Tex.
Gov't Code Section 830.204
Salary Reduction Agreement
(a)
A participant in the optional retirement program and either the employing institution of higher education or, as applicable, the Texas Education Agency, acting through its governing board, shall execute an agreement under which the salary of the participant is reduced by the amount of the contribution required under Section 830.201 (Contributions) and under which the employer or agency contributes an amount equal to the reduction for any type of investment authorized in Section 403(b) of the Internal Revenue Code of 1986 (26 U.S.C. Section 403) or toward the purchase of an annuity under the program.(b)
An agreement under this section is irrevocable until the earlier of the time:(1)
the participant ceases participation in the optional retirement program; or(2)
it is determined by the Internal Revenue Service or by legislative enactment that the contributions of participants to the optional retirement program are elective deferrals within the meaning of Section 402 of the Internal Revenue Code of 1986 (26 U.S.C. Section 402).
Source:
Section 830.204 — Salary Reduction Agreement, https://statutes.capitol.texas.gov/Docs/GV/htm/GV.830.htm#830.204 (accessed May 18, 2024).
