Bill > H0535

This bill amends and adds to existing law to revise provisions regarding the duties of the State Treasurer. The key provisions are: 1. The Treasurer can now name additional or multiple custodians for moneys belonging to the state, administer programs associated with such moneys, and enter into related contracts. 2. The Treasurer is now required to report daily to the State Controller the amount disbursed for payment and report monthly the balance of cash on hand. 3. The Treasurer is authorized to provide financial education to the general public to increase financial literacy and preparedness for individual retirement. 4. The bill requires the Investment Board, at the Treasurer's request, to review investment providers that offer low-cost, reputable individual retirement accounts (IRAs) and assist in creating policies and procedures for the ongoing review of such providers. The reviewed providers will be highlighted on the Treasurer's website. The bill aims to update the Treasurer's duties and provide more oversight and guidance on retirement investment options for employees and employers.

Government Affairs

Business Committee (H)

https://legislature.idaho.gov/sessioninfo/2022/legislation/H0535/