TITLE 34.PUBLIC FINANCE

Part 1. COMPTROLLER OF PUBLIC ACCOUNTS

Chapter 3. TAX ADMINISTRATION

Subchapter O. STATE SALES AND USE TAX

34 TAC §3.316

The Comptroller of Public Accounts proposes an amendment to §3.316, concerning occasional sales. This section is being amended to implement House Bill 82, 77th Legislature, 2001. Effective October 1, 2001, this legislation amended Tax Code, §151.321, to exempt the first $5,000 of a qualified student organization's total receipts from sales of taxable items in a calendar year if those receipts are not otherwise exempted by Tax Code, §151.321. This change is reflected in subsection (k)(3) of the proposed rule. Additional amendments are made for the purpose of clarity.

James LeBas, Chief Revenue Estimator, has determined that for the first five-year period the rule will be in effect, there will be no significant fiscal impact on the state or units of local government.

Mr. LeBas also has 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 in providing taxpayers with additional information regarding their tax responsibilities. This rule is adopted under the Tax Code, Title 2, and does not require a statement of fiscal implications for small businesses. There is no significant anticipated economic cost to individuals who are required to comply with the proposed rule.

Comments on the proposal may be submitted to Bryant K. Lomax, Manager, Tax Policy Division, P.O. Box 13528, Austin, Texas 78711.

This amendment is proposed under Tax Code, §111.002, which provides the comptroller with the authority to prescribe, adopt, and enforce rules relating to the administration and enforcement of the provisions of Tax Code, Title 2.

The amendment implements Tax Code, §151.321.

§3.316.Occasional Sales; Joint Ownership Transfers; Sales by Senior Citizens' Organizations; Sales by University and College Student Organizations; and Sales by Nonprofit Animal Shelters.

(a) Sales exempt. A [ Except as provided by subsection (i) of this section, a ] taxable item that is sold or purchased by way of an occasional sale is exempt from sales and use taxes , except as provided by subsection (i) of this section .

(b) Occasional sales by persons not in the business of selling, leasing, or renting.

(1) One or two sales of taxable items, other than an amusement service, during any 12-month period by a person who does not hold himself out as engaged [ engaging ] (or who does not habitually engage) in the business of selling taxable items are occasional sales.

(2) (No change.)

(3) The sale of not more than ten admissions for amusement services during a 12-month period by a person who does not hold himself out as engaged [ engaging ] (or who does not habitually engage) in the provision of amusement services are occasional sales.

(4) (No change.)

(c) Persons who hold [ holding ] permits.

(1) Persons who hold themselves out as engaged in the business of selling, leasing, or renting taxable items and persons who sell, lease, or rent [ selling, leasing, or renting ] three or more taxable items in a 12-month period are retailers for the purposes of this section. Also, persons who sell [ selling ] more than 10 [ ten ] admissions for amusement services during a 12-month period are retailers for the purposes of this section.

(2) Sales that retailers [ made by a retailer ] and other persons who hold [ holding ] sales or use tax permits make [ that are not made in the regular course of business ] are not occasional sales , even if the sales are not made in the regular course of business (e.g., a restaurant owner sells a dining table) . All sales by a retailer or permit holder are subject to tax , unless the [ except for ] sales [ that ] qualify for exemption under subsection (d) or (e) of this section.

(3) Sales that [ made by ] persons who hold [ holding ] direct payment permits make are not occasional sales. All sales by direct payment permit holders are subject to tax unless the [ except for ] sales [ that ] qualify for exemption under subsection (d) or (e) of this section.

(d) Sale of a business or an identifiable segment of a business.

(1) (No change.)

(2) The sale of the entire operating assets of a separate division, branch , or identifiable segment of a business is an occasional sale if, prior to the sale, the income and expenses attributable to the separate division, branch or identifiable segment could be separately established from the books of account or record.

