Sec. 609.009. TRUST FOR 457 PLAN. An employee's deferred amounts and investment income under a 457 plan and the qualified investment products in which the amounts are invested are held in trust for the exclusive benefit of participants and their beneficiaries in accordance with Section 457 of the Internal Revenue Code of 1986 (26 U.S.C. Section 457). For purposes of this section, custodial accounts and contracts described by Section 457 are treated as trusts. A trust does not have to be established before January 1, 1999, for a 457 plan in existence on August 20, 1996.
Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993. Amended by Acts 1997, 75th Leg., ch. 1048, Sec. 38, eff. Sept. 1, 1997.
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