Sec. 609.012. TRANSFER FROM A PLAN VENDOR. The plan administrator of a plan established under this chapter may immediately transfer to the plan's deferred compensation trust fund all deferred amounts and investment income from a vendor who at any time fails to satisfy the requirements of this chapter or the plan administrator. A vendor may not charge a fee or penalty as the result of a plan administrator's transfer under this section. Immediately after making the transfer, the plan administrator shall give to each employee whose deferred amounts and investment income were transferred a notice that states that:
(1) the vendor's investment products are ineligible to receive additional deferred amounts;
(2) the amounts have been transferred from the vendor to the deferred compensation trust fund; and
(3) the employee is required to promptly designate another qualified investment product to receive the transferred amount.
Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993. Amended by Acts 2003, 78th Leg., ch. 1111, Sec. 2, eff. Sept. 1, 2003.
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