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 Mar. 23, 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

Accessed:
Mar. 23, 2024

§ 609.712’s source at texas​.gov