Tex. Gov't Code § 830.204

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

Section 830.204 - Salary Reduction Agreement

(a) A participant in the optional retirement program and either the employing institution of higher education or, as applicable, the Texas Education Agency, acting through its governing board, shall execute an agreement under which the salary of the participant is reduced by the amount of the contribution required under Section 830.201 and under which the employer or agency contributes an amount equal to the reduction for any type of investment authorized in Section 403(b) of the Internal Revenue Code of 1986 (26 U.S.C. Section 403) or toward the purchase of an annuity under the program.

(b) An agreement under this section is irrevocable until the earlier of the time:

(1) the participant ceases participation in the optional retirement program; or

(2) it is determined by the Internal Revenue Service or by legislative enactment that the contributions of participants to the optional retirement program are elective deferrals within the meaning of Section 402 of the Internal Revenue Code of 1986 (26 U.S.C. Section 402) .

Tex. Gov't. Code § 830.204

Amended By Acts 1997, 75th Leg., ch. 165, Sec. 6.27, eff. 9/1/1997.

Amended by Acts 1991, 72nd Leg., ch. 391, Sec. 77, eff. 7/1/1991

Amended by Acts 1981, 67th Leg., 1st C.S., p. 208, ch. 18, Sec. 38, eff. 11/10/1981; Acts 1987, 70th Leg., ch. 173, Sec. 3, eff. 8/31/1987. Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 36.203 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. 9/1/1989.

Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. 9/1/1981.