DEFERRED COMPENSATION
For purposes of deferred compensation programs, TSBVI is an agency of the State of Texas and, as such, participates in the state’s Deferred Compensation Program which is administered by the Texas Employees Retirement System and which operates in accordance with Chapter 609, Subchapter C, Government Code.
Gov’t Code, Ch. 609
ANNUITIES
The Board may enter into agreements with its employees for the purchase of annuities, or for contributions to any type of investment for its employees as authorized in Section 403(b) of the Internal Revenue Code of 1954 as it existed on January 1, 1981. In the event the Board enters any such agreement, employees are entitled to designate any agent, broker, or company through which the annuity, or investment, is to be purchased.
Art. 6228a-5, V.A.T.S.
The Board may, under Article 6228a-5, contract on behalf of its employees to purchase annuities and other investments from any type of seller generally authorized by Texas laws to sell such annuities and investments.
Atty. Gen. Op. No. MW-570(1982)
Adopted: 3/12/82
Amended: 9/27/90, 9/29/95, 5/28/03
Reviewed: 9/24/99, 11/21/03
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