By:  Armbrister                                       S.B. No. 1460

                                A BILL TO BE ENTITLED

                                       AN ACT

 1-1     relating to the establishment of excess benefit plans in connection

 1-2     with the optional retirement program for higher education

 1-3     employees.

 1-4           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

 1-5           SECTION 1.  Section 830.004, Government Code, is amended by

 1-6     adding Subsection (c) to read as follows:

 1-7           (c)  An institution of higher education may establish a

 1-8     governmental excess benefit arrangement as provided by Section

 1-9     415(m) of the Internal Revenue Code of 1986 (26 U.S.C. Section

1-10     415(m)) for the purpose of providing to participants in the

1-11     optional retirement program any portion of a participant's benefits

1-12     that would otherwise be payable under the terms of the program

1-13     except for the limitation on benefits imposed by Section 415 of the

1-14     Internal Revenue Code of 1986 (26 U.S.C. Section 415).  The

1-15     governing board of an institution of higher education may take any

1-16     action necessary to establish and implement a governmental excess

1-17     benefit arrangement authorized in accordance with this subsection.

1-18           SECTION 2.  The importance of this legislation and the

1-19     crowded condition of the calendars in both houses create an

1-20     emergency and an imperative public necessity that the

1-21     constitutional rule requiring bills to be read on three several

1-22     days in each house be suspended, and this rule is hereby suspended,

1-23     and that this Act take effect and be in force from and after its

 2-1     passage, and it is so enacted.