By Woolley                                            H.B. No. 3333
         77R9662 JMG-F                           
                                A BILL TO BE ENTITLED
 1-1                                   AN ACT
 1-2     relating to permissible investments by deferred compensation plans
 1-3     for employees of political subdivisions.
 1-4           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-5           SECTION 1. Section 609.101(3), Government Code, is amended to
 1-6     read as follows:
 1-7                 (3)  "Investment product" includes a life insurance
 1-8     policy, fixed or variable rate annuity, mutual fund, certificate of
 1-9     deposit, money market account, [and] passbook savings account,
1-10     stock, bond, obligation, and any other investment product not
1-11     prohibited under Section 457 or 401(k), Internal Revenue Code of
1-12     1986, as amended.
1-13           SECTION 2. This Act takes effect September 1, 2001.