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.