chief executive officer,
following consultation with the benefits advisory committee, shall
employ a chief benefits officer who shall be appointed pursuant to
chapter 8A, subchapter IV, and shall be responsible for administering
the benefits and other services provided under the retirement system.
c. Actuary. The system shall employ an actuary who shall be
selected by the board and shall serve at the pleasure of the board.
The actuary shall be the technical advisor for the system on matters
regarding the operation of the retirement fund.
d. System employees. Subject to other provisions of this
chapter, the system may employ all other personnel as necessary for
the administration of the retirement system. The maximum number of
full-time equivalent employees specified by the general assembly for
the system for administration of the retirement system for a fiscal
year shall not be reduced by any authority other than the general
assembly. The personnel of the system shall be appointed pursuant to
chapter 8A, subchapter IV. The system shall not appoint or employ a
person who is an officer or committee member of a political party
organization or who holds or is a candidate for a partisan elective
public office.
e. Legal advisors. The system may employ attorneys and
contract with attorneys and legal firms for the provision of legal
counsel and advice in the administration of this chapter and chapter
97C.
f. Outside advisors. The system may execute contracts with
persons outside state government, including investment advisors,
consultants, and managers, in the administration of this chapter.
However, a contract with an investment manager or investment
consultant shall not be executed by the system pursuant to this
paragraph without the prior approval by the board of the hiring of
the investment manager or investment consultant.
4. Reports.a. Annual report to governor. Not later than the
thirty-first day of December of each year, the system shall submit to
the governor a report covering the administration and operation of
this chapter during the preceding fiscal year and shall make
recommendations for amendments to this chapter. The report shall
include a balance sheet of the moneys in the retirement fund. The
report shall also include information concerning the investment
management expenses for the retirement fund for each fiscal year
expressed as a percent of the market value of the retirement fund
investment assets, including the information described in section
97B.7, subsection 3, paragraph "d". The information provided
under this paragraph shall also include information on the investment
policies and investment performance of the retirement fund. In
providing this information, to the extent possible, the system shall
include the total investment return for the entire fund, for portions
of the fund managed by investment managers, and for internally
managed portions of the fund, and the cost of managing the fund per
thousand dollars of assets. The performance shall be based upon
market value, and shall be contrasted with relevant market indices
and with performances of pension funds of similar asset size.
b. Annual statement to members. The system shall prepare and
distribute to the members, at the expense of the retirement fund, an
annual statement of the member's account and, in such a manner as the
system deems appropriate, other information concerning the retirement
system.
c. Actuarial investigation. During calendar year 2002, and
every four years thereafter, the system shall cause an actuarial
investigation to be made of all experience under the retirement
system. Pursuant to such an investigation, the system shall, from
time to time, determine upon an actuarial basis the condition of the
retirement system and shall report to the general assembly its
findings and recommendations.
d. Annual valuation of assets. The system shall cause an
annual actuarial valuation to be made of the assets and liabilities
of the retirement system and shall prepare an annual statement of the
amounts to be contributed under this chapter, and shall publish
annually such valuation of the assets and liabilities and the
statement of receipts and disbursements of the retirement system.
Based upon the actuarial methods and assumptions adopted by the board
for the annual actuarial valuation, the system shall certify to the
governor the contribution rates determined thereby as the rates
necessary and sufficient for members and employers to fully fund the
benefits and retirement allowances being credited. Effective with
the fiscal year beginning July 1, 2008, the annual actuarial
valuation required by this paragraph shall include information as
required by section 97D.5 for each membership group which separately
determines contribution rates under this chapter.
5. Investments. The system, through the chief investment
officer, shall invest, subject to chapter 12F and in accordance with
the investment policy and goal statement established by the board,
the portion of the retirement fund which, in the judgment of the
system, is not needed for current payment of benefits under this
chapter subject to the requirements of section 97B.7A.
6. Old records. The system may destroy or dispose of such
original reports or records as have been properly recorded or
summarized in the permanent records of the system and are deemed by
the chief executive officer to be no longer necessary to the proper
administration of this chapter. The destruction or disposition shall
be made only by order of the chief executive officer. Records of
deceased members of the retirement system may be destroyed ten years
after the later of the final payment made to a third party on behalf
of the member or the death of the member. Any moneys received from
the disposition of these records shall be deposited to the credit of
the retirement fund subject to rules adopted by the system.
7. Immunity. The system, employees of the system, the board,
the members of the board, and the treasurer of state are not
personally liable for actions or omissions under this chapter that do
not involve malicious or wanton misconduct even if those actions or
omissions violate the standards established in section 97B.7A.
97B.4 ADMINISTRATION OF CHAPTER -- POWERS AND DUTIES
OF SYSTEM -- IMMUNITY.
1. Chief executive officer. The system, through the chief
executive officer, shall administer this chapter. The chief
executive officer shall also be the system's statutory designee with
respect to the rulemaking power.
2. General authority.a. The system may adopt, amend, waive, or rescind rules,
employ persons, execute contracts with outside parties, make
expenditures, require reports, make investigations, and take other
action it deems necessary for the administration of the retirement
system in conformity with the requirements of this chapter, the
applicable provisions of the Internal Revenue Code, and all other
applicable federal and state laws. The rules shall be effective upon
compliance with chapter 17A.
b. The system may delegate to any person such authority as it
deems reasonable and proper for the effective administration of this
chapter, and may bond any person handling moneys or signing checks
under this chapter.
c. In administering this chapter, the system may enter into a
biennial agreement with the department of administrative services
concerning the sharing of resources between the system and department
which are of benefit to each and which are consistent with the
mission of the system and the department. The budget program for the
system shall be established by the chief executive officer in
consultation with the board and other staff of the system and shall
be compiled and submitted by the system pursuant to section 8.23.
d. In administering this chapter, the system shall not be a
participating agency for purposes of chapter 8A, subchapter II.
