A bill for an act establishing a retirement savings plan trust, providing penalties, and including implementation provisions.
Impact
The implementation of HF2632 will have significant implications for state laws regarding employee retirement savings. The bill mandates that employers create a payroll deposit retirement savings arrangement and automatically enroll eligible employees, thereby streamlining the process for individuals to save for retirement. It also holds employers accountable with civil penalties if they fail to enroll their employees or comply with the provisions, emphasizing the state's commitment to enhancing financial security for its citizens through this program.
Summary
House File 2632 establishes the Iowa Retirement Savings Plan Trust under the authority of the state treasurer. The primary purpose of this trust is to facilitate retirement savings for individuals employed in Iowa. Employers are required to enroll their employees automatically into this savings plan unless the employees opt-out. The trust aims to increase retirement savings among Iowans by allowing for payroll deductions into the plan, which will consist of investment options including low-risk portfolios and target date funds.
Contention
While supporters argue that HF2632 promotes financial security and simplifies retirement savings for employees, there may be concerns regarding the administrative burden placed on employers, particularly smaller businesses that may have difficulty managing these requirements. Additionally, questions may arise regarding the confidentiality of participant information and the trust's investment strategies, including the lack of guaranteed returns on investments made through the trust.
A bill for an act establishing a deferred retirement option plan for members of the public safety peace officers' retirement, accident, and disability system, and including implementation provisions.
A bill for an act relating to the consideration of nonfinancial factors in providing financial services, including actions regarding the economic interest of enterprise shareholders and participants in and beneficiaries of public pension benefit plans, and providing penalties.
A bill for an act relating to actions regarding the economic interest of enterprise shareholders and participants in and beneficiaries of public pension benefit plans, and providing penalties.
A bill for an act relating to actions regarding the economic interest of enterprise shareholders and participants in and beneficiaries of public pension benefit plans, and providing penalties.
A bill for an act relating to the treasurer of state's duties, including Iowa educational savings plan trust and Iowa ABLE savings plan trust requirements and disposition of unclaimed property, and including retroactive applicability provisions.(Formerly HSB 626; See HF 2667.)
A bill for an act relating to the treasurer of state's duties, including Iowa educational savings plan trust and Iowa ABLE savings plan trust requirements and disposition of unclaimed property, and including effective date and retroactive applicability provisions.(See SF 2236.)
Retirement: other; retirement program for certain nonpublic employees to participate in a benefit plan; create, and provide oversight. Creates new act.