97B.7 FUND CREATED -- EXCLUSIVE BENEFIT -- STANDING
APPROPRIATIONS.
1. There is hereby created as a special fund, separate and apart
from all other public moneys or funds of this state, the "Iowa Public
Employees' Retirement Fund", hereafter called the "retirement
fund". The retirement fund shall consist of all moneys collected
under this chapter, together with all interest, dividends, and rents
thereon, and shall also include all securities or investment income
and other assets acquired by and through the use of the moneys
belonging to the retirement fund and any other moneys that have been
paid into the retirement fund.
2. The treasurer of the state of Iowa is hereby made the
custodian of the retirement fund and shall hold and disburse the
retirement fund in accordance with the requirements of this chapter.
As custodian, the treasurer shall be authorized to disburse moneys in
the retirement fund upon warrants drawn by the director of the
department of administrative services pursuant to the order of the
system. The treasurer shall not select any bank or other third party
for the purposes of investment asset safekeeping, other custody, or
settlement services without prior consultation with the board.
3. All moneys which are paid or deposited into the fund are
appropriated and made available to the system to be used for the
exclusive benefit of the members and their beneficiaries or
contingent annuitants as provided in this chapter:
a. To be used by the system for the payment of claims for
benefits under this chapter.
b. To be used by the system to pay refunds provided for in
this chapter.
c. To be used for the costs of administering the system,
including up to fifty thousand dollars per fiscal year for actual and
necessary expenses of the benefits advisory committee. If as a
result of action under section 8.31, the governor has reduced the
moneys appropriated from the retirement fund to the system for
salaries, support, maintenance, and other operational purposes to pay
the costs of the system for a fiscal year, it is the intent of the
general assembly that the amount by which the appropriation has been
reduced should be transferred from the retirement fund to the system
for salaries, support, maintenance, and other operational purposes to
pay the costs of the system for that fiscal year.
d. To be used to pay for investment management expenses
incurred in the management of the retirement fund. Expenses incurred
pursuant to this paragraph shall be charged to the investment income
of the retirement fund.
97B.7 FUND CREATED -- EXCLUSIVE BENEFIT -- STANDING
APPROPRIATIONS.
1. There is hereby created as a special fund, separate and apart
from all other public moneys or funds of this state, the "Iowa Public
Employees' Retirement Fund", hereafter called the "retirement
fund". The retirement fund shall consist of all moneys collected
under this chapter, together with all interest, dividends, and rents
thereon, and shall also include all securities or investment income
and other assets acquired by and through the use of the moneys
belonging to the retirement fund and any other moneys that have been
paid into the retirement fund.
2. The treasurer of the state of Iowa is hereby made the
custodian of the retirement fund and shall hold and disburse the
retirement fund in accordance with the requirements of this chapter.
As custodian, the treasurer shall be authorized to disburse moneys in
the retirement fund upon warrants drawn by the director of the
department of administrative services pursuant to the order of the
system. The treasurer shall not select any bank or other third party
for the purposes of investment asset safekeeping, other custody, or
settlement services without prior consultation with the board.
3. All moneys which are paid or deposited into the fund are
appropriated and made available to the system to be used for the
exclusive benefit of the members and their beneficiaries or
contingent annuitants as provided in this chapter:
a. To be used by the system for the payment of claims for
benefits under this chapter.
b. To be used by the system to pay refunds provided for in
this chapter.
c. To be used for the costs of administering the system,
including up to fifty thousand dollars per fiscal year for actual and
necessary expenses of the benefits advisory committee. If as a
result of action under section 8.31, the governor has reduced the
moneys appropriated from the retirement fund to the system for
salaries, support, maintenance, and other operational purposes to pay
the costs of the system for a fiscal year, it is the intent of the
general assembly that the amount by which the appropriation has been
reduced should be transferred from the retirement fund to the system
for salaries, support, maintenance, and other operational purposes to
pay the costs of the system for that fiscal year.
d. To be used to pay for investment management expenses
incurred in the management of the retirement fund. Expenses incurred
pursuant to this paragraph shall be charged to the investment income
of the retirement fund.
97B.7 FUND CREATED -- EXCLUSIVE BENEFIT -- STANDING
APPROPRIATIONS.
1. There is hereby created as a special fund, separate and apart
from all other public moneys or funds of this state, the "Iowa Public
Employees' Retirement Fund", hereafter called the "retirement
fund". The retirement fund shall consist of all moneys collected
under this chapter, together with all interest, dividends, and rents
thereon, and shall also include all securities or investment income
and other assets acquired by and through the use of the moneys
belonging to the retirement fund and any other moneys that have been
paid into the retirement fund.
2. The treasurer of the state of Iowa is hereby made the
custodian of the retirement fund and shall hold and disburse the
retirement fund in accordance with the requirements of this chapter.
As custodian, the treasurer shall be authorized to disburse moneys in
the retirement fund upon warrants drawn by the director of the
department of administrative services pursuant to the order of the
system. The treasurer shall not select any bank or other third party
for the purposes of investment asset safekeeping, other custody, or
settlement services without prior consultation with the board.
3. All moneys which are paid or deposited into the fund are
appropriated and made available to the system to be used for the
exclusive benefit of the members and their beneficiaries or
contingent annuitants as provided in this chapter:
a. To be used by the system for the payment of claims for
benefits under this chapter.
b. To be used by the system to pay refunds provided for in
this chapter.
c. To be used for the costs of administering the system,
including up to fifty thousand dollars per fiscal year for actual and
necessary expenses of the benefits advisory committee. If as a
result of action under section 8.31, the governor has reduced the
moneys appropriated from the retirement fund to the system for
salaries, support, maintenance, and other operational purposes to pay
the costs of the system for a fiscal year, it is the intent of the
general assembly that the amount by which the appropriation has been
reduced should be transferred from the retirement fund to the system
for salaries, support, maintenance, and other operational purposes to
pay the costs of the system for that fiscal year.
d. To be used to pay for investment management expenses
incurred in the management of the retirement fund. Expenses incurred
pursuant to this paragraph shall be charged to the investment income
of the retirement fund.
