reglab/housing_qa huggingface dataset:
TX Govt Code § 609.5021 (2021)
2021 Texas Statutes|Government Code|Title 6 - Public Officers and Employees|Subtitle A - Provisions Generally Applicable to Public Officers and Employees|Chapter 609 - Deferred Compensation Plans|Subchapter C. Deferred Compensation Plans for Employees of State Agencies|Section 609.5021. Roth Contribution Programs

Sec. 609.5021.  ROTH CONTRIBUTION PROGRAMS.  The board of trustees may:(1)  establish a qualified Roth contribution program in accordance with Section 402A, Internal Revenue Code of 1986, under which an employee may designate all or a portion of the employee's contribution under a 401(k) plan as a Roth contribution at the time the contribution is made; and(2)  if authorized by federal law, establish a program in accordance with the applicable federal law under which an employee may designate all or a portion of the employee's contribution under a 457 plan as a Roth contribution at the time the contribution is made.|Added by Acts 2009, 81st Leg., R.S., Ch. 444 (H.B. 2283), Sec. 2, eff. September 1, 2009.|
TX Govt Code § 609.5025 (2021)
2021 Texas Statutes|Government Code|Title 6 - Public Officers and Employees|Subtitle A - Provisions Generally Applicable to Public Officers and Employees|Chapter 609 - Deferred Compensation Plans|Subchapter C. Deferred Compensation Plans for Employees of State Agencies|Section 609.5025. Automatic Participation; Default Investment Product

Sec. 609.5025.  AUTOMATIC PARTICIPATION; DEFAULT INVESTMENT PRODUCT.  (a)  This section applies only to an employee of a state agency participating in a 401(k) plan.(b)  An employee participates in a 401(k) plan unless the employee affirmatively elects not to participate in the plan. Notwithstanding Sections 609.007(b) and (c), an employee is not required to affirmatively contract for and consent to participation in a plan under this section.(c)  An employee participating in a 401(k) plan under this section makes a contribution of one percent of the compensation earned by the employee to a default investment product selected by the board of trustees based on the criteria established under Section 609.505(d) and the rules adopted under Subsection (f).  The contribution is made by automatic payroll deduction.(d)  At any time, an employee participating in a 401(k) plan under this section may, in accordance with rules adopted by the board of trustees, elect to end participation in the 401(k) plan, to contribute to a different investment product, to contribute a different amount to the plan, or to designate all or a portion of the employee's contribution as a Roth contribution subject to the availability of a Roth contribution program under Section 609.5021.(e)  The board of trustees shall ensure that, at the time of employment, each employee is informed of:(1)  the elections the employee may make under this section; and(2)  the responsibilities of the employee under Section 609.010.(f)  The board of trustees shall adopt rules to implement the requirements of this section.  The rules must ensure that the operation of the 401(k) plan under this section conforms to the applicable requirements of any federal rule that provides fiduciary relief for investments in qualified default investment alternatives or otherwise governs default investment alternatives under participant-directed individual account plans.(g)  The amount deducted under this section from an employee's compensation is not deducted for payment of a debt and the automatic payroll deduction is not garnishment or assignment of wages.(h)  Within existing resources, a state agency participating in a 401(k) plan shall inform new hires of their automatic enrollment in a 401(k) account and their right to opt-out of enrollment.  Within existing resources, this information shall be included as part of the new employee orientation process.  State agencies participating in a 401(k) plan shall maintain a record of a new hire's acknowledgement of receipt of information regarding the ability to opt-out of enrollment in a 401(k) plan.|Added by Acts 2007, 80th Leg., R.S., Ch. 1409 (H.B. 957), Sec. 1, eff. June 15, 2007.Amended by: Acts 2009, 81st Leg., R.S., Ch. 444 (H.B. 2283), Sec. 3, eff. September 1, 2009.|
TX Govt Code § 609.5026 (2021)
2021 Texas Statutes|Government Code|Title 6 - Public Officers and Employees|Subtitle A - Provisions Generally Applicable to Public Officers and Employees|Chapter 609 - Deferred Compensation Plans|Subchapter C. Deferred Compensation Plans for Employees of State Agencies|Section 609.5026. State Matching Contributions

