Honorable Vicki Truitt, Chair, House Committee on Pensions & Investments
FROM:
John S. O'Brien, Director, Legislative Budget Board
IN RE:
HB2341 by Truitt (Relating to certain investment products made available to certain public school employees.), As Introduced
No fiscal implication to the State is anticipated.
The bill would allow that an educational institution may refuse to enter into a salary reduction agreement with an employee if the investment product that is the subject of the agreement does not comply with the institution's administrative requirements, the institution's administrative requirements are uniformly applied on all companies, and the administrative requirements are necessary to comply with provisions of the Internal Revenue Code.
Local Government Impact
School districts could refuse to enter into salary reduction agreements for qualified investment products if the vendor does not meet the administrative requirements of the school districts and the requirements are applied uniformly to all vendors and are necessary to comply with the law.