SF 321 – Veterans Trust Fund investments
SF 321 authorizes the investment of Veterans Trust Fund (VTF) moneys in any investments authorized for the Iowa Public Employees’ Retirement System (97B.7A) through the State Treasurer. It clarifies what the Treasurer could invest in and what fees could be charged to the fund as a result. It also eliminates the ability to use VTF moneys for cash-flow purposes in a fiscal year. The goal is to give the Commission of Veterans Affairs an opportunity to earn better interest rates. The Commission will work with the State Treasurer’s staff on recommendations to ensure the safety, liquidity and reasonable rate of return/loss if money is taken out early, and invest a portion in cash to ensure that bills can be paid on time in the event of a market downturn. The bill includes enabling legislation to allow the Treasurer to invest such funds.
[3/10: 48-0 (Excused: Hogg, Nunn)]