2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 509A - GROUP INSURANCE FOR PUBLIC EMPLOYEES
509A.12 - DEFERRED COMPENSATION PROGRAM FOR GOVERNMENTAL EMPLOYEES.

        509A.12  DEFERRED COMPENSATION PROGRAM FOR
      GOVERNMENTAL EMPLOYEES.
         A governing body, county board of supervisors, or other public
      entity, to the extent allowed by law, may establish a deferred
      compensation program under this section.  The contributions made on
      behalf of an employee who chooses to participate in the program shall
      be invested at the direction of the employee in a life insurance
      contract, annuity contract, mutual fund, security, or any other
      deferred payment contract offered as an investment option under the
      program.  The contract acquired for an employee shall be in
      accordance with the plan document and shall be acquired from a
      company, or a salesperson for that company, that is authorized to do
      business in this state.  When the state of Iowa acquires an
      investment product pursuant to the plan document the state does not
      become a shareholder, stockholder, or owner of a corporation in
      violation of Article VIII, section 3, of the Constitution of the
      State of Iowa or any other provision of law.
         This section is in addition to any benefit program provided by law
      for employees of the state or its political subdivisions.  

         Section History: Early Form

         [C73, 75, 77, 79, 81, S81, § 509A.12; 81 Acts, ch 117, § 1087] 

         Section History: Recent Form

         94 Acts, ch 1183, §80; 95 Acts, ch 162, §11; 97 Acts, ch 185, §10
         Referred to in § 8A.433, 8A.434, 8A.435, 8F.2, 12B.10, 12B.10A,
      12B.10B, 12B.10C, 12C.1, 331.324