Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 4 - EMPLOYEES RETIREMENT SYSTEM OF TEXAS › Chapter 87 - DEFERRED COMPENSATION › Section 87.1 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
The following words and terms, when used in this chapter,
				  shall have the following meanings, unless the context clearly indicates
				  otherwise.
(1) Account--A record that
				a prior plan vendor or revised plan vendor uses to record the value of the
				deferred compensation activity credited to the participant, including annual
				deferrals, earnings or investment losses, transfers and any distributions made
				to a participant or on behalf of the participant's beneficiary.
(2) Basic pension plan--The retirement
				program in which an employee must participate.
(3) Beneficiary--The designated person (or if
				none, the participant's estate) who is entitled to receive benefits under the
				plan after the death of a participant.
(4) Beneficiary designation form--A form
				authorized and approved by the plan administrator to designate a participant's
				beneficiary.
(5) Benefits
				coordinator--An employee of a state agency who has been designated by the
				agency to perform certain administrative functions with respect to the
				plan.
(6) Board of Trustees--The
				Board of Trustees of the Employees Retirement System of Texas.
(7) Call-in day--The first five working days
				of the month.
(8) Change
				agreement--A contract signed by a participant to request certain changes
				concerning the participant's deferrals, investment income, and participation in
				the plan.
(9) Code--The Internal
				Revenue Code of 1986, as now in effect or as hereafter amended. All citations
				to sections of the Code are to such sections as they may from time to time be
				amended or renumbered.
(10) Data
				collection center--A private entity used by the State Treasury Department to
				collect information from state depositories regarding deposits of state
				funds.
(11) Day--A calendar
				day.
(12) DCP--Deferred
				compensation plan.
(13)
				Deferral--The amount of compensation a participant has agreed to defer under
				the plan.
(14) Distribution
				agreement--A contract signed by a participant or beneficiary indicating the
				disposition of the participant's deferrals and investment income.
(15) Disclosure form--A document completed by
				a prior plan vendor's representative and signed by the vendor representative
				disclosing the rate of return, fees, withdrawal penalties, and payout options
				for the qualified investment product selected.
(16) Eligible rollover distribution--Any
				distribution of all or any portion of a participant's account balance,
				including an individual retirement account described in §408(a) of the
				Code, an individual retirement annuity described in §408(b) of the Code, a
				qualified trust described in §401(a) of the Code, an annuity plan
				described in §403(a) or §403(b) of the Code, that accepts the
				rollover distribution, except that an eligible distribution does not include:
(A) any installment payment for a period of
				10 years or more;
(B) any
				distribution as a result of an unforeseeable emergency; or
(C) for any other distribution, the portion,
				if any, of the distribution that is required under §401(a)(9).