By: Henderson S.B. No. 901 A BILL TO BE ENTITLED AN ACT 1-1 relating to the investments of participants in the optional 1-2 retirement program for faculty members employed in state-supported 1-3 institutions of higher education. 1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-5 SECTION 1. Section 830.002, Government Code, is amended by 1-6 adding Subsection (d) to read as follows: 1-7 (d) The Texas Higher Education Coordinating Board shall 1-8 establish minimum standards that an insurance or annuity company 1-9 must meet to be eligible to offer a participant in the optional 1-10 retirement program an investment or retirement annuity authorized 1-11 under Subsection (a) and Section 830.004, but may not otherwise 1-12 restrict: 1-13 (1) the insurance or annuity company with whom a 1-14 participant may make an investment or from whom a participant may 1-15 purchase an annuity under the program; or 1-16 (2) the investment in which a participant may 1-17 participate or the annuity a participant may purchase under the 1-18 program. 1-19 SECTION 2. Subsection (a), Section 830.004, Government Code, 1-20 is amended to read as follows: 1-21 (a) A governing board may provide for contributions to any 1-22 type of investment authorized by Section 403(b) of the Internal 1-23 Revenue Code of 1986 (26 U.S.C. Section 403), as it existed on 1-24 January 1, 1981, and may arrange the purchase of annuity contracts 2-1 from any insurance or annuity company that is qualified to do 2-2 business in this state. A governing board may not restrict the 2-3 investment in which a participant may participate or the annuity a 2-4 participant may purchase under the program if the investment or 2-5 annuity is authorized by this subsection and Section 830.002(a). A 2-6 governing board may not restrict the insurance or annuity company 2-7 with whom a participant may make an investment or from whom a 2-8 participant may purchase an annuity if the company is eligible 2-9 under the standards established under Section 830.002(d). 2-10 SECTION 3. The importance of this legislation and the 2-11 crowded condition of the calendars in both houses create an 2-12 emergency and an imperative public necessity that the 2-13 constitutional rule requiring bills to be read on three several 2-14 days in each house be suspended, and this rule is hereby suspended, 2-15 and that this Act take effect and be in force from and after its 2-16 passage, and it is so enacted.