1-1 By: Woolley (Senate Sponsor - Whitmire) H.B. No. 3333
1-2 (In the Senate - Received from the House May 2, 2001;
1-3 May 3, 2001, read first time and referred to Committee on
1-4 Intergovernmental Relations; May 10, 2001, reported favorably by
1-5 the following vote: Yeas 6, Nays 0; May 10, 2001, sent to
1-6 printer.)
1-7 A BILL TO BE ENTITLED
1-8 AN ACT
1-9 relating to permissible investments by deferred compensation plans
1-10 for employees of political subdivisions.
1-11 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-12 SECTION 1. Section 609.101(3), Government Code, is amended to
1-13 read as follows:
1-14 (3) "Investment product" includes a life insurance
1-15 policy, fixed or variable rate annuity, mutual fund, certificate of
1-16 deposit, money market account, [and] passbook savings account,
1-17 stock, bond, obligation, and any other investment product not
1-18 prohibited under Section 457 or 401(k), Internal Revenue Code of
1-19 1986, as amended.
1-20 SECTION 2. This Act takes effect September 1, 2001.
1-21 * * * * *