| 1 | 1 | | 81R10733 TJS-D |
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| 2 | 2 | | By: Rios Ybarra H.B. No. 2131 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to participation by certain state employees in an |
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| 8 | 8 | | investment product under a deferred compensation plan. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Section 609.5025, Government Code, is repealed. |
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| 11 | 11 | | SECTION 2. Section 609.007(c), Government Code, is amended |
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| 12 | 12 | | to read as follows: |
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| 13 | 13 | | (c) To [Except as provided by Section 609.5025, to] |
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| 14 | 14 | | participate in a deferred compensation plan, an employee must |
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| 15 | 15 | | consent in the contract to automatic payroll deductions in an |
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| 16 | 16 | | amount equal to the deferred amount. |
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| 17 | 17 | | SECTION 3. Section 659.102(a), Government Code, is amended |
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| 18 | 18 | | to read as follows: |
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| 19 | 19 | | (a) An employee of a state agency may authorize in writing a |
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| 20 | 20 | | deduction each pay period from the employee's salary or wage |
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| 21 | 21 | | payment for coverage of the employee under an eligible supplemental |
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| 22 | 22 | | optional benefits program. [A deduction may be made each pay period |
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| 23 | 23 | | from the employee's salary or wage payment without authorization in |
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| 24 | 24 | | writing from the employee for participation in a 401(k) plan as |
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| 25 | 25 | | provided by Section 609.5025.] |
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| 26 | 26 | | SECTION 4. This Act takes effect immediately if it receives |
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| 27 | 27 | | a vote of two-thirds of all the members elected to each house, as |
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| 28 | 28 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 29 | 29 | | Act does not receive the vote necessary for immediate effect, this |
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| 30 | 30 | | Act takes effect September 1, 2009. |
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