Where does 007 invest his money?
In a bond market.
I can hear the groans around the office and at home as I sit here and write my first column. As a dad and Iowa’s state treasurer, naturally, opening it up with a dad joke and a money pun made “cents.”
The question I am asked most frequently is, “What does the state treasurer’s office do?” Broadly speaking, we are the state’s cash manager. Our office deposits state funds, invests them and ensures they are available when needed. Additionally, we coordinate the issuance of debt by state agencies and authorities, invest bond proceeds and manage lease-purchase financing for state agencies.
I enjoy traveling the state and working directly with Iowans. Returning unclaimed property through the Great Iowa Treasure Hunt is another great experience. We are reuniting past and present Iowans with money and safety deposit box contents that are rightfully theirs. We have reunited 1 million owners with their treasures for a total exceeding $368 million.
Our office administers Iowa’s 529 education savings plans: College Savings Iowa and IAdvisor 529 Plan, both of which help families save for educational expenses including K-12 education, apprenticeships, vocational training and college.
We help individuals with disabilities save for Qualified Disability Expenses with IAble, the State’s Achieving a Better Life Experience (ABLE) plan. IAble has been helping individuals and their support systems have the opportunity to save and invest their money on a tax-advantaged basis. All this without risking essential federal government benefits like Medicaid, Supplemental Security Income (SSI) and more.
Promoting financial education is for everyone, no matter your age. My office has put together many activities and resources and has you covered with topics including saving goals, earnings, borrowing, credit and more. I hope these resources will help Iowans incorporate financial education conversations and skills in a fun and engaging manner.
We also administer the investment of two state pension funds: the Peace Officers’ Retirement Fund and the Judicial Retirement Fund, serving as custodian for these funds, as well as the Iowa Public Employees’ Retirement System (IPERS) Fund.
But wait! There is more! I also serve as a voting member on 11 boards and a nonvoting member on all State finance authority boards.
Through my travels across Iowa, I am often asked questions about topics we don’t oversee or handle, but I am always happy to direct people to the right place. I have compiled a top 10 list of things I am frequently asked, but cannot answer:
Can you tell me about my tax refund? Contact the Department of Revenue or IRS
Can you tell me what my EIN is? Contact the Department of Revenue or IRS
How do I register my vehicle? Contact your County Treasurer’s office
How do I pay my property taxes? Contact your County Treasurer’s office
How do I renew my driver’s license? Contact your County Treasurer’s office
How do I get a duplicate title or transfer a title? Contact your County Treasurer’s office
Can you answer questions about notary services? Contact the Secretary of State
I want to report financial fraud. Contact your local authorities and Consumer Protection Division at the Attorney General’s Office
How do I redeem my savings bond? Contact the United States Treasury
Why do we say “a penny for your thoughts” when our thoughts are highly valued?
The last one might also be a dad joke, but I couldn’t help myself.
Roby Smith serves as Iowa’s state treasurer. He was elected in November 2022.
