SSB 1135 – Veterans Trust Fund investments

SSB 1135 authorizes the investment of Veterans Trust Fund (VTF) moneys in any investments authorized for the Iowa Public Employees’ Retirement System (97B.7A) through the Iowa State Treasurer. It also eliminates the ability to use VTF moneys for cash flow purposes in a fiscal year. The chair’s stated goal is to earn better interest rates. Committee members emphasized that as this opportunity is explored, the Commission of Veterans Affairs should work with the State Treasurer’s staff on recommendations and to ensure the safety, liquidity and reasonable rate of return/loss if money is taken out early. The Treasurer also needs this enabling legislation to invest such funds. The bill will be referred to the Appropriations Committee. [2/10: short form]