TITLE 34.PUBLIC FINANCE

Part 4. EMPLOYEES RETIREMENT SYSTEM OF TEXAS

Chapter 81. INSURANCE

34 TAC §§81.3, 81.5, 81.7

The Employees Retirement System of Texas (ERS) proposes amendments to §§81.3, 81.5, and 81.7 concerning the Uniform Group Insurance Program (UGIP or program). Section 81.3 is amended to clarify the terms of eligibility for supplemental state contribution as authorized under §14A of the Texas Employees Uniform Group Insurance Benefits Act (Act); §81.5 is amended to permit certain retirees not covered by optional life insurance or dependent life insurance at the time of retirement to have an opportunity to apply for minimum retiree optional life insurance and dependent life insurance coverage; §81.5 is amended to reflect that former members and employees of the legislature authorized by the Act to continue to participate in the program are eligible for coverage, other than disability income insurance coverage, in effect on the day before the member or employee terminates employment or leaves office. Section 81.7 is amended to clarify that the coverages in an approved HMO or in HealthSelect Plus become effective on the first day of the month following the date on which the employee begins active duty. Section 81.7 is amended to clarify that if the required premiums are paid or deducted, health and dental insurance coverages of a surviving dependent may continue on the death of the deceased employee or retiree if the dependent is eligible for such coverage. Section 81.7 is also amended to clarify the terms of reinstatement in the program, and continuation of coverages for a former member or employee of the legislature. Also, §81.7 is amended to provide that continuation coverage for a former board member's life insurance will be reduced to the maximum amount for which the former member is eligible.

Paula A. Jones, General Counsel, has determined that for the first five-year period the rules are in effect there will be no fiscal implications for state or local government as a result of enforcing or administering the rules.

Ms. Jones also determined that for each year of the first five years the rules are in effect the public benefit anticipated as a result of enforcing the rules will be updated information and clarification of the rules. There will be no affect on small businesses. There are no known anticipated economic costs to persons who are required to comply with the rules as proposed.

Comments on the proposed rule amendments may be submitted to Paula A. Jones, General Counsel, Employees Retirement System of Texas, P. O. Box 13207, Austin, Texas 78711-3207, or e-mail Ms. Jones at pjones@ers.state.tx.us.

The amendments are proposed under Insurance Code, Article 3.50-2, §4.

No other statutes are affected by these proposed amendments.

§81.3.Administration.

(a) - (c)

(No change.)

(d)

Payment of Premiums.

(1) - (2)

(No change.)

(3)

An employee whose dependent child is eligible for coverage under Section 14A of the Act is eligible for the supplemental state contribution as authorized by that section and provided in this paragraph.

(A)

An employee becomes eligible for the supplemental contribution on the first day of the month following the date on which the system receives certification of the dependent child's eligibility for coverage under that section. Eligibility for the supplemental contribution terminates on the last day of the contract year. An employee may apply for the supplemental contribution for an additional period of coverage during the annual enrollment period applicable to that period of coverage.

(B)

A dependent child of an employee who is eligible for the supplemental contribution is not required to provide evidence of insurability.

§81.5.Eligibility.

(a) - (b)

(No change.)

(c)

Retirees.

(1) - (2)

(No change.)

(3)

A retiree who is not enrolled in minimum retiree optional life insurance or dependent life insurance coverage is eligible to apply for such coverage. [ A covered retiree who was not enrolled in optional life insurance or dependent life insurance coverage on the day before becoming an annuitant becomes eligible for minimum retiree optional life insurance and dependent life insurance coverage on the date the retiree becomes an annuitant. ] Submission of evidence of insurability acceptable to the system shall be required for enrollment in such coverage.

(4) - (6)

(No change.)

(d) - (h)

(No change.)

