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A BILL TO BE ENTITLED
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AN ACT
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relating to the deposit of certain employer contributions to the |
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Teacher Retirement System of Texas. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 825.406(b), Government Code, is amended |
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to read as follows: |
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(b) When an employer receives money for state contributions |
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from an application made in accordance with Subsection (a), the |
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employer shall immediately send the money to the retirement system |
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for deposit in the state contribution account [general revenue fund
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of the state treasury]. |
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SECTION 2. Section 825.407(g), Government Code, is amended |
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to read as follows: |
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(g) The retirement system shall deposit [submit] all money |
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it receives under this section [to the comptroller of public
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accounts for deposit] in the state contribution account [general
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revenue fund]. |
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SECTION 3. Section 1575.252, Insurance Code, is amended to |
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read as follows: |
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Sec. 1575.252. APPLICATION BY EMPLOYER FOR MONEY TO PAY |
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STATE CONTRIBUTIONS. An employer who applies for money provided by |
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the United States or a privately sponsored source shall: |
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(1) if any of the money will pay part or all of an |
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active employee's salary, also apply for any legally available |
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money to pay state contributions required by Subchapter E; and |
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(2) immediately send any money received for state |
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contributions as a result of the application to the trustee for |
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deposit in the [general revenue] fund. |
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SECTION 4. The changes in law made by this Act to Sections |
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825.406 and 825.407, Government Code, and Section 1575.252, |
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Insurance Code, requiring that contributions be deposited in the |
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state contribution account and in the retired school employees |
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group insurance fund, respectively, instead of the general revenue |
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fund apply to a contribution received by the Teacher Retirement |
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System of Texas on or after the effective date of this Act. |
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SECTION 5. This Act takes effect September 1, 2007. |