3. Personnel.a. Chief investment officer. The chief executive officer,
following consultation with the board, shall employ a chief
investment officer who shall be appointed pursuant to chapter 8A,
subchapter IV, and shall be responsible for administering the
investment program for the retirement fund pursuant to the investment
policies of the board.
b. Chief benefits officer. The chief executive officer,
following consultation with the benefits advisory committee, shall
employ a chief benefits officer who shall be appointed pursuant to
chapter 8A, subchapter IV, and shall be responsible for administering
the benefits and other services provided under the retirement system.
c. Actuary. The system shall employ an actuary who shall be
selected by the board and shall serve at the pleasure of the board.
The actuary shall be the technical advisor for the system on matters
regarding the operation of the retirement fund.
d. System employees. Subject to other provisions of this
chapter, the system may employ all other personnel as necessary for
the administration of the retirement system. The maximum number of
full-time equivalent employees specified by the general assembly for
the system for administration of the retirement system for a fiscal
year shall not be reduced by any authority other than the general
assembly. The personnel of the system shall be appointed pursuant to
chapter 8A, subchapter IV. The system shall not appoint or employ a
person who is an officer or committee member of a political party
organization or who holds or is a candidate for a partisan elective
public office.
e. Legal advisors. The system may employ attorneys and
contract with attorneys and legal firms for the provision of legal
counsel and advice in the administration of this chapter and chapter
97C.
f. Outside advisors. The system may execute contracts with
persons outside state government, including investment advisors,
consultants, and managers, in the administration of this chapter.
However, a contract with an investment manager or investment
consultant shall not be executed by the system pursuant to this
paragraph without the prior approval by the board of the hiring of
the investment manager or investment consultant.
4. Reports.a. Annual report to governor. Not later than the
thirty-first day of December of each year, the system shall submit to
the governor a report covering the administration and operation of
this chapter during the preceding fiscal year and shall make
recommendations for amendments to this chapter. The report shall
include a balance sheet of the moneys in the retirement fund. The
report shall also include information concerning the investment
management expenses for the retirement fund for each fiscal year
expressed as a percent of the market value of the retirement fund
investment assets, including the information described in section
97B.7, subsection 3, paragraph "d". The information provided
under this paragraph shall also include information on the investment
policies and investment performance of the retirement fund. In
providing this information, to the extent possible, the system shall
include the total investment return for the entire fund, for portions
of the fund managed by investment managers, and for internally
managed portions of the fund, and the cost of managing the fund per
thousand dollars of assets. The performance shall be based upon
market value, and shall be contrasted with relevant market indices
and with performances of pension funds of similar asset size.
b. Annual statement to members. The system shall prepare and
distribute to the members, at the expense of the retirement fund, an
annual statement of the member's account and, in such a manner as the
system deems appropriate, other information concerning the retirement
system.
c. Actuarial investigation. During calendar year 2002, and
every four years thereafter, the system shall cause an actuarial
investigation to be made of all experience under the retirement
system. Pursuant to such an investigation, the system shall, from
time to time, determine upon an actuarial basis the condition of the
retirement system and shall report to the general assembly its
findings and recommendations.
d. Annual valuation of assets. The system shall cause an
annual actuarial valuation to be made of the assets and liabilities
of the retirement system and shall prepare an annual statement of the
amounts to be contributed under this chapter, and shall publish
annually such valuation of the assets and liabilities and the
statement of receipts and disbursements of the retirement system.
Based upon the actuarial methods and assumptions adopted by the board
for the annual actuarial valuation, the system shall certify to the
governor the contribution rates determined thereby as the rates
necessary and sufficient for members and employers to fully fund the
benefits and retirement allowances being credited. Effective with
the fiscal year beginning July 1, 2008, the annual actuarial
valuation required by this paragraph shall include information as
required by section 97D.5 for each membership group which separately
determines contribution rates under this chapter.
5. Investments. The system, through the chief investment
officer, shall invest, subject to chapter 12F and in accordance with
the investment policy and goal statement established by the board,
the portion of the retirement fund which, in the judgment of the
system, is not needed for current payment of benefits under this
chapter subject to the requirements of section 97B.7A.
6. Old records. The system may destroy or dispose of such
original reports or records as have been properly recorded or
summarized in the permanent records of the system and are deemed by
the chief executive officer to be no longer necessary to the proper
administration of this chapter. The destruction or disposition shall
be made only by order of the chief executive officer. Records of
deceased members of the retirement system may be destroyed ten years
after the later of the final payment made to a third party on behalf
of the member or the death of the member. Any moneys received from
the disposition of these records shall be deposited to the credit of
the retirement fund subject to rules adopted by the system.
7. Immunity. The system, employees of the system, the board,
the members of the board, and the treasurer of state are not
personally liable for actions or omissions under this chapter that do
not involve malicious or wanton misconduct even if those actions or
omissions violate the standards established in section 97B.7A.