(i)

Former members of the legislature. A former member of the legislature authorized by the Act to continue to participate in the program is eligible for the coverage, other than disability income insurance coverage, in effect on the day before the member leaves office. [ On application to the trustee and on arrangement for the payment of contributions, a person who has at least eight years of creditable legislative service, as defined in the Government Code, §812.002, on ending his or her service in the legislature, continues to be eligible for participation in the program under the Act. Except as provided in this section, former members of the legislature will be subject to the same eligibility rules and effective dates that apply to active members of the legislature. ]

(j)

Former employees of the legislature. A former employee of the legislature authorized by the Act to continue to participate in the program is eligible for the coverage, other than disability income insurance coverage, in effect on the day before the employee terminates employment. [ On application to the trustee and on arrangement for the payment of contributions, a person who has at least 10 years of creditable service in the system, as defined in the Government Code, §812.003, as an employee of the legislature, on ending his or her service for the legislature, continues to be eligible for participation in the program under the Act. Except as provided in this section, a former legislative employee will be subject to the same eligibility rules and effective dates that apply to an active employee of the State of Texas. ]

(k)

(No change.)

(l)

Former board members. Subject to the limitations of this subsection, a [ A ] former member of a board or commission or of the governing body of an institution of higher education, as both are described in Section 3(a)(5) of the Act, is eligible to continue the coverage, other than disability income insurance coverage, in effect on the day before the member leaves office if no lapse in coverage occurs after the end of the term of office. Life insurance coverage may not exceed Election II.

§81.7.Enrollment and Participation.

(a)

Full-time employees and their dependents.

(1)

A new employee who is eligible under the Act for automatic insurance coverage shall be enrolled in the basic plan of health and life insurance unless, on or before the date on which the employee begins active duty, the employee completes [ and signs ] an enrollment form to elect other coverages or to decline any and all coverages. Coverage of an employee under the basic plan, and other coverages selected as provided in this paragraph, become effective on the date on which the employee begins active duty.

(2)

To enroll eligible dependents, to elect to enroll in an approved HMO or in HealthSelect Plus, and to elect optional coverages, the employee shall complete [ and sign ] an enrollment form within 30 days after the date on which the employee begins active duty. Coverages selected on or before the date on which the employee begins active duty become effective on the date on which the employee begins active duty. Coverages selected within 30 days after the date on which the employee begins active duty become effective on the first day of the month following the date on which the employee begins active duty [ signature date on the enrollment form ]. An enrollment form completed [ and signed ] after the initial period for enrollment as provided in this paragraph is subject to the provisions of subsection (h) of this section.

(3) - (4)

(No change.)

(5)

Coverage for a newly eligible dependent, other than a dependent referred to in paragraphs (6) or (8) of this subsection, will be effective on the first day of the month following the date the person becomes a dependent if an enrollment form is completed [ and signed ] on or within 30 days after the date the person first becomes a dependent. If the enrollment form is completed and signed after the initial period for enrollment as provided in this paragraph, the enrollment form will be governed by the rules in subsection (h) of this section.

(6) - (9)

(No change.)

(b)

(No change.)

(c)

Retirees and their dependents.

(1)

(No change.)

(2)

A retiree may enroll in health, dental, and life insurance coverages for which the retiree is eligible, including dependent coverages, by completing [ and signing ] an enrollment form before, on, or within 30 days after, the retiree's effective date of retirement. For the purposes of this paragraph, the effective date of retirement of a retiree who is eligible to receive, but who is not actually receiving, an annuity is the date on which the system receives written notice of the retirement. Except as otherwise provided in [ this paragraph and ] paragraph (4) of this subsection, coverage becomes effective on the first day of the month following the effective date of retirement. [ A change in coverage for which the retiree applies after initial enrollment as a retiree, but within 30 days after the effective date of retirement, becomes effective on the first day of the month following the date of the application. ] An application received after the initial period for enrollment as provided in this paragraph is subject to the provisions of subsection (h) of this section.

(3)

A retiree who becomes eligible for minimum retiree optional life insurance coverage or dependent life insurance coverage as provided in §81.5(c)(3) of this title (relating to Eligibility), may apply for approval of such coverage by providing evidence of insurability acceptable to the system.

(4) - (5)

(No change.)

