Tex. Gov't Code Section 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.
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.

Source: Section 609.514 — Alternative to Fund Deposit, https://statutes.­capitol.­texas.­gov/Docs/GV/htm/GV.­609.­htm#609.­514 (accessed Jun. 5, 2024).

609.001
Definitions 609.002
Qualifications for Qualified Vendor 609.003
Qualified Investment Product 609.004
Permissible Use of Public Funds 609.005
Plan as Compensation 609.006
Conformance to or Conflict with Federal Law 609.007
Contract for Deferment of Compensation 609.008
Crediting Trust Fund Interest 609.010
Liability 609.011
Notification by Plan Administrator 609.012
Transfer from a Plan Vendor 609.013
Inability to Distribute 609.014
Coordination of Plans 609.015
Beneficiary Causing Death of Participating Employee 609.101
Definitions 609.102
Creation of Plan 609.103
Designation of Plan Administrator 609.104
Removal of Plan Administrator 609.106
Oversight Committee 609.107
Authority of Plan Administrator 609.108
Investment and Transfer of Deferred Amounts and Income 609.109
Participation of Independent Contractors 609.110
Changing Amount Deferred 609.111
Distribution 609.112
Fee 609.113
Evaluation and Approval of Qualified Vendor 609.115
Contract with Qualified Vendor 609.116
Regulation of Qualified Vendors 609.119
Transfer on Vendor’s Failure 609.201
Applicability of Subchapter 609.202
Automatic Participation 609.203
Discretionary Transfer 609.204
Alternative to Fund Deposit 609.205
Contracts for Goods and Services 609.501
Definition 609.502
Creation of Plan 609.503
Changing Amount Deferred 609.504
Investment and Transfer of Deferred Amounts and Income 609.505
Qualified Vendor 609.506
Insurance Company as Qualified Vendor 609.507
Financial Institution as Qualified Vendor 609.508
Rules 609.509
Contracts for Goods and Services 609.510
Exemption for Certain Contracts 609.511
Fee 609.512
Deferred Compensation Plan Trust Funds 609.513
Discretionary Transfer 609.514
Alternative to Fund Deposit 609.701
Definitions 609.702
Creation of Plan 609.703
Designation of Plan Administrator 609.704
Removal of Plan Administrator 609.705
Oversight Committee 609.706
Authority of Plan Administrator 609.707
Investment and Transfer of Deferred Amounts and Income 609.708
Participation of Independent Contractors 609.709
Changing Amount Deferred 609.710
Distribution 609.711
Fee 609.712
Evaluation and Approval of Qualified Vendor 609.714
Contract with Qualified Vendor 609.715
Regulation of Qualified Vendors 609.716
Transfer on Vendor’s Failure 609.1025
Roth Contribution Programs 609.5021
Roth Contribution Programs 609.5025
Automatic Participation 609.5026
State Matching Contributions
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 609.514’s source at texas​.gov