This bill establishes the Iowa retirement savings plan trust, aimed at assisting Iowans in saving for retirement. The trust will be managed by the state treasurer, who is granted various powers to facilitate its operation, including entering into contracts, investing funds, and providing educational resources to participants. The bill outlines the definitions of key terms, such as "participant" and "participation agreement," and specifies that contributions to the trust must be made in cash. It also allows participants to cancel their agreements at any time, with the return of their account balance subject to penalties as dictated by the Internal Revenue Code.

Additionally, the bill includes provisions that limit liability for the state, the treasurer, and employers regarding investment decisions and potential losses incurred by participants. It mandates the treasurer to submit an annual audited financial report on the trust's operations and appropriates up to $200,000 from the unclaimed property trust fund for the trust's administrative fund for the fiscal year 2025-2026. The bill stipulates that contributions to the trust will not be permitted before January 1, 2026, ensuring a structured implementation timeline for the retirement savings plan.