(d)

Surviving dependents

(1)

Provided that the required premiums are paid or deducted, the health and dental insurance coverages of a surviving dependent may be continued on the death of the deceased employee or retiree if the dependent is eligible for such coverage as provided by §81.5(f) of this title (relating to Eligibility). [ A surviving dependent eligible to continue health and dental insurance coverage as provided in §81.5(f) of this title (relating to Eligibility) may apply to continue such coverage upon written notification of eligibility to apply. Application shall be made on, or within 30 days after, written notification of eligibility to apply. Coverage becomes effective on the first day of the month following the date of death of the deceased employee or retiree. ]

(2)

(No change.)

(e) - (g)

(No change.)

(h)

Changes in coverage after the initial period for enrollment.

(1) - (3)

(No change.)

(4)

The evidence of insurability provision applies only to:

(A) - (B)

(No change.)

(C)

employees, retirees, or eligible dependents who wish to enroll in HealthSelect of Texas after the initial period for enrollment, except as provided in subsections (a), (g)(5)-(6), and (h)(6)-(10) of this section and §81.3(d)(3)(B) of this title (relating to Administration) ;

(D)

(No change.)

(E)

retirees who wish to enroll in minimum optional life insurance coverage or dependent life insurance coverage as provided in subsection (c)(3) of this section.

(5) - (11)

(No change.)

(i) - (j)

(No change.)

(k)

Reinstatement in the program.

(1)

(No change.)

(2)

Except as provided in subsection (h)(1) of this section, an employee whose coverages are canceled during a period of leave without pay shall, upon return to active duty, reinstate the coverages in effect on the date of cancellation. Except as provided in subsection (h)(1), coverage becomes effective on the date on which the employee returns to active duty. To reinstate canceled coverages, submission of evidence of insurability acceptable to the carrier will not apply. Provided that all applicable preexisting conditions exclusions were satisfied on the date of cancellation, no new preexisting conditions exclusions will apply. If not, any remaining period of preexisting conditions exclusions must be satisfied upon reinstatement. [ Except as provided in paragraphs (3) - (5) of this subsection and subsection (h)(1) of this section, an employee whose coverages were canceled during a period of leave without pay shall, upon return to active duty, be enrolled in the basic plan without evidence of insurability, provided the employee is eligible for the full state contribution. Except as provided in subsection (h)(1), coverage becomes effective on the date on which the employee returns to active duty. ]

(3)

If an employee is a member of the Texas National Guard or any of the reserve components of the United States armed forces, and the employee's coverages are canceled during a period of leave without pay or upon termination of employment as the result of an assignment to active military duty, the period of active military duty shall be applied toward satisfaction of any period of preexisting conditions exclusions remaining upon the employee's return to active employment. [ Except as provided in subsection (h)(1) of this section, an employee who is a member of the Texas National Guard or any of the reserve components of the United States Armed Forces and who is in a military leave without pay status or who must terminate employment as the result of an assignment to active military duty shall, upon return to active employment, reinstate all canceled coverages that were in effect immediately prior to the commencement of active military duty, as long as the return to active employment occurs within 90 days of the release from active military duty. An employee shall also reinstate the coverage of the employee's dependent, who is a member of the Texas National Guard or any of the reserve components of the United States Armed Forces and whose coverage is terminated as the result of an assignment to active military duty. Except as provided in subsection (h)(1) of this section, coverage becomes effective on the date of return to active employment. To reinstate canceled coverages, submission of evidence of insurability acceptable to the carrier will not apply. Provided all applicable preexisting conditions exclusions were satisfied at the time coverages were canceled, no additional preexisting conditions exclusions will apply upon reinstatement of coverages. If not, any remaining period of preexisting conditions exclusions must be satisfied upon reinstatement, except that the period of active military duty shall be applied toward satisfaction of the remaining period of preexisting conditions exclusions. ]

[ (4)

