Tex. Gov't Code Section 609.712
Evaluation and Approval of Qualified Vendor

(a)

A plan administrator shall develop and implement criteria and procedures for evaluating a vendor’s application to become a qualified vendor.

(b)

A plan administrator may not approve a vendor’s application if the vendor is:

(1)

a state or national bank or savings and loan association, the deposits of which are not insured by the Federal Deposit Insurance Corporation;

(2)

a credit union, the deposits of which are not insured by the National Credit Union Administration Board; or

(3)

an insurance company that:

(A)

is not a member of the Texas Life and Health Insurance Guaranty Association; or

(B)

is an impaired or insolvent insurer under Chapter 463 (Texas Life and Health Insurance Guaranty Association), Insurance Code.

(c)

On written request, the Texas Department of Insurance shall certify in writing to a plan administrator whether an insurance company is prohibited from being approved as a qualified vendor under Subsection (b)(3). The plan administrator may rely on the certification.
Added by Acts 2003, 78th Leg., ch. 1266, Sec. 2.05, eff. Jan. 1, 2004.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 14 (S.B. 567), Sec. 13, eff. September 1, 2011.
Sec. 609.713. NUMBER OF VENDORS UNDER 457 PLAN. The plan administrator of a 457 plan shall determine the minimum and maximum number of vendors that may be qualified vendors for the plan at any given time.
Added by Acts 2003, 78th Leg., ch. 1266, Sec. 2.05, eff. Jan. 1, 2004.

Source: Section 609.712 — Evaluation and Approval of Qualified Vendor, https://statutes.­capitol.­texas.­gov/Docs/GV/htm/GV.­609.­htm#609.­712 (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
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Accessed:
Jun. 5, 2024

§ 609.712’s source at texas​.gov