Sec. 609.007. CONTRACT FOR DEFERMENT OF COMPENSATION. (a) A political subdivision may contract with an employee of the political subdivision for the deferment of any part of the employee's compensation.
(b) The board of trustees of the Employees Retirement System of Texas may contract with an employee of a state agency participating in a deferred compensation plan for the deferment of any part of the employee's compensation.
(c) Except as provided by Section 609.202 or 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.
(d) A contract created under this section need not be in writing and may be communicated to the plan administrator electronically or by any other means approved by the plan's trustees.
(e) An institution of higher education may contract with an employee of the institution of higher education for the deferment of any part of the employee's compensation.
Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993. Amended by Acts 1999, 76th Leg., ch. 1541, Sec. 51, eff. Sept. 1, 1999; Acts 2003, 78th Leg., ch. 1266, Sec. 2.04, eff. Jan. 1, 2004.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 1409 (H.B. 957), Sec. 2, eff. June 15, 2007.
Acts 2019, 86th Leg., R.S., Ch. 1246 (H.B. 2477), Sec. 1, eff. June 14, 2019.
Structure Texas Statutes
Title 6 - Public Officers and Employees
Subtitle A - Provisions Generally Applicable to Public Officers and Employees
Chapter 609 - Deferred Compensation Plans
Subchapter A. General Provisions
Section 609.002. Qualifications for Qualified Vendor
Section 609.003. Qualified Investment Product
Section 609.004. Permissible Use of Public Funds
Section 609.005. Plan as Compensation
Section 609.006. Conformance to or Conflict With Federal Law
Section 609.007. Contract for Deferment of Compensation
Section 609.008. Crediting Trust Fund Interest
Section 609.009. Trust for 457 Plan
Section 609.010. Liability; Responsibility for Monitoring
Section 609.011. Notification by Plan Administrator
Section 609.012. Transfer From a Plan Vendor
Section 609.013. Inability to Distribute
Section 609.014. Coordination of Plans
Section 609.015. Beneficiary Causing Death of Participating Employee