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