Sec. 609.5026.  STATE MATCHING CONTRIBUTIONS.  Subject to a separate legislative appropriation for that purpose, the Employees Retirement System of Texas may make matching contributions to a 401(k) plan on behalf of employees participating in the plan solely from, and in an amount specified by, the appropriation.|Added by Acts 2009, 81st Leg., R.S., Ch. 444 (H.B. 2283), Sec. 4, eff. September 1, 2009.|
TX Govt Code § 609.503 (2021)
2021 Texas Statutes|Government Code|Title 6 - Public Officers and Employees|Subtitle A - Provisions Generally Applicable to Public Officers and Employees|Chapter 609 - Deferred Compensation Plans|Subchapter C. Deferred Compensation Plans for Employees of State Agencies|Section 609.503. Changing Amount Deferred

Sec. 609.503.  CHANGING AMOUNT DEFERRED.  An employee may change the amount to be deferred by notifying the board of trustees in accordance with the requirements of the board of trustees.|Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.  Amended by Acts 1995, 74th Leg., ch. 76, Sec. 5.10(a), eff. Sept. 1, 1995.|
TX Govt Code § 609.504 (2021)
2021 Texas Statutes|Government Code|Title 6 - Public Officers and Employees|Subtitle A - Provisions Generally Applicable to Public Officers and Employees|Chapter 609 - Deferred Compensation Plans|Subchapter C. Deferred Compensation Plans for Employees of State Agencies|Section 609.504. Investment and Transfer of Deferred Amounts and Income

Sec. 609.504.  INVESTMENT AND TRANSFER OF DEFERRED AMOUNTS AND INCOME.  After execution of a contract under Section 609.007, the board of trustees shall:(1)  invest the deferred amounts and investment income of the employee in the qualified investment products designated by the employee;  and(2)  promptly transfer the deferred amounts and investment income of the employee from one qualified investment product to another in accordance with the requirements of the board of trustees.|Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.  Amended by Acts 1995, 74th Leg., ch. 76, Sec. 5.10(a), eff. Sept. 1, 1995.|
TX Govt Code § 609.505 (2021)
2021 Texas Statutes|Government Code|Title 6 - Public Officers and Employees|Subtitle A - Provisions Generally Applicable to Public Officers and Employees|Chapter 609 - Deferred Compensation Plans|Subchapter C. Deferred Compensation Plans for Employees of State Agencies|Section 609.505. Qualified Vendor

Sec. 609.505.  QUALIFIED VENDOR.  (a)  The board of trustees or a third party administrator approved by the board, in accordance with rules adopted under this subchapter, may contract with a vendor qualified to participate in a deferred compensation plan.(b)  In a contract under Subsection (a), the board of trustees may require the vendor to be audited annually by an independent auditor paid by the vendor.(c)  A vendor or investment product having an ownership or other financial interest in the contractor selected by the board of trustees to administer a deferred compensation plan is not qualified to participate in that plan.(d)  The board of trustees shall select vendors or investment products based on the quality of investment performance, proven ability to manage institutional assets, minimum net worth requirements, fee structure, compliance with applicable federal and state laws, and other criteria established by the board.  The board of trustees shall determine the minimum and maximum number of vendors and investment products that may be offered by a plan at any particular time.|Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.  Amended by Acts 1999, 76th Leg., ch. 1541, Sec. 52, eff. Sept. 1, 1999;  Acts 2003, 78th Leg., ch. 1111, Sec. 4, eff. Sept. 1, 2003.|
TX Govt Code § 609.506 (2021)
2021 Texas Statutes|Government Code|Title 6 - Public Officers and Employees|Subtitle A - Provisions Generally Applicable to Public Officers and Employees|Chapter 609 - Deferred Compensation Plans|Subchapter C. Deferred Compensation Plans for Employees of State Agencies|Section 609.506. Insurance Company as Qualified Vendor

Sec. 609.506.  INSURANCE COMPANY AS QUALIFIED VENDOR.  On written request, the Texas Department of Insurance shall certify in writing to the board of trustees whether an insurance company is eligible to be a qualified vendor under rules adopted by the board.  The board is entitled to rely on the certification.|Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.|
TX Govt Code § 609.507 (2021)
2021 Texas Statutes|Government Code|Title 6 - Public Officers and Employees|Subtitle A - Provisions Generally Applicable to Public Officers and Employees|Chapter 609 - Deferred Compensation Plans|Subchapter C. Deferred Compensation Plans for Employees of State Agencies|Section 609.507. Financial Institution as Qualified Vendor

Sec. 609.507.  FINANCIAL INSTITUTION AS QUALIFIED VENDOR.  Each bank or savings and loan association that is a qualified vendor is not required to comply with Chapter 404 with regard to deferrals and investment income, but shall comply with plan rules that deal with vendors and investment products.|Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.  Amended by Acts 1995, 74th Leg., ch. 586, Sec. 44, eff. Aug. 28, 1995.|
TX Govt Code § 609.508 (2021)
2021 Texas Statutes|Government Code|Title 6 - Public Officers and Employees|Subtitle A - Provisions Generally Applicable to Public Officers and Employees|Chapter 609 - Deferred Compensation Plans|Subchapter C. Deferred Compensation Plans for Employees of State Agencies|Section 609.508. Rules

