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Current as of January 01, 2024 | Updated by FindLaw Staff
(a) A hospital district may transfer an employee's deferred amounts and investment income from a qualified investment product to the trust fund of the deferred compensation plan in which the employee participates if the district determines that the transfer is in the best interest of the plan and the employee.
(b) The hospital district is not required to give notice of a transfer under Subsection (a) to the employee before the transfer occurs.
(c) Promptly after a transfer under Subsection (a) occurs, the hospital district shall give to the employee a notice that:
(1) states the reason for the transfer; and
(2) requests that the employee promptly designate another qualified investment product to receive the transferred amount.
Cite this article: FindLaw.com - Texas Government Code - GOV'T § 609.203. Discretionary Transfer - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-609-203/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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