1-1     By:  Armbrister                                       S.B. No. 1460

 1-2           (In the Senate - Filed March 13, 1997; March 19, 1997, read

 1-3     first time and referred to Committee on State Affairs;

 1-4     April 11, 1997, reported adversely, with favorable Committee

 1-5     Substitute by the following vote:  Yeas 13, Nays 0; April 11, 1997,

 1-6     sent to printer.)

 1-7     COMMITTEE SUBSTITUTE FOR S.B. No. 1460                    By:  Cain

 1-8                            A BILL TO BE ENTITLED

 1-9                                   AN ACT

1-10     relating to the establishment of excess benefit plans in connection

1-11     with the optional retirement program for higher education

1-12     employees.

1-13           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

1-14           SECTION 1.  Section 830.004, Government Code, is amended by

1-15     adding Subsection (c) to read as follows:

1-16           (c)  An institution of higher education may establish a

1-17     governmental excess benefit arrangement as provided by Section

1-18     415(m) of the Internal Revenue Code of 1986 (26 U.S.C. Section

1-19     415(m)) for the purpose of providing to participants in the

1-20     optional retirement program any portion of a participant's benefits

1-21     that would otherwise be payable under the terms of the program

1-22     except for the limitation on benefits imposed by Section 415 of the

1-23     Internal Revenue Code of 1986 (26 U.S.C. Section 415).  The

1-24     governing board of an institution of higher education may take any

1-25     action necessary to establish and implement a governmental excess

1-26     benefit arrangement authorized in accordance with this subsection.

1-27           SECTION 2.  The importance of this legislation and the

1-28     crowded condition of the calendars in both houses create an

1-29     emergency and an imperative public necessity that the

1-30     constitutional rule requiring bills to be read on three several

1-31     days in each house be suspended, and this rule is hereby suspended,

1-32     and that this Act take effect and be in force from and after its

1-33     passage, and it is so enacted.

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