Except as provided in subsection (h)(1) of this section, an employee whose coverages were canceled during a period of leave without pay due to a certified work-related disability shall, upon return to active duty status, reinstate all coverages that were in effect on the day immediately prior to entering the leave without pay status. Except as provided in subsection (h)(1) of this section, coverage becomes effective on the date on which the employee returns to active duty. To reinstate canceled coverages, submission of evidence of insurability acceptable to the carrier will not apply. Provided all applicable preexisting conditions exclusions were satisfied at the time coverages were canceled, no additional preexisting conditions exclusions will apply upon reinstatement of coverages. If not, any remaining period of preexisting conditions exclusions must be satisfied upon reinstatement. ]

[ (5)

Except as provided in subsection (h)(1) of this section, an employee whose coverages were canceled during a period of leave without pay as a result of the Family and Medical Leave Act of 1993 shall, upon return to active duty, reinstate all coverages that were in effect on the day immediately prior to entering the leave without pay status. Except as provided in subsection (h)(1) of this section, coverage becomes effective on the date on which the employee returns to active duty. To reinstate canceled coverages, submission of evidence of insurability acceptable to the carrier will not apply. Provided all applicable preexisting conditions exclusions were satisfied at the time coverages were canceled, no additional preexisting conditions exclusions will apply upon reinstatement of coverages. If not, any remaining period of preexisting conditions exclusions must be satisfied upon reinstatement. ]

(l)

Continuing coverage in special circumstances.

(1)

Continuation of [ health, dental, and optional ] coverages for terminating employees. A terminating employee is eligible to continue all coverages through the last day of the month in which employment is terminated.

(2)

Continuation of [ health, dental, and life ] coverages for employees in a leave without pay status.

(A)

An employee in a leave without pay status may continue the [ health, life, and dental ] coverages in effect on the date the employee entered that status for the period of leave, but not more than 12 months. The employee must pay premiums directly as provided in §81.3(d)(2)(B)(i) of this title (relating to Administration). [ Disability income coverage for an employee in a leave without pay status will be suspended beginning on the first day of the month in which the employee enters the leave without pay status and continuing for those months in which the employee remains in that status. Suspended disability income coverage for an employee returning to active duty from a leave without pay status will be reactivated effective on the date on which the employee returns to active duty if the entire period of unpaid leave was certified by the department as approved leave without pay. ]

(B)

(No change.)

(3)

Continuation of [ health, dental, and life ] coverages for a former member or employee of the legislature. Provided that the required premiums are paid, the health, dental, and life insurance coverages of a former member or employee of the legislature may be continued on conclusion of the term of office or employment. [ A former member or employee of the legislature, who is eligible to continue to participate in the program, must notify the system within 30 days after leaving office or employment of the employee's intent to continue the coverage in effect. Coverage will be canceled if a premium is not received within 30 days of the due date. A former member or employee of the legislature is not eligible to continue disability insurance coverage. ]

(4)

Continuation of [ health, dental, and life ] coverages for a former judge. A former State of Texas judge, who is eligible for judicial assignments and who does not serve on judicial assignments during a period of one calendar month or longer, may continue the coverages [ types and amounts of coverages, other than disability income, ] that were in effect during the calendar month immediately prior to the month in which the former judge did not serve on judicial assignments. These coverages may continue for no more than 12 continuous months during which the former judge does not serve on judicial assignments as long as, during the period, the former judge continues to be eligible for assignment. [ Disability income coverage during the period will be canceled on the first day of the month during which the former judge does not serve on a judicial assignment. To reinstate canceled disability income coverage once service on judicial assignments is resumed, a former judge must submit evidence of insurability acceptable to the system. If approved, disability income coverage will become effective on the first day of the month following the date approval is received by the employing department. ]

(5) - (11)

(No change.)

(12)

Continuation coverage for a former board member. Provided that the required premiums are paid, the health, dental, and life insurance coverages of a former member of a board or commission, or of the governing body of an institution of higher education, as both are described in Section 3(a)(5) of the Act, may be continued on conclusion of service if no lapse in coverage occurs after the term of office. Life insurance will be reduced to the maximum amount for which the former member is eligible.

