Texas 2009 - 81st Regular

Texas House Bill HB2283 Compare Versions

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1	1	H.B. No. 2283
2	2
3	3
4	4	AN ACT
5	5	relating to increasing state employee participation in the
6	6	TexaSaver program.
7	7	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
8	8	SECTION 1. Section 609.006(a), Government Code, is amended
9	9	to read as follows:
10	10	(a) A deferred compensation plan must conform to federal law
11	11	to provide that deferred amounts and investment income are not
12	12	includable, for federal income tax purposes, in the gross income of
13	13	a participating employee until distributed to the employee, subject
14	14	to the employee's option to designate all or a portion of deferred
15	15	amounts as Roth contributions under Section 609.5021, the federal
16	16	income tax treatment of which is governed by Section 402A, Internal
17	17	Revenue Code of 1986.
18	18	SECTION 2. Subchapter C, Chapter 609, Government Code, is
19	19	amended by adding Section 609.5021 to read as follows:
20	20	Sec. 609.5021. ROTH CONTRIBUTION PROGRAMS. The board of
21	21	trustees may:
22	22	(1) establish a qualified Roth contribution program in
23	23	accordance with Section 402A, Internal Revenue Code of 1986, under
24	24	which an employee may designate all or a portion of the employee's
25	25	contribution under a 401(k) plan as a Roth contribution at the time
26	26	the contribution is made; and
27	27	(2) if authorized by federal law, establish a program
28	28	in accordance with the applicable federal law under which an
29	29	employee may designate all or a portion of the employee's
30	30	contribution under a 457 plan as a Roth contribution at the time the
31	31	contribution is made.
32	32	SECTION 3. Section 609.5025(d), Government Code, is amended
33	33	to read as follows:
34	34	(d) At any time, an employee participating in a 401(k) plan
35	35	under this section may, in accordance with rules adopted by the
36	36	board of trustees, elect to end participation in the 401(k) plan, to
37	37	contribute to a different investment product, [or] to contribute a
38	38	different amount to the plan, or to designate all or a portion of
39	39	the employee's contribution as a Roth contribution subject to the
40	40	availability of a Roth contribution program under Section 609.5021.
41	41	SECTION 4. Subchapter C, Chapter 609, Government Code, is
42	42	amended by adding Section 609.5026 to read as follows:
43	43	Sec. 609.5026. STATE MATCHING CONTRIBUTIONS. Subject to a
44	44	separate legislative appropriation for that purpose, the Employees
45	45	Retirement System of Texas may make matching contributions to a
46	46	401(k) plan on behalf of employees participating in the plan solely
47	47	from, and in an amount specified by, the appropriation.
48	48	SECTION 5. This Act takes effect September 1, 2009.
49	49	______________________________ ______________________________
50	50	President of the Senate Speaker of the House
51	51	I certify that H.B. No. 2283 was passed by the House on April
52	52	30, 2009, by the following vote: Yeas 128, Nays 1, 1 present, not
53	53	voting; and that the House concurred in Senate amendments to H.B.
54	54	No. 2283 on May 23, 2009, by the following vote: Yeas 144, Nays 0,
55	55	2 present, not voting.
56	56	______________________________
57	57	Chief Clerk of the House
58	58	I certify that H.B. No. 2283 was passed by the Senate, with
59	59	amendments, on May 19, 2009, by the following vote: Yeas 30, Nays
60	60	0.
61	61	______________________________
62	62	Secretary of the Senate
63	63	APPROVED: __________________
64	64	Date
65	65	__________________
66	66	Governor