Enrolled Bill Summary

House Bill 724 amends the Government Code to establish a three-business-day time limit after release of funds for an institution of higher education to send contributions to a company providing an optional retirement program for the institution, subject to certain exceptions. The act specifies that if the program provider accepts electronically transmitted funds and the institution has electronic transfer capabilities, then the institution must send contributions electronically and that any company accepting electronic funds transfer that violates certain provisions of the act is ineligible for certification as an optional retirement plan provider.