This agency hereby certifies that the proposal has been reviewed by legal counsel and found to be within the agency's legal authority to adopt.

Filed with the Office of the Secretary of State, on May 1, 2000.

TRD-200003058

Sheila W. Beckett

Executive Director

Employees Retirement System of Texas

Earliest possible date of adoption: June 11, 2000

For further information, please call: (512) 867-7125


Chapter 85. FLEXIBLE BENEFITS

34 TAC §§85.3, 85.5, 85.7

The Employees Retirement System of Texas (ERS) proposes amendments to §§85.3, 85.5, and 85.7, concerning the Flexible Benefits Program. Section 85.3 is amended to make changes to the effective date of elections; §85.5 is amended to clarify the rules concerning the payment of flexible benefit dollars; and §85.7 is amended to conform to the amendments made to §85.3.

Paula A. Jones, General Counsel, has determined that for the first five-year period the rules are in effect there will be no fiscal implications for state or local government as a result of enforcing or administering the rules.

Ms. Jones also determined that for each year of the first five years the rules are in effect the public benefit anticipated as a result of enforcing the rules will be updated information and clarification of the rules. There will be no affect on small businesses. There are no known anticipated economic costs to persons who are required to comply with the rules as proposed.

Comments on the proposed rule amendments may be submitted to Paula A. Jones, General Counsel, Employees Retirement System of Texas, P. O. Box 13207, Austin, Texas 78711-3207, or e-mail Ms. Jones at pjones@ers.state.tx.us.

The amendments are proposed under Insurance Code, Art. 3.50-2, §4A and affect Insurance Code Art. 3.50-2, §13B.

No other statutes are affected by these amendments.

§85.3.Eligibility and Participation.

(a)

Dependent care reimbursement plans.

(1)

(No change.)

(2)

Participation.

(A)

An employee who is eligible under paragraph (1) of this subsection may elect to participate by completing and submitting an election form on, or within 30 days after, the date on which the employee begins active duty. An election made on the date on which the employee begins active duty becomes effective on that date. An election made after the date on which the employee begins active duty becomes effective on the first day of the month following the date on which the employee begins active duty. [ The election becomes effective on the first day of the month following the date on which the employee makes the election. ]

(B) - (D)

(No change.)

(3)

(No change.)

(b)

Health care reimbursement plan.

(1)

(No change.)

(2)

Participation.

(A)

An employee who is eligible under paragraph (1) of this subsection may elect to participate by completing and submitting an election form on, or within 30 days after, the date on which the employee begins active duty. An election made on the date on which the employee begins active duty becomes effective on that date. An election made after the date on which the employee begins active duty becomes effective on the first day of the month following the date on which the employee begins active duty. [ The election becomes effective on the first day of the month following the date on which the employee makes the election. ]

(B) - (D)

(No change.)

(3)

(No change.)

§85.5.Benefits.

(a)

(No change.)

(b)

Health care reimbursement plan.

(1)

(No change.)

(2)

Maximum benefit available. Subject to the limitations set forth in these rules and in the plan, to avoid discrimination, the maximum amount of flexible benefit dollars that an employee may receive in any plan year for health care expenses under the health care reimbursement plan is $5,000. Except as otherwise provided in this paragraph, [ In no event shall ] the monthly maximum salary reduction amount, exclusive of any administrative fees, may not exceed $416 per month [ , except an employee may prepay the health care election amounts for the remainder of the plan year by accelerating payroll deductions prior to or in anticipation of going on leave without pay or terminating (including retirement) employment, or an employee who is classified as a nine-month faculty member, and who elects to receive annual compensation in fewer than 12 months, shall redirect the annual election amount in nine equal monthly amounts ]. An employee may prepay the health care election amounts for the remainder of the plan year in anticipation of termination, retirement, or a period of leave without pay. An employee classified as a nine-month employee and who receives compensation in fewer than 12 months shall redirect the annual election amount in nine equal monthly amounts.

(c)

Dependent care reimbursement plan.

(1)

(No change.)

(2)

Maximum benefit available.

