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House Bill 2477 |
House Author: Coleman |
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Effective: 6-14-19 |
Senate Sponsor: Miles |
House Bill 2477 amends the Government Code to provide for the authority of certain hospital districts to elect to require automatic employee participation in a deferred compensation plan for a district employee who initially begins employment on or after January 1, 2020. The bill sets out related requirements and provides for an employee's election not to participate or to end participation in the plan and to modify contributions. The bill provides for a district's authority to transfer an employee's deferred amounts and investment income from a qualified investment product to the trust fund of the deferred compensation plan in which the employee participates or to invest those amounts and income in a qualified investment product. The bill authorizes a district to contract for necessary goods and services to be provided in connection with a deferred compensation plan and provides for periodic audits of contractors.