Sec. 609.508.  RULES.  (a)  The board of trustees may adopt rules, including plans and procedures, and orders necessary to carry out the purposes of this subchapter, including rules or orders relating to:(1)  the selection and regulation of vendors for a deferred compensation plan;(2)  the regulation of the practices of agents employed by vendors and a participating employee's use and reimbursement of investment advisors participating in the program;(3)  the disclosure of information concerning investment products;(4)  the regulation of advertising materials to be used by vendors;(5)  the submission of financial information by a vendor;  and(6)  the development of a system to facilitate electronic authorization, distribution, transfer, and investment of deferrals.(b)  The plan administrator of the TexaSaver 401(k) or the TexaSaver 457 plan may adopt rules and procedures to allow a participating employee, subject to applicable requirements of the Internal Revenue Code of 1986, to obtain a loan from the employee's account.|Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.  Amended by Acts 1995, 74th Leg., ch. 76, Sec. 5.10(a), eff. Sept. 1, 1995;  Acts 2003, 78th Leg., ch. 1111, Sec. 5, eff. Sept. 1, 2003.|
TX Govt Code § 609.509 (2021)
2021 Texas Statutes|Government Code|Title 6 - Public Officers and Employees|Subtitle A - Provisions Generally Applicable to Public Officers and Employees|Chapter 609 - Deferred Compensation Plans|Subchapter C. Deferred Compensation Plans for Employees of State Agencies|Section 609.509. Contracts for Goods and Services

Sec. 609.509.  CONTRACTS FOR GOODS AND SERVICES.  (a)  The board of trustees may contract for necessary goods and consolidated billing, accounting, and other services to be provided in connection with a deferred compensation plan.(b)  In a contract under Subsection (a), the board of trustees may provide for the board to audit periodically the person with whom the contract is made.  The audit may cover:(1)  the proper handling and accounting of state or trust funds;  and(2)  other matters related to the proper performance of the contract.(c)  The board of trustees may contract with a private entity to conduct the audit under Subsection (b).|Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.  Amended by Acts 1997, 75th Leg., ch. 1048, Sec. 40, eff. Sept. 1, 1997.|
TX Govt Code § 609.510 (2021)
2021 Texas Statutes|Government Code|Title 6 - Public Officers and Employees|Subtitle A - Provisions Generally Applicable to Public Officers and Employees|Chapter 609 - Deferred Compensation Plans|Subchapter C. Deferred Compensation Plans for Employees of State Agencies|Section 609.510. Exemption for Certain Contracts

Sec. 609.510.  EXEMPTION FOR CERTAIN CONTRACTS.  A contract authorized by Section 609.505 or by Section 609.509 for either deferred compensation plan is exempt from:(1)  Subtitle D, Title 10;(2)  Chapter 463;  and(3)  Chapter 2254.|Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.  Amended by Acts 1997, 75th Leg., ch. 165, Sec. 17.19(5), eff. Sept. 1, 1997;  Acts 1999, 76th Leg., ch. 1541, Sec. 53, eff. Sept. 1, 1999.|
TX Govt Code § 609.511 (2021)
2021 Texas Statutes|Government Code|Title 6 - Public Officers and Employees|Subtitle A - Provisions Generally Applicable to Public Officers and Employees|Chapter 609 - Deferred Compensation Plans|Subchapter C. Deferred Compensation Plans for Employees of State Agencies|Section 609.511. Fee

Sec. 609.511.  FEE.  (a)  The board of trustees may assess a fee against participating employees or qualified vendors, or both the employees and the qualified vendors, in the manner and to the extent it determines necessary to cover the costs of administering the plan.(b)  The board of trustees shall determine the method for computing and assessing a fee under this section.|Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.|
TX Govt Code § 609.512 (2021)
2021 Texas Statutes|Government Code|Title 6 - Public Officers and Employees|Subtitle A - Provisions Generally Applicable to Public Officers and Employees|Chapter 609 - Deferred Compensation Plans|Subchapter C. Deferred Compensation Plans for Employees of State Agencies|Section 609.512. Deferred Compensation Plan Trust Funds

