Enrolled Bill Summary

House Bill 264 amends the Government Code to authorize the governing board of an institution of higher education to make a supplemental contribution to the optional retirement program each fiscal year, with the amount to be equal to or less than the difference between the amount the state is required to contribute to the program (up to 8.5 percent of the aggregate annual compensation of all program participants during that year) and the amount the state appropriates for that purpose. The bill authorizes the governing board to use any source of funds for the contribution, and to contribute an amount that is different for a participant employed on or before August 31, 1995, and a participant hired after that date.