By Henderson S.B. No. 901 74R7098 CAS-D A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to the investments of participants in the optional 1-3 retirement program for faculty members employed in state-supported 1-4 institutions of higher education. 1-5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-6 SECTION 1. Section 830.002, Government Code, is amended by 1-7 adding Subsection (d) to read as follows: 1-8 (d) The Texas Higher Education Coordinating Board may 1-9 establish minimum standards that an insurance or annuity company 1-10 must meet to be eligible to offer a participant in the optional 1-11 retirement program an investment or retirement annuity authorized 1-12 under Subsection (a) and Section 830.004, but may not otherwise 1-13 restrict: 1-14 (1) the insurance or annuity company with whom a 1-15 participant may make an investment or from whom a participant may 1-16 purchase an annuity under the program; or 1-17 (2) the investment in which a participant may 1-18 participate or the annuity a participant may purchase under the 1-19 program. 1-20 SECTION 2. Section 830.004(a), Government Code, is amended 1-21 to read as follows: 1-22 (a) A governing board may provide for contributions to any 1-23 type of investment authorized by Section 403(b) of the Internal 1-24 Revenue Code of 1986 (26 U.S.C. Section 403), as it existed on 2-1 January 1, 1981, and may arrange the purchase of annuity contracts 2-2 from any insurance or annuity company that is qualified to do 2-3 business in this state. A governing board may not restrict the 2-4 investment in which a participant may participate or the annuity a 2-5 participant may purchase under the program if the investment or 2-6 annuity is authorized by this subsection and Section 830.002(a). A 2-7 governing board may not restrict the insurance or annuity company 2-8 with whom a participant may make an investment or from whom a 2-9 participant may purchase an annuity if the company is eligible 2-10 under the standards established under Section 830.002(d). 2-11 SECTION 3. The importance of this legislation and the 2-12 crowded condition of the calendars in both houses create an 2-13 emergency and an imperative public necessity that the 2-14 constitutional rule requiring bills to be read on three several 2-15 days in each house be suspended, and this rule is hereby suspended, 2-16 and that this Act take effect and be in force from and after its 2-17 passage, and it is so enacted.