The bill establishes the Iowa retirement savings plan trust, aimed at assisting Iowans in saving for retirement. It designates the state treasurer as the trustee, granting them various powers to manage the trust, including entering into contracts, investing funds, and providing educational resources to participants. The trust will operate in compliance with the Internal Revenue Code to ensure it qualifies as a retirement plan. Participants can enter into agreements to contribute to the trust and may cancel their participation at any time, with the return of their account balance subject to penalties as outlined by federal regulations.

Additionally, the bill specifies that neither the state, the treasurer, nor the trust will guarantee any returns on contributions, nor will they be liable for any losses incurred by participants. Employers are also shielded from liability regarding investment decisions and plan administration. The bill includes provisions for an annual audited financial report to be submitted by the treasurer, and it appropriates up to $200,000 from the unclaimed property trust fund for the trust's administrative fund for the fiscal year 2025-2026. Contributions to the trust will not be permitted before January 1, 2026.