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 Section 609.5025, Government Code, is repealed.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