By Woolley H.B. No. 3333
Line and page numbers may not match official copy.
Bill not drafted by TLC or Senate E&E.
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, Government Code, is amended to
1-6 read as follows:
1-7 Sec. 609.101. Definitions. In this subchapter:
1-8 (1) "Deferred compensation plan" means a plan
1-9 established under this subchapter.
1-10 (2) "Deferred compensation trust fund" means the fund
1-11 in which deferred amounts and investment income of participating
1-12 employees are temporarily held.
1-13 (3) "Investment product" includes a life insurance
1-14 policy, fixed or variable rate annuity, mutual fund, certificate of
1-15 deposit, money market account, [(and)] passbook savings account,
1-16 stocks, bonds, obligations, and any other investment products not
1-17 prohibited under either Section 457 or 401(k) of the Internal
1-18 Revenue Code, as applicable.
1-19 SECTION 2. This Act takes effect September 1, 2001.