(A)

Subject to any limitations imposed by these rules and the plan, to avoid discrimination, the maximum amount that an employee may receive in any plan year in the form of payment of or reimbursement for dependent care expenses under the dependent care reimbursement plan, is the lesser of:

(i) - (ii)

(No change.)

(iii)

$5,000. ($2,500 in the case of a married employee who files a separate federal income tax return.) Except as otherwise provided in this clause, [ In no event shall ] the monthly maximum salary reduction amount, exclusive of any administrative fees, may not exceed $416 per month or $208 per month in the case of a married employee who files a separate federal income tax return [ , except an employee who is classified as a nine-month faculty member who elects to receive annual compensation in fewer than 12 months shall redirect the annual election amount in nine equal monthly amounts ]. An employee classified as a nine-month employee and who receives annual compensation in fewer than 12 months shall redirect the election amount in nine equal monthly amounts.

(B)

(No change.)

§85.7.Enrollment.

(a)

Election of benefits.

(1)

An eligible employee may elect to or not to participate in the flexible benefits plan by making an election and executing an election form [ prior to the first day of an applicable period of coverage ].

(2) - (5)

(No change.)

(b) - (f)

(No change.)

This agency hereby certifies that the proposal has been reviewed by legal counsel and found to be within the agency's legal authority to adopt.

Filed with the Office of the Secretary of State, on May 1, 2000.

TRD-200003059

Sheila W. Beckett

Executive Director

Employees Retirement System of Texas

Earliest possible date of adoption: June 11, 2000

For further information, please call: (512) 867-7125


Chapter 87. DEFERRED COMPENSATION

34 TAC §87.7, §87.9

The Employees Retirement System of Texas (ERS) proposes amendments to §§87.7 and 87.9, concerning the deferred compensation plan. Both sections are amended to add a reference to the new §87.31.

Paula A. Jones, General Counsel, has determined that for the first five-year period the rules are in effect there will be no fiscal implications for state or local government as a result of enforcing or administering the rules.

Ms. Jones also determined that for each year of the first five years the rules are in effect the public benefit anticipated as a result of enforcing the rules will be updated information. There will be no affect on small businesses. There are no known anticipated economic costs to persons who are required to comply with the rules as proposed.

Comments on the proposed rule amendments may be submitted to Paula A. Jones, General Counsel, Employees Retirement System of Texas, P. O. Box 13207, Austin, Texas 78711-3207, or e-mail Ms. Jones at pjones@ers.state.tx.us.

These amendments are proposed under Tex. Gov't Code, §609.508 which provides the ERS board of trustees the authority to adopt any rules necessary to administer the deferred compensation plan.

No other statutes are affected by these amendments.

§87.7.Vendor Participation.

(a)

(No change.)

(b)

New qualified vendors.

(1)

Notwithstanding anything to the contrary in the sections in this chapter , other than §87.31 and paragraph (2) of this subsection, the plan administrator may not:

(A) - (B)

(No change.)

(2)

(No change.)

(c) - (m)

(No change.)

§87.9.Investment Products.

(a)

(No change.)

(b)

New qualified investment products.

(1)

Notwithstanding anything to the contrary in the sections in this chapter , other than §87.31 and paragraph (2) of this subsection, the plan administrator may not:

(A) - (C)

(No change.)

(2)

(No change.)

(c) - (f)

(No change.)

This agency hereby certifies that the proposal has been reviewed by legal counsel and found to be within the agency's legal authority to adopt.

Filed with the Office of the Secretary of State, on May 1, 2000.

TRD-200003060

Sheila W. Beckett

Executive Director

Employees Retirement System of Texas

Earliest possible date of adoption: June 11, 2000

For further information, please call: (512) 867-7125


34 TAC §87.31

The Employees Retirement System of Texas (ERS) proposes a new rule, §87.31, concerning the Revised Plan. Section 87.31 is being added to address changes in the deferred compensation program.

Paula A. Jones, General Counsel, has determined that for the first five-year period the rule is in effect there will be no fiscal implications for state or local government as a result of enforcing or administering the rule.

