LEGISLATIVE BUDGET BOARD
                              Austin, Texas
                                     
                    FISCAL NOTE, 77th Regular Session
  
                              April 24, 2001
  
  
          TO:  Honorable Teel Bivins, Chair, Senate Committee on
               Education
  
        FROM:  John Keel, Director, Legislative Budget Board
  
       IN RE:  SB606  by Sibley (Relating to annuities or investments
               for certain public employees.), As Introduced
  
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*  No significant fiscal implication to the State is anticipated.        *
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This bill clarifies the public entities that are permitted to enter into
agreements with its employees for the purchase of, or for contributions
to, any type of annuities or investments authorized by Section 403(b) of
the Internal Revenue Code.  The bill amends statute to specifically
include local school district boards of trustees and the governing board
of the Texas School for the Blind and Visually Impaired to the list of
entities.

This bill would authorize the Comptroller or the governing board of
participating governmental entities, as appropriate, with the input of
employees, to approve a list of agents, brokers, or companies through
which the annuity or investment would be purchased.
  
Local Government Impact
  
No significant fiscal implication to units of local government is
anticipated.
  
  
Source Agencies:   771   Texas School for the Blind & Visually Impaired,
                   304   Comptroller of Public Accounts
LBB Staff:         JK, CT, UP