34 Tex. Admin. Code § 87.37 - 457 Plan Document
(a) In this
chapter, "plan document" means the Texa$aver 457 plan document as executed and
approved by the Executive Director, and as amended hereafter, as authorized by
the Board of Trustees on December 4, 2014, and pursuant to subsection (c) of
this section.
(b) All provisions of
the revised plan, as defined herein, are governed by the plan document. In the
event of a conflict between the plan document and another provision of this
chapter, the provisions or requirements of the plan document prevail. This
section also applies to the State of Texas Deferred Compensation 457 Plan
adopted by the Employees Retirement System of Texas effective January 1, 1991,
and as amended prior to adoption of the revised plan. The 1991 plan is referred
to in this section as the "prior plan." Except as otherwise provided in this
section, the provisions of §§
87.1,
87.3,
87.5,
87.7,
87.9,
87.1 1,
87.1 3,
87.1 5,
87.1 7,
87.1 9,
87.21,
87.23, and
87.29 of this chapter continue to
apply to participation agreements, distribution agreements, and prior plan
vendor contracts entered into pursuant to applicable provisions of the prior
plan. The 457 plan, as revised and adopted in the plan document, and as may be
amended hereafter, shall be referred to as the "revised plan," and shall apply
to all deferrals and transfers to and distributions from the 457 plan that take
place or have taken place on or after September 1, 2000.
(c) The Board of Trustees has authorized the
Executive Director to execute the 457 plan document and to make further changes
to the plan document as deemed necessary or advisable for the benefit of the
revised plan and its participants.
(d) The plan administrator shall administer
the revised plan in the manner provided in the plan document, and may assess
fees and expenses against participants in the plan and their account balances
as necessary to cover the costs of administering the revised plan.
(e) A copy of the plan document may be
obtained from the Employees Retirement System of Texas on request.
(f) Transition from the prior plan.
(1) This subsection regarding the transition
from the prior plan shall apply to deferrals, transfers and distributions that
take place on or after September 1, 2000. After that date, the plan
administrator shall cease to accept deferrals to investment products approved
under the prior plan, with the exception of life insurance products, to which
deferrals may be continued as necessary to maintain the life
insurance.
(2) A participant with
an account balance in investment products approved under the prior plan may
elect to maintain the balance in those products or to transfer the balance to
one or more products approved under the revised plan. A participant may not
transfer funds from one prior plan vendor in the prior plan to another prior
plan vendor in the prior plan. Annuitized and life insurance products may not
be transferred to the revised plan. Balances transferred to a product approved
under the revised plan may not be transferred to a product approved under the
prior plan. Transfer of funds to the revised plan that are in distribution must
be paid out over a uniform term.
(3) Notwithstanding the provisions of
paragraph (2) of this subsection, the plan administrator may require that an
account balance in an investment product in the prior plan be transferred from
such product approved under the prior plan to a product(s) approved under the
revised plan if the plan administrator determines it is in the best interests
of the plan.
(4) On or after
September 1, 2000, prior plan vendors and vendor representatives of qualified
investment products under the prior plan shall cease solicitation of business
for such products from participants and employees.
(5) Distribution agreements for investment
products in the prior plan filed on or after September 1, 2000, shall use the
same beginning date, duration and frequency for all prior plan vendors and
investment products.
(6) A
beneficiary designation form for investment products in the prior plan must be
properly executed by the participant and filed with the applicable prior plan
vendors. In the revised plan, a beneficiary designation form must be properly
executed by the participant and filed with the TPA in accordance with the plan
document. A beneficiary designation form filed with the TPA of the revised plan
applies only to those funds that have been transferred to the revised
plan.
(7) Termination of deferrals
in prior plan; resumption of deferrals.
(A) A
participant may voluntarily terminate additional deferrals in the prior plan by
providing appropriate notice to the TPA.
(B) A participant who has terminated
additional deferrals in the prior plan, but who has not separated from service,
may resume deferrals in the 457 plan by re-enrolling in the revised plan in
accordance with the plan document.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.