Sen. Tim Kraayenbrink, Iowa
Iowa state Sen. Tim Kraayenbrink this year spoke on the floor in April in favor of a bill that after it passed dramatically expanded the number of companies that could market retirement investments to Iowa educators. The Republican dismissed Democrats’ claims that the array of investments would be too confusing and allow companies to charge exorbitant fees on teachers’ savings.
Kraayenbrink didn’t mention directly that he would be one of the advisers who stand to benefit from access to new customers in the program. He is the owner of Kraayenbrink Financial in Fort Dodge and now manages about $150,000 in retirement savings from seven educators in the program, which currently earns him around $400 in fees annually, he said in an interview.
Kraayenbrink said it was such a small part of his income that he didn’t think he had a conflict of interest in voting on the bill. “It’s in the best interest of the client to have more choices and to have professional help if they want it,” he said.
Reporting by the Center for Public Integrity’s Liz Essley Whyte and David Jordan; The Associated Press’ Summer Ballentine, Ryan J. Foley, Michelle Price, Holly Ramer, Gary Robertson, Mark Scolforo, Brian Slodysko.
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