(3) For the purposes of this section, a "separate division, branch , or identifiable segment" means an enterprise engaged in providing a product or service to customers, usually for a profit. "Income" means revenue generated by the enterprise in providing that product or service. "Expenses" mean those operating expenses incurred by the enterprise in providing the product or services that are directly traceable to that enterprise. "Operating assets" means tangible personal property used exclusively by the enterprise in providing the product or service but does not mean tangible personal property maintained and used both for general business purposes and by the specific enterprise. Inventory and intangible property are not operating assets for purposes of the exemption.

(4) The entire operating assets of the business or of the division, branch , or identifiable segment of the business must be sold in a single transaction to a single purchaser. The sale of the entire operating assets through several transactions to several purchasers does [ will ] not qualify as an occasional sale under this section.

(e) Transfer without change in ownership.

(1) (No change.)

(2) For the purposes of this section, stockholders, bondholders, partners, or other persons who hold [ holding ] an interest in a corporation or other entity are regarded as having the "real or ultimate ownership" of the property of such corporation or other entity. Ownership is "substantially similar" if the person who transfers [ transferring ] the property owns 80% or more of the stock in the corporation to which the transfer is being made. Ownership is "substantially similar" if 80% or more of the stock in the corporation that makes [ making ] the transfer is owned by the transferee.

(3) "All or substantially all" of the property is [ will be ] considered [ to have been ] transferred if 80% or more is transferred.

(f) (No change.)

(g) Resale certificates--occasional sales--leases.

(1) When a lessor purchases a taxable item tax free for rental or lease and later sells, leases , or rents the item by way of an occasional sale as provided in subsection (d) or (e) of this section, then the lessor owes tax on the amount by which the lessor's purchase price exceeds the amount of rent, if any, upon which tax has been collected and reported from the prior rental or lease of the item.

(2) (No change.)

(h) Purchases exempt from tax. The [ Except as provided in subsection (i) of this section, the ] purchase price of an item that is sold by means of an occasional sale is not subject to tax , except as provided in subsection (i) of this section .

(i) Exception to subsection (h) of this section. A person who holds a permit that is issued pursuant to [ the ] Tax Code, Chapter 151, and who makes a purchase in a transaction on which the seller is not required to collect tax under subsection (b) of this section, must accrue and remit tax to the comptroller on the transaction.

(j) Senior citizens' organizations. Sales that a [ made by ] senior citizens' organization makes are [ organizations will be ] exempt from tax if all of the following qualifications are met:

(1) - (3) (No change.)

(4) the organization has [ organizations have ] not conducted more than four separate fund-raising drives each calendar year for a total of not more than 20 days per year.

(k) University and college student organizations.

(1) A sale of a taxable item by a qualified student organization is exempt [ exempted ] from sales tax if:

(A) the student organization sells the items at a sale that lasts for one day only , and the primary purpose of the sale [ which ] is to raise funds for the organization;

(B) the student [ qualifying ] organization holds not more than one fund-raising sale each calendar month for which the exemption is claimed;

(C) the student [ qualifying ] organization has as its primary purpose a purpose other than being engaged [ engaging ] in business or performance of [ performing ] an activity that is designed to make a profit; and

(D) the sales price of the [ a ] taxable item [ sold ] is $5,000 or less, except that a taxable item that [ manufactured by or donated to ] the organization manufactures or has received by donation may be sold tax free during the one-day sale, regardless of sales price, if [ provided ] the item is not sold to the donor.

(2) (No change.)

(3) The first $5,000 of a qualified student organization's total receipts from sales of taxable items in a calendar year that are not exempted under paragraph (1) of this subsection are exempt from sales tax.

(4) [ (3) ] A qualified [ qualifying ] student organization must be affiliated with an institution of higher education as defined by Education Code, §61.003, or a private or independent college or university that is located in this state and that is accredited by a recognized accrediting agency under Education Code, §61.003. A student organization must file with the comptroller a certification issued by the institution, college, or university showing that the organization is affiliated with the institution, college, or university. A college, university, or institution may designate one of its departments or officers to compile a list of registered or certified student organizations and submit the list to the comptroller in lieu of having each student organization submit individual certifications. The certification is valid until the institution, university, or college notifies the comptroller that a student organization is decertified, suspended, or otherwise loses its campus privileges or affiliation with the institution, university, or college.

