Bill Text: TX HB2414 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Relating to participation by certain state employees in a default investment product under a deferred compensation plan.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2019-05-02 - Comm. report sent to Local & Consent Calendar [HB2414 Detail]
Download: Texas-2019-HB2414-Introduced.html
86R9652 LED-D | ||
By: Cortez | H.B. No. 2414 |
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relating to participation by certain state employees in a default | ||
investment product under a deferred compensation plan. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 609.007(c), Government Code, is amended | ||
to read as follows: | ||
(c) To [ |
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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. | ||
SECTION 2. The heading to Section 609.5025, Government | ||
Code, is amended to read as follows: | ||
Sec. 609.5025. VOLUNTARY [ |
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PROVISION OF INFORMATION [ |
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SECTION 3. Sections 609.5025(b) and (h), Government Code, | ||
are amended to read as follows: | ||
(b) An employee may elect to participate [ |
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401(k) plan [ |
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for and consent to participation in a plan under Sections | ||
609.007(b) and (c) [ |
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(h) Within existing resources, a state agency participating | ||
in a 401(k) plan shall inform new hires of their option to enroll | ||
[ |
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opt-out of enrollment. Within existing resources, this information | ||
shall be included as part of the new employee orientation process. | ||
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SECTION 4. Section 659.102(a), Government Code, is amended | ||
to read as follows: | ||
(a) An employee of a state agency may authorize in writing a | ||
deduction each pay period from the employee's salary or wage | ||
payment for coverage of the employee under an eligible supplemental | ||
optional benefits program. A deduction may be made each pay period | ||
from the employee's salary or wage payment [ |
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provided by Section 609.5025. | ||
SECTION 5. Sections 609.5025(c) and (g), Government Code, | ||
are repealed. | ||
SECTION 6. The change in law made by this Act applies only | ||
to an officer or state employee who initially takes office or begins | ||
employment on or after the effective date of this Act. | ||
SECTION 7. This Act takes effect September 1, 2019. |