Establishes the Iowa retirement savings plan trust to help Iowans save for retirement.

The bill creates the Iowa retirement savings plan trust under the office of the treasurer of state to help Iowans save for retirement. It prohibits local governments from establishing or offering retirement plans for anyone other than public employees. The trust shall not guarantee any rate of return on contributions and is not liable for any loss incurred by participants. The treasurer of state shall automatically enroll individuals employed in the state, with a default contribution rate of five percent, which can be adjusted. Participants may opt out at any time.

Establishes the Iowa retirement savings plan trust to help Iowans save for retirement.

The bill creates the Iowa retirement savings plan trust under the office of the treasurer of state to help Iowans save for retirement. It prohibits local governments from establishing or offering retirement plans for anyone other than public employees. The trust shall not guarantee any rate of return on contributions and is not liable for any loss incurred by participants. The treasurer of state shall automatically enroll individuals employed in the state, with a default contribution rate of five percent, which can be adjusted. Participants may opt out at any time.