78th Texas Legislature, Regular Session, House Bill 2359, Chapter 1111 Page: 2 of 30
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H.B. No. 2359
1 [an] employee for a loss resulting from the failure to notify the
2 employee under this section.
3 Sec. 609.012. TRANSFER FROM A [4-7] PLAN VENDOR. The plan
4 administrator of a [45-] plan established under this chapter may
5 immediately transfer to the plan's deferred compensation trust fund
6 all deferred amounts and investment income from a vendor who at any
7 time fails to satisfy the requirements of this chapter or the plan
8 administrator. A vendor may not charge a fee or penalty as the
9 result of a plan administrator's transfer under this section.
10 Immediately after making the transfer, the plan administrator shall
11 give to each employee whose deferred amounts and investment income
12 were transferred a notice that states that:
13 (1) the vendor's investment products are ineligible to
14 receive additional deferred amounts;
15 (2) the amounts have been transferred from the vendor
16 to the deferred compensation trust fund; and
17 (3) the employee is required to promptly designate
18 another qualified investment product to receive the transferred
19 amount.
20 SECTION 3. Section 609.502, Government Code, is amended to
21 read as follows:
22 Sec. 609. 502. CREATION OF PLAN; PARTICIPATION. (a) The
23 board of trustees of the Employees Retirement System of Texas is the
24 trustee and the plan administrator of a 401(k) plan and a 457 plan,
25 collectively known as the TexaSaver program, established under this
26 subchapter.
27 (b) [Tbc br c truc, c ,- th ztucc aI te iln2
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Texas. Legislature. House of Representatives. 78th Texas Legislature, Regular Session, House Bill 2359, Chapter 1111, legislative document, June 2003; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth158432/m1/2/: accessed May 21, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.