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Veterans Affairs Committee – Week 9, 2022

March 9, 2022 Senate Staff Blog, Veteran Affairs Committee, Votes 0

HF 2501 – VTF investments

HF 2501 requires the Treasurer of State (TOS) in consultation with the Iowa Commission of Veterans Affairs (ICVA) to invest moneys in the Veterans Trust Fund (VTF) along with the investments for the Iowa Public Employees’ Retirement System (IPERS). The earnings will be credited back to the trust fund.

The bill incorporates recommendations by the Treasurer during discussions on a similar proposal last year, SF 321. The Treasurer can have contracts with investment advisors, consultants, and investment management and benefit consultant firms, and the management expenses may be charged to the income of the trust fund. The ICVA and the Treasurer are not liable for their actions in performing these duties, unless they are malicious or wanton misconduct.

When the trust fund exceeds $50 million, the moneys equal to the net income the fund received in the previous fiscal year will be appropriated to the ICVA. The Legislature’s statutory Public Retirement Systems Committee will consult with the Treasurer and ICVA regarding this bill.

The Iowa Lottery Authority, which continues to transfer a designated amount of Lottery proceeds to the VTF annually, is monitoring the bill. HF 2501 passed the House on a 99-0 vote. The American Legion, Iowa State Association of Counties and the ICVA support the legislation. [3/8: short form]