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  H.B. No. 3322
 
 
 
 
AN ACT
  relating to a plan-to-plan transfer of certain assets from the
  TexaSaver 457 plan administered by the Employees Retirement System
  of Texas to a 457 plan created by an institution of higher
  education.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter C, Chapter 609, Government Code, is
  amended by adding Section 609.515 to read as follows:
         Sec. 609.515.  TRANSFER TO 457 PLAN OF INSTITUTION OF HIGHER
  EDUCATION.  (a) The board of trustees, as authorized by 26 C.F.R.
  Section 1.457-10(b)(1) and (3), shall allow the transfer from its
  TexaSaver 457 plan to the plan administrator of a 457 plan created
  by an institution of higher education under Subchapter D of all
  deferred amounts and investment income administered by the
  TexaSaver 457 plan for employees of the institution of higher
  education who are participating in or eligible to participate in
  the institution's 457 plan at the time of the transfer.
         (b)  The institution of higher education must make a request
  to the board of trustees to begin a transfer under this section.
         (c)  The board of trustees and the institution of higher
  education requesting the transfer under this section shall
  cooperate to ensure that the transfer is accomplished as
  expeditiously as possible.
         (d)  After the transfer:
               (1)  the plan administrator for the 457 plan created by
  an institution of higher education is responsible for all fiduciary
  duties, plan administration duties, and other responsibilities
  regarding the deferred amounts and investment income transferred;
  and
               (2)  the board of trustees is relieved of all fiduciary
  duties, plan administration duties, and any other responsibility or
  liability regarding the deferred amounts and investment income
  transferred.
         SECTION 2.  This Act takes effect immediately if it receives
  a vote of two-thirds of all the members elected to each house, as
  provided by Section 39, Article III, Texas Constitution.  If this
  Act does not receive the vote necessary for immediate effect, this
  Act takes effect September 1, 2007.
 
 
  ______________________________ ______________________________
     President of the Senate Speaker of the House     
 
 
         I certify that H.B. No. 3322 was passed by the House on April
  26, 2007, by the following vote:  Yeas 132, Nays 0, 1 present, not
  voting.
 
  ______________________________
  Chief Clerk of the House   
 
 
         I certify that H.B. No. 3322 was passed by the Senate on May
  17, 2007, by the following vote:  Yeas 31, Nays 0.
 
  ______________________________
  Secretary of the Senate    
  APPROVED:  _____________________
                     Date          
   
            _____________________
                   Governor