Tex. Gov't Code § 609.012

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 609.012 - Transfer From A Plan Vendor

The plan administrator of a plan established under this chapter may immediately transfer to the plan's deferred compensation trust fund all deferred amounts and investment income from a vendor who at any time fails to satisfy the requirements of this chapter or the plan administrator. A vendor may not charge a fee or penalty as the result of a plan administrator's transfer under this section. Immediately after making the transfer, the plan administrator shall give to each employee whose deferred amounts and investment income were transferred a notice that states that:

(1) the vendor's investment products are ineligible to receive additional deferred amounts;

(2) the amounts have been transferred from the vendor to the deferred compensation trust fund; and

(3) the employee is required to promptly designate another qualified investment product to receive the transferred amount.

Tex. Gov't. Code § 609.012

Amended by Acts 2003, 78th Leg., ch. 1111, Sec. 2, eff. 9/1/2003.

Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. 9/1/1993.