Sec. 609.512.  DEFERRED COMPENSATION PLAN TRUST FUNDS.  (a)  The TexaSaver 401(k) trust fund is in the state treasury.  The fund is for the benefit of the program described by Section 609.001(10).(b)  The TexaSaver 457 trust fund is in the state treasury.  The fund is for the benefit of the program described by Section 609.001(11).(c)  The board of trustees shall administer each trust fund.(d)  Deferred amounts, fees collected under Section 609.511, and state appropriations for the administration of a deferred compensation plan shall be credited to the appropriate trust fund.(e)  The interest on and earnings of amounts in a trust fund and the proceeds from the sale of investments shall be credited to the fund.(f)  The amounts credited to a trust fund are available without fiscal year limitation:(1)  to pay expenses for administering the deferred compensation plan for which the trust fund was established;  and(2)  to purchase qualified investment products for participants of the appropriate plan.(g)  The board of trustees may establish accounts in a trust fund that it considers necessary, including an account for the administration of the deferred compensation plan for which the trust fund was established.(h)  The board of trustees may transfer assets from one account of a trust fund to another account of the fund for financial management purposes if adequate arrangements are made to:(1)  reimburse the account from which the transfer is made;  and(2)  pay administrative expenses.(i)  The board of trustees may invest and reinvest money in a trust fund subject only to the duty of care provided by Section 815.307 that would apply if the investments were being made for the Employees Retirement System of Texas.|Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.  Amended by Acts 1997, 75th Leg., ch. 1048, Sec. 41, eff. Sept. 1, 1997;  Acts 2003, 78th Leg., ch. 1111, Sec. 6, eff. Sept. 1, 2003.|
TX Govt Code § 609.513 (2021)
2021 Texas Statutes|Government Code|Title 6 - Public Officers and Employees|Subtitle A - Provisions Generally Applicable to Public Officers and Employees|Chapter 609 - Deferred Compensation Plans|Subchapter C. Deferred Compensation Plans for Employees of State Agencies|Section 609.513. Discretionary Transfer

Sec. 609.513.  DISCRETIONARY TRANSFER.  (a)  The board of trustees may transfer an employee's deferred amounts and investment income from a qualified investment product to the trust fund of the deferred compensation plan in which the employee participates if the board of trustees determines that the transfer is in the best interest of the plan and the employee.(b)  The board of trustees is not required to give notice of a transfer under Subsection (a) to the employee before the transfer occurs.(c)  Promptly after a transfer under Subsection (a) occurs, the board of trustees shall give to the employee a notice that:(1)  states the reason for the transfer;  and(2)  requests that the employee promptly designate another qualified investment product to receive the transferred amount.|Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.|
TX Govt Code § 609.514 (2021)
2021 Texas Statutes|Government Code|Title 6 - Public Officers and Employees|Subtitle A - Provisions Generally Applicable to Public Officers and Employees|Chapter 609 - Deferred Compensation Plans|Subchapter C. Deferred Compensation Plans for Employees of State Agencies|Section 609.514. Alternative to Fund Deposit

Sec. 609.514.  ALTERNATIVE TO FUND DEPOSIT.  Instead of depositing deferred amounts and investment income in the trust fund of the deferred compensation plan, the board of trustees may invest them in a qualified investment product specifically designated by the board for that purpose.|Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.|
TX Govt Code § 609.515 (2021)
2021 Texas Statutes|Government Code|Title 6 - Public Officers and Employees|Subtitle A - Provisions Generally Applicable to Public Officers and Employees|Chapter 609 - Deferred Compensation Plans|Subchapter C. Deferred Compensation Plans for Employees of State Agencies|Section 609.515. Transfer to 457 Plan of Institution of Higher Education

Sec. 609.515.  TRANSFER TO 457 PLAN OF INSTITUTION OF HIGHER EDUCATION.  (a)  The board of trustees, as authorized by 26 C.F.R. Section 1.457-10(b)(1) and (3), shall allow the transfer from its TexaSaver 457 plan to the plan administrator of a 457 plan created by an institution of higher education under Subchapter D of all deferred amounts and investment income administered by the TexaSaver 457 plan for employees of the institution of higher education who are participating in or eligible to participate in the institution's 457 plan at the time of the transfer.(b)  The institution of higher education must make a request to the board of trustees to begin a transfer under this section.(c)  The board of trustees and the institution of higher education requesting the transfer under this section shall cooperate to ensure that the transfer is accomplished as expeditiously as possible.(d)  After the transfer:(1)  the plan administrator for the 457 plan created by an institution of higher education is responsible for all fiduciary duties, plan administration duties, and other responsibilities regarding the deferred amounts and investment income transferred; and(2)  the board of trustees is relieved of all fiduciary duties, plan administration duties, and any other responsibility or liability regarding the deferred amounts and investment income transferred.|Added by Acts 2007, 80th Leg., R.S., Ch. 336 (H.B. 3322), Sec. 1, eff. June 15, 2007.|
TX Govt Code § 609.701 (2021)
2021 Texas Statutes|Government Code|Title 6 - Public Officers and Employees|Subtitle A - Provisions Generally Applicable to Public Officers and Employees|Chapter 609 - Deferred Compensation Plans|Subchapter D. Deferred Compensation Plans for Employees of Institutions of Higher Education|Section 609.701. Definitions

