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AudioMediaNewsPolitics & Government

State Treasurer Renews Call for State-run ‘Retirement Savings Iowa’ Program

State Treasurer Mike Fitzgerald is again calling for creation of a state-managed investment program for Iowans who don’t have a pension or retirement plan through their employer.

Fitzgerald says. Fitzgerald first proposed a “Retirement Savings Iowa” program in 2016, to be managed by the State Treasurer’s office.

Fitzgerald’s office has managed the College Savings Iowa program since in 1998. It currently has seven-and-a-half billion dollars in assets for 280-thousand accounts set up by parents and grandparents to cover college expenses for the next generation. Fitzgerald says it makes sense to set up a similar program, so Iowans can set aside money for retirement without paying taxes on it.

Fitzgerald made his comments Thursday afternoon at the Des Moines Register’s Political Soapbox at the Iowa State Fair. Fitzgerald, a Democrat, is the nation’s longest-serving state treasurer. Roby Smith, a state senator from Davenport, is the Republican challenging Fitzgerald’s bid for an 11th term.

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