(l) Sales by religious, educational, charitable organizations, and organizations classified as 501(c)(3), (4), (8), (10), or (19).

(1) A religious, educational, charitable, eleemosynary organization, or an organization exempt under Internal Revenue Code, §501(c)(3), (4), (8), (10), or (19) that has been granted exempt status by the comptroller [ qualified for exemption under this section ], and each bona fide chapter of an exempt [ a qualifying ] organization, is not required to collect sales tax on the sales price of taxable items sold for $5000 or less at a sale or auction held by the organization or chapter only twice a calendar year and each sale or auction lasting only one day. See §3.322 of this title (relating to Exempt Organizations). Additionally, a taxable item may be sold tax free during a one-day tax-free sale or auction, regardless of price, if the item is one that the organization manufactured or has received by donation and the item [ manufactured by the organization or donated to the organization and ] is not sold to the donor.

(2) - (3) (No change.)

(4) If two or more exempt organizations or chapters jointly hold a tax-free sale or auction, each is considered to have held a tax-free sale or auction during that calendar year. Each exempt organization that participates in a joint one-day tax-free sale or auction may hold one other tax-free sale or auction during the remainder of that calendar year.

(m) (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 December 20, 2001.

TRD-200108192

Martin Cherry

Deputy General Counsel for Taxation

Comptroller of Public Accounts

Earliest possible date of adoption: February 3, 2002

For further information, please call: (512) 463-3699


Subchapter NN. FIREWORKS TAX

34 TAC §3.1281

The Comptroller of Public Accounts proposes a new §3.1281, concerning fireworks tax. This new rule is proposed to implement House Bill 3667, 77th Legislature, 2001, which added Tax Code, Chapter 161. This new chapter imposes a 2.0% fireworks sales tax on fireworks sold on or after October 1, 2001. The new rule provides important information to taxpayers concerning the collection and remittance of the fireworks tax.

James LeBas, Chief Revenue Estimator, has determined that for the first five-year period the rule will be in effect, there will be no significant fiscal impact on the state or units of local government.

Mr. LeBas also has 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 in providing taxpayers with additional information regarding their tax responsibilities. This rule is adopted under the Tax Code, Title 2, and does not require a statement of fiscal implications for small businesses. There is no significant anticipated economic cost to individuals who are required to comply with the proposed rule.

Comments on the proposal may be submitted to Bryant K. Lomax, Manager, Tax Policy Division, P.O. Box 13528, Austin, Texas 78711.

This new rule is proposed under Tax Code, §111.002, which provides the comptroller with the authority to prescribe, adopt, and enforce rules relating to the administration and enforcement of the provisions of Tax Code, Title 2.

The new rule implements Tax Code, §161.002, and Government Code, §614.075.

§3.1281.Fireworks Tax.

(a) Definitions. The following words and terms, when used in this section, shall have the following meanings, unless the context clearly indicates otherwise.

(1) Fireworks--Any composition or device that is designed to produce a visible or audible effect by combustion, explosion, deflagration, or detonation that is classified as Division 1.4G explosives by the United States Department of Transportation in 49 C.F.R. Part 173 as of September 1, 1999. Examples of fireworks include items that are commonly known as firecrackers, bottle rockets, Roman candles, and shooting stars.

(2) Retail sale--Any sale of fireworks directly to the public.

