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

SSB 1234 establishes the Iowa retirement savings plan trust to help Iowans save for retirement. This trust, managed by the Treasurer of State, allows employed individuals to contribute to personal retirement savings accounts. The bill creates a program fund for participant contributions and an administrative fund, which receives an initial appropriation from the unclaimed property trust fund, to be repaid through administrative fees. It also limits the liability of the state, the treasurer, and employers regarding investment decisions and outcomes.