Iowa 2025-2026 Regular Session

Iowa Senate Bill SSB1234

Introduced
4/28/25  

Caption

A bill for an act establishing a retirement savings plan trust, making appropriations, and including implementation provisions.

Impact

The introduction of SSB1234 is expected to enhance the retirement security of Iowa residents by providing a structured savings plan that complies with federal tax requirements. It is designed to help individuals save effectively for their retirement needs while minimizing administrative burdens. The bill intends to create a more financially literate populace regarding retirement savings, thereby contributing positively to the overall economic well-being of the state.

Summary

Senate Study Bill 1234 aims to establish an Iowa retirement savings plan trust intended to assist residents in saving for retirement. This initiative requires the state treasurer to act as the trustee of the trust, managing various aspects of the fund's operation. The bill outlines the powers granted to the treasurer, including managing investments, entering into necessary agreements, and collecting administrative fees. It allows participants to make contributions to the trust beginning in 2026, with an appropriated amount set for its initial operational costs.

Contention

Despite its merits, SSB1234 faces specific contention. Some critics argue that without guarantees of returns or protections against investment losses, participation may dissuade potential contributors who fear economic instability. Furthermore, it places no liability on employers for employees' investment decisions and the trust's overall performance, which raises concerns about participant security and confidence. The discussion around the balance between personal responsibility in managing funds and the need for some form of oversight continues among legislators.

Companion Bills

No companion bills found.

Previously Filed As

IA SF185

A bill for an act establishing a retirement savings plan trust, and including implementation provisions.

IA HF2373

A bill for an act establishing a retirement savings plan trust, providing penalties, and including implementation provisions.

IA HF2745

A bill for an act relating to state and local government taxes, budgets, and authority, by modifying provisions relating to the assessment and taxation of property, funding from the secure an advanced vision for education fund, urban renewal areas, establishing a program for certain first-time homebuyers, establishing a local government efficiency grant fund, making appropriations, and including effective date, applicability, and retroactive applicability provisions.(Formerly HSB 596.)

IA HF2457

A bill for an act establishing the credential-attainment program within the department of workforce development, making appropriations, and including effective date provisions.

IA SSB3034

A bill for an act relating to state and local government taxes, budgets, and authority, by modifying provisions relating to the assessment and taxation of property, funding from the secure an advanced vision for education fund, the election of certain county officers, urban renewal areas and urban revitalization areas, establishing a rent reimbursement program, establishing a program for certain first-time homebuyers, establishing a local government shared-services grant fund, making appropriations, and including effective date, applicability, and retroactive applicability provisions.

IA HSB563

A bill for an act relating to state and local government taxes, budgets, and authority, by modifying provisions relating to the assessment and taxation of property, funding from the secure an advanced vision for education fund, the election of certain county officers, urban renewal areas and urban revitalization areas, establishing a rent reimbursement program, establishing a program for certain first-time homebuyers, establishing a local government shared-services grant fund, making appropriations, and including effective date, applicability, and retroactive applicability provisions.

IA SF2425

A bill for an act relating to education, including by modifying provisions related to charter schools, the Iowa public employees' retirement system, financing programs for charter schools and nonpublic schools administered by the Iowa finance authority, the statewide voluntary preschool program for four-year-old children, education savings accounts, independent accrediting agencies, teacher training and licensure, and making appropriations, and including applicability and retroactive applicability provisions.(Formerly SF 2175; See SF 2501.)

IA HF725

A bill for an act establishing a rural emergency response enhancement program, making appropriations, and including effective date provisions.

IA HF2007

A bill for an act establishing a rural emergency response enhancement program, making appropriations, and including effective date provisions.

IA SF2175

A bill for an act relating to education, including by modifying provisions related to charter schools, the Iowa public employees' retirement system, financing programs for charter schools and nonpublic schools administered by the Iowa finance authority, the statewide voluntary preschool program for four-year-old children, education savings accounts, the school start date, independent accrediting agencies, teacher training and licensure, and making appropriations, and including applicability and retroactive applicability provisions.(See SF 2425, SF 2501.)

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