(b) Imposition. A 2.0% tax is imposed on the retail sale of fireworks in Texas. This tax is in addition to state and local sales taxes that are due on the fireworks. Tax Code, §161.005, directs the comptroller to allocate the revenue collected under this tax to the rural volunteer fire department fund that is established under Government Code, §614.075. The following items are excluded from the fireworks tax, but may be subject to sales tax:

(1) a toy pistol, toy cane, toy gun, or other device that uses a paper or plastic cap;

(2) a model rocket or model rocket motor that is designed, sold, and used for the purpose of propelling a recoverable aero model;

(3) a propelling or expelling charge that consists of a mixture of sulfur, charcoal, and potassium nitrate;

(4) a novelty or trick noisemaker;

(5) a pyrotechnic signaling device or distress signal that is designed for marine, aviation, or highway use in an emergency situation;

(6) a fusee or railway torpedo for use by a railroad;

(7) a blank cartridge that is sold for use in a radio, television, film, or theater production, for signal or ceremonial purposes in athletic events, or for industrial purposes; or

(8) a pyrotechnic device that is sold for use by a military organization.

(c) Collection. Each seller must collect the fireworks tax from the purchaser on the total price of each retail sale of fireworks in Texas. The fireworks tax is collected in the same manner as sales tax. See §3.286 of this title (relating to Seller's and Purchaser's Responsibilities) for information on the collection and remittance of sales tax.

(d) Exemptions.

(1) No fireworks tax is due on a sale that is exempt from sales tax.

(2) A seller who accepts a valid and properly completed resale or exemption certificate for sales tax is not required to collect the fireworks tax. All sales that are unsupported by valid resale or exemption certificates or by other exemption documentation acceptable under the law are considered to be retail sales, and the seller will be liable for the fireworks tax on those sales.

(e) Reports and payments.

(1) A seller must report and remit fireworks tax on or before August 20 on sales that occur during the period that begins June 24 and ends midnight July 4. A seller must report and remit fireworks tax on or before February 20 on sales that occur during the period that begins December 20 and ends midnight January 1.

(2) A seller must report and pay the fireworks tax to the comptroller on forms that the comptroller prescribes. A seller who fails to receive the correct form from the comptroller is not relieved of the responsibility for filing a fireworks tax report and for payment of the tax by the due date.

(3) The penalties and interest that are imposed for failure to timely file and pay the fireworks tax are the same as those that are imposed for failure to timely file and pay sales tax. Likewise, the 0.5% discount for timely filing and payment applies to fireworks tax reports and payments. No prepayment discount will be allowed for prepayment of the fireworks tax. See §3.286 of this title.

(f) Effective date. The fireworks tax is effective October 1, 2001.

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 December 20, 2001.

TRD-200108193

Martin Cherry

Deputy General Counsel for Taxation

Comptroller of Public Accounts

Earliest possible date of adoption: February 3, 2002

For further information, please call: (512) 463-3699


Chapter 9. PROPERTY TAX ADMINISTRATION

Subchapter C. APPRAISAL DISTRICT ADMINISTRATION

34 TAC §9.415

The Comptroller of Public Accounts proposes an amendment to §9.415, concerning applications for property tax exemptions. This rule is being amended to change model application form for disabled veteran's or survivor's exemption adopted by reference, in response to House Bill 16, 77th Legislature, 2001, effective September 1, 2001, which allow a late application by a disabled veteran or survivor under certain conditions. Changes to the miscellaneous property tax exemptions application form are proposed in response to House Bill 824, 77th Legislature, 2001, effective January 1, 2002, to add an exemption for certain nonprofit county fair associations. Changes to the model application form for exemption of goods exported from Texas are proposed in response to Senate Bill 862, 77th Legislature, 2001, effective January 1, 2002, which allows a late application. Changes to the property tax abatement exemption application form are proposed in response to House Bill 1448, 77th Legislature, 2001, effective September 1, 2001, to allow for a tax abatement with the owner of a leasehold interest in real property. Changes to the community housing development organizations improving property for low-income and moderate-income housing forms are proposed in response to House Bill 1392, 77th Legislature, 2001, effective June 14, 2001, to specify that an exemption, once allowed, does not need to be claimed annually. Also, House Bill 3383, 77th Legislature, 2001, effective January 1, 2002, changes the requirement for exemption status of community housing development organizations. Changes to the water conservation exemption form are proposed in response to Senate Bill 2, 77th Legislature, 2001, effective September 1, 2001, to add an exemption for desalination and brush control. In addition, the amendment is proposed to adopt a new model exemption application form for raw cocoa and green coffee held in Harris County, as provided by Senate Bill 1574, 77th Legislature, 2001, effective January 1, 2002; and to adopt a new model exemption application for certain travel trailers, as provided by House Bill 2076, 77th Legislature, 2001, effective January 1, 2002. New language regarding the use of social security number under the Federal Privacy Act is added to forms that contain a field for reporting a social security number.

