78R10096 SMJ-D
By: Brown of Brazos H.B. No. 264
Substitute the following for H.B. No. 264:
By: Pena C.S.H.B. No. 264
A BILL TO BE ENTITLED
AN ACT
relating to supplemental contributions to the optional retirement
program by institutions of higher education.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter C, Chapter 830, Government Code, is
amended by adding Section 830.2015 to read as follows:
Sec. 830.2015. SUPPLEMENTAL CONTRIBUTIONS FROM
INSTITUTIONS OF HIGHER EDUCATION. (a) Each fiscal year, the
governing board of an institution of higher education may make a
contribution to the optional retirement program as provided by this
section. The governing board may use any source of funds for the
contribution.
(b) A contribution under this section may be any amount that
is equal to or less than the difference between the amount the state
is required to contribute under Section 830.201 to the benefit of
each participant employed by the institution of higher education
and the amount the state appropriates for that purpose.
(c) The governing board of an institution of higher
education may contribute an amount under this section to the
benefit of a participant employed by an institution of higher
education on or before August 31, 1995, that is different from the
amount the governing board contributes to the benefit of a
participant employed by an institution of higher education after
that date.
SECTION 2. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2003.