The Iowa Senate on April 12 passed HF 569, a bill that will open the Iowa teachers’ 403(b) plan to greater competition. The House of Representatives passed it on March 28. The bill now heads to the desk of Gov. Terry Branstad (R) for his signature.
The legislation passed both chambers by convincing majorities: 65-31 in the House, and 41-8 in the Senate.
The bill requires the Iowa Department of Administrative Services to include up to 30 insurance and investment companies in the 403(b) plan so long as they are approved by the Iowa Insurance Division and registered with the federal Securities and Exchange Commission.
Ray Harmon is Government Affairs Counsel for the American Retirement Association.
The legislation passed both chambers by convincing majorities: 65-31 in the House, and 41-8 in the Senate.
The bill requires the Iowa Department of Administrative Services to include up to 30 insurance and investment companies in the 403(b) plan so long as they are approved by the Iowa Insurance Division and registered with the federal Securities and Exchange Commission.
Ray Harmon is Government Affairs Counsel for the American Retirement Association.
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