1-1 AN ACT
1-2 relating to transfers of contributions to the optional retirement
1-3 program for faculty members of institutions of higher education.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 830.202, Government Code, is amended by
1-6 amending Subsection (c) and adding Subsections (e), (f), and (g) to
1-7 read as follows:
1-8 (c) The disbursing officer of an institution of higher
1-9 education and, if applicable, of the Texas [Central] Education
1-10 Agency shall pay the contributions collected under this section to
1-11 a [the] company providing an [the] optional retirement program for
1-12 that institution not later than the third business day after the
1-13 date the funds become legally available. If possible, the
1-14 disbursing officer shall send the state's contributions and the
1-15 participants' contributions together, and otherwise shall send the
1-16 participants' contributions at the time of withholding and the
1-17 state's contributions on receipt from the comptroller. This
1-18 subsection does not apply to a supplemental payroll. This
1-19 subsection applies only to a currently authorized company or a
1-20 company with at least 50 participants at the institution.
1-21 (e) The disbursing officer of an institution of higher
1-22 education and, if applicable, of the Texas Education Agency, shall:
1-23 (1) send contributions to a company providing an
1-24 optional retirement program for the institution by electronic
2-1 transfer if the institution is currently able to send funds by
2-2 electronic transfer; or
2-3 (2) certify to the Texas Higher Education Coordinating
2-4 Board that the company is unable to receive funds by electronic
2-5 transfer and send contributions by paper check.
2-6 (f) The company shall allocate and credit the
2-7 contemporaneous deposit to each participant's account on the
2-8 receipt of the electronic funds transfer and the electronic
2-9 information on the amount to be allocated and credited to each
2-10 participant's account. A company who violates this section shall
2-11 become ineligible for certification as a company eligible to
2-12 provide an optional retirement program.
2-13 (g) At least once each fiscal year, an institution of higher
2-14 education and the Texas Education Agency shall give notice to each
2-15 participant in the optional retirement program at the institution
2-16 or agency indicating which companies are unable to receive funds by
2-17 electronic transfer.
2-18 SECTION 2. (a) In addition to the substantive changes made
2-19 by this Act, this Act conforms Section 830.202(c), Government
2-20 Code, to Section 80, Chapter 260, Acts of the 74th Legislature,
2-21 Regular Session, 1995.
2-22 (b) To the extent of any conflict, this Act prevails over
2-23 another Act of the 75th Legislature, Regular Session, 1997,
2-24 relating to nonsubstantive additions to and corrections in enacted
2-25 codes.
2-26 SECTION 3. This Act takes effect September 1, 1997.
2-27 SECTION 4. The importance of this legislation and the
3-1 crowded condition of the calendars in both houses create an
3-2 emergency and an imperative public necessity that the
3-3 constitutional rule requiring bills to be read on three several
3-4 days in each house be suspended, and this rule is hereby suspended.
_______________________________ _______________________________
President of the Senate Speaker of the House
I certify that H.B. No. 724 was passed by the House on April
3, 1997, by a non-record vote; and that the House concurred in
Senate amendments to H.B. No. 724 on May 28, 1997, by a non-record
vote.
_______________________________
Chief Clerk of the House
I certify that H.B. No. 724 was passed by the Senate, with
amendments, on May 23, 1997, by a viva-voce vote.
_______________________________
Secretary of the Senate
APPROVED: _____________________
Date
_____________________
Governor