Ms. Jones also determined that for each year of the first five years the rule is in effect the public benefit anticipated as a result of enforcing the rule will be an enhancement of state employees' benefit programs. There will be no affect on small businesses. There are no known anticipated economic costs to persons who are required to comply with the rule as proposed.

Comments on the proposal may be submitted to Paula A. Jones, General Counsel, Employees Retirement System of Texas, P. O. Box 13207, Austin, Texas 78711-3207, or e-mail Ms. Jones at pjones@ers.state.tx.us.

This new rule is proposed under Tex. Gov't Code, §609.508 which provides the ERS board of trustees the authority to adopt any rules necessary to administer the deferred compensation plan.

No other statutes are affected by this new rule.

§87.31.Revised Plan.

(a)

Applicability.

(1)

This section applies to the State of Texas Deferred Compensation Plan as revised and adopted by the Employees Retirement System of Texas effective September 1, 2000, and filed with the Secretary of State. The plan as revised and adopted is incorporated in this section by reference and is referred to in this section as "the revised plan." Copies of the revised plan may be obtained upon request.

(2)

This section also applies to the State of Texas Deferred Compensation Plan as 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 previous plan." Except as otherwise provided in this section, the provisions of §§87.1 through 87.29 of this title continue to apply to participation agreements, distribution agreements, and vendor contracts entered into pursuant to provisions of the previous plan.

(3)

This section takes effect September 1, 2000 and shall apply to deferrals and transfers which take place on or after September 1, 2000.

(b)

Administration of the revised plan.

(1)

The plan administrator shall administer the revised plan in the manner provided in the plan and §87.3 of this title (relating to Administrative and Miscellaneous Provisions).

(2)

The provisions of §87.15 of this title (relating to Transfers) shall apply to the authority of the plan administrator to make transfers under the revised plan. Limitations on the plan administrator imposed in §87.7(b)(1) (relating to Vendor Participation) and §87.9(b)(1) (relating to Investment Products) of this title shall not apply to administration of the revised plan.

(3)

A participant shall select a single manner of distribution and a single date of distribution of all of the participant's investments in the revised plan.

(4)

The plan administrator may assess a fee if necessary to cover the costs of administering the revised plan.

(5)

If a participant has not selected an investment product to receive deferrals, the deferrals shall be invested in a money market account or such other product selected by the plan administrator in its sole discretion. Balances in the revised plan may not be transferred to the previous plan.

(6)

Deferrals and transfers to the revised plan shall be accepted by the revised plan beginning on the effective date of this section.

(c)

Transition from the previous plan.

(1)

On the effective date of this section, the plan administrator shall cease to accept deferrals to investment products approved under the previous 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 previous 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. Any transfer of funds to the revised plan must include the participant's total balance in all products in the previous plan, except for life insurance products. Annuitized 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 previous plan. Transfer of funds to the revised plan that are in distribution must be paid out over a uniform term. A participant may transfer funds from one qualified vendor in the previous plan to another qualified vendor in the previous plan only if the participant had an account with the recipient vendor on the effective date of this section.

(3)

Notwithstanding the provisions of paragraph (2) of this subsection, the plan administrator may require that an account balance in an investment product be transferred from such product approved under the previous plan to a product approved under the revised plan if the plan administrator determines it is in the best interests of the plan.

(4)

On the effective date of this section, vendors and vendor representatives of qualified investment products under the previous plan shall cease solicitation of business for such products from participants and employees.

(5)

Distribution agreements for investment products in the previous plan filed on or after the effective date of this section shall use the same beginning date, duration and frequency for all vendors and investment products.

This agency hereby certifies that the proposal has been reviewed by legal counsel and found to be within the agency's legal authority to adopt.

Filed with the Office of the Secretary of State, on May 1, 2000.

TRD-200003061

Sheila W. Beckett

Executive Director

Employees Retirement System of Texas

Earliest possible date of adoption: June 11, 2000

For further information, please call: (512) 867-7125