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Amend CSSB 1243 by adding the following appropriately
numbered SECTIONS to the bill and renumbering subsequent SECTIONS
of the bill accordingly:
SECTION ____. Section 609.113(a), Government Code, is
amended to read as follows:
(a) Subject to Section 609.1145, a [A] plan administrator
shall develop and implement criteria and procedures for evaluating
a vendor's application to become a qualified vendor.
SECTION ____. Subchapter B, Chapter 609, Government Code,
is amended by adding Section 609.1145 to read as follows:
Sec. 609.1145. ADDITIONAL REQUIREMENTS FOR 457 PLAN VENDORS
IN SCHOOL DISTRICTS. A plan administrator of a 457 plan for a
political subdivision that is a public school district may approve
a vendor's application to be a qualified vendor only if the vendor
is a company that:
(1) has certified to the Teacher Retirement System of
Texas as provided by Chapter 22, Acts of the 57th Legislature, 3rd
Called Session, 1962 (Article 6228a-5, Vernon's Texas Civil
Statutes);
(2) does not have costs or commissions associated with
its investment products that exceed the maximum amounts established
by rules adopted by the Teacher Retirement System of Texas; and
(3) provides the notice required by Section 11,
Chapter 22, Acts of the 57th Legislature, 3rd Called Session, 1962
(Article 6228a-5, Vernon's Texas Civil Statutes), and includes in
that notice the current renewal interest rate, if any, and the
current interest rate, if any, on deposits made before the current
year.