Sec. 609.701.  DEFINITIONS.  In this subchapter:(1)  "Deferred compensation plan" means a plan established under this subchapter.(2)  "Deferred compensation trust fund" means the fund in which deferred amounts and investment income of participating employees are temporarily held.(3)  "Investment product" includes a fixed or variable rate annuity, mutual fund, certificate of deposit, money market account, passbook savings account, stock, bond, obligation, and any other investment product not prohibited under Section 457, Internal Revenue Code of 1986, as amended.|Added by Acts 2003, 78th Leg., ch. 1266, Sec. 2.05, eff. Jan. 1, 2004.|
TX Govt Code § 609.702 (2021)
2021 Texas Statutes|Government Code|Title 6 - Public Officers and Employees|Subtitle A - Provisions Generally Applicable to Public Officers and Employees|Chapter 609 - Deferred Compensation Plans|Subchapter D. Deferred Compensation Plans for Employees of Institutions of Higher Education|Section 609.702. Creation of Plan

Sec. 609.702.  CREATION OF PLAN.  (a)  An institution of higher education may create and administer for its employees a 457 plan under this subchapter.(b)  An institution of higher education may contract with other institutions of higher education to create a single deferred compensation plan for their employees under Subsection (a).|Added by Acts 2003, 78th Leg., ch. 1266, Sec. 2.05, eff. Jan. 1, 2004.|
TX Govt Code § 609.703 (2021)
2021 Texas Statutes|Government Code|Title 6 - Public Officers and Employees|Subtitle A - Provisions Generally Applicable to Public Officers and Employees|Chapter 609 - Deferred Compensation Plans|Subchapter D. Deferred Compensation Plans for Employees of Institutions of Higher Education|Section 609.703. Designation of Plan Administrator

Sec. 609.703.  DESIGNATION OF PLAN ADMINISTRATOR.  (a)  An institution of higher education that creates a deferred compensation plan shall designate a plan administrator for the plan.(b)  Institutions of higher education that create a single plan shall designate jointly a plan administrator for the plan.(c)  A plan administrator may be an employee, a nonprofit corporation, an individual, a trustee, a private entity, another institution of higher education, or an association of institutions of higher education.|Added by Acts 2003, 78th Leg., ch. 1266, Sec. 2.05, eff. Jan. 1, 2004.|
TX Govt Code § 609.704 (2021)
2021 Texas Statutes|Government Code|Title 6 - Public Officers and Employees|Subtitle A - Provisions Generally Applicable to Public Officers and Employees|Chapter 609 - Deferred Compensation Plans|Subchapter D. Deferred Compensation Plans for Employees of Institutions of Higher Education|Section 609.704. Removal of Plan Administrator

Sec. 609.704.  REMOVAL OF PLAN ADMINISTRATOR.  An institution of higher education or group of institutions of higher education that designates a plan administrator may remove the plan administrator at any time unless specifically provided otherwise by contract.|Added by Acts 2003, 78th Leg., ch. 1266, Sec. 2.05, eff. Jan. 1, 2004.|
TX Govt Code § 609.705 (2021)
2021 Texas Statutes|Government Code|Title 6 - Public Officers and Employees|Subtitle A - Provisions Generally Applicable to Public Officers and Employees|Chapter 609 - Deferred Compensation Plans|Subchapter D. Deferred Compensation Plans for Employees of Institutions of Higher Education|Section 609.705. Oversight Committee

Sec. 609.705.  OVERSIGHT COMMITTEE.  (a)  An institution of higher education or group of institutions of higher education that creates a deferred compensation plan may direct and supervise the activities of the plan administrator through an oversight committee.(b)  The institution of higher education or group shall determine the authority, activities, and composition of an oversight committee created under this section.|Added by Acts 2003, 78th Leg., ch. 1266, Sec. 2.05, eff. Jan. 1, 2004.|