Source: https://policyonline.tasb.org/Policy/Download/330?filename=CRG(LEGAL).html&amp;title=INSURANCE%20AND%20ANNUITIES%20MANAGEMENT&amp;subtitle=DEFERRED%20COMPENSATION%20AND%20ANNUITIES
Timestamp: 2019-04-22 19:06:20+00:00

Document:
A district may contract with an employee for the deferment of any part of the employee's compensation.
Except as provided by Government Code 609.5025, to participate in a deferred compensation plan, an employee must consent in the contract to automatic payroll deductions in an amount equal to the deferred amount.
A district may enter into a salary reduction agreement only if the qualified investment product is an eligible qualified investment and is registered with the Teacher Retirement System (TRS) under V.A.T.S. Article 6228a-5, Section 8A. Art. 6228a-5, Sec. 5(a), V.A.T.S.
Qualified investment products other than annuity contracts.
34 TAC 53.1(10); Art. 6228a-5, Sec. 4(3), V.A.T.S.
Complies with applicable state insurance and securities laws and rules.
34 TAC 53.1(17); Art. 6228a-5, Sec. 4(5), V.A.T.S.
"Salary reduction agreement" means an agreement between a district and an employee to reduce the employee's salary for the purpose of making direct contributions to or purchases of a qualified investment product. 34 TAC 53.1(23); Art. 6228a-5, Sec. 4(7), V.A.T.S.
An employee is entitled to designate any agent, broker, or company through which a qualified investment product may be purchased or contributions may be made.
To the greatest degree possible, a district shall require that contributions to eligible qualified investments be made by automatic payroll deduction and deposited directly in the investment accounts.
Art. 6228a-5, Sec. 5(e), (f), V.A.T.S.
Clearly states that by signing the notice the employee is agreeing to enter into or continue the salary reduction agreement.
Any change to V.A.T.S. Article 6228a-5 that becomes effective after January 1, 2007.
Art. 6228a-5, Sec. 9, V.A.T.S.

References: Art. 6228
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Art. 6228

Art. 6228