James LeBas, Chief Revenue Estimator, has determined that for the first five-year period the rule will be in effect, there will be no significant fiscal impact on the state or units of local government.

Mr. LeBas also has 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 in providing taxpayers with additional information regarding their tax responsibilities. There are no fiscal implications for small businesses. There is no significant anticipated economic cost to individuals who are required to comply with the proposed rule.

Comments on the proposal may be submitted to Buddy Breivogel, Manager, Property Tax Division, P.O. Box 13528, Austin, Texas 78711-3528.

This amendment is proposed under Tax Code, §11.43(f), which requires the comptroller to prescribe the contents and form for each kind of property tax exemption.

The amendment implements Tax Code, §§11.111, 11.13, 11.14, 11.17, 11.18, 11.181, 11.19, 11.20, 11.21, 11.22, 11.23(a)-(k), 11.24, 11.251, 11.27, 11.271, 11.28, 11.29, 11.30, 11.31, 11.32, 11.33, 11.437, and 11.182.

§9.415.Applications for Property Tax Exemptions.

(a) With the application for exemption for residence homesteads (Form 50-114), the appraisal office shall:

(1) provide a list of taxing units served by the appraisal district, together with all residential homestead exemptions each offers; or

(2) provide the appraisal district's name and appraisal district's phone number on the form, with an instruction that the property owner may call the appraisal district to determine what homestead exemptions are offered by the property owner's taxing units.

(b) If the chief appraiser learns of the death of a person qualified for over-65 homestead exemptions (Tax Code, §11.13) and it appears that the person's spouse has acquired ownership of the homestead, the chief appraiser should require the surviving spouse to file a new homestead exemption application. Based on the information provided in the new application, the chief appraiser shall determine whether the surviving spouse qualifies for homestead exemptions, including over-65 exemptions, and whether the surviving spouse may retain the tax ceiling for school tax purposes established on the homestead by the decedent.

(c) The model forms in paragraphs (1)-(23) [ (1)-(22) ] of this subsection and the new model forms in paragraphs (24) and (25) [ form in paragraph (23) ] of this subsection are adopted by reference by the Comptroller of Public Accounts. Copies of these forms are available for inspection at the office of the Texas Register or can be obtained from the Comptroller of Public Accounts, Property Tax Division, P.O. Box 13528, Austin, Texas 78711- 3528. Copies may also be requested by calling our toll-free number 1-800-252-9121. In Austin, call (512) 305-9999. From a Telecommunications Device for the Deaf (TDD), call 1-800-248- 4099, toll free. In Austin, the local TDD number is (512) 463-4621:

(1) Application for Transitional Housing Property Tax Exemption (Form 50-140);

(2) Application for Residence Homesteads (Form 50-114);

(3) Application for Cemetery Exemption (Form 50-120);

(4) Application for Charitable Organizations (Form 50-115);

(5) Application(s) for Charitable Organization Providing Low-Income Housing (Form 50-242 and Form 50-243);

(6) Application for Youth Spiritual, Mental, and Physical Development Organizations (Form 50- 118);

(7) Application for Religious Organizations (Form 50-117);

(8) Application for Privately Owned Schools (Form 50-119);

(9) Application for Disabled Veteran's or Survivor's Exemption (Form 50-135);

(10) Application for Miscellaneous Property Tax Exemptions (Form 50-128);

(11) Application for Theater School Property Tax Exemption (Form 50-125);

(12) Application for Historic Sites Property Tax Exemption (Form 50-122);

(13) Application for Goods Exported from Texas (freeport exemption) (Form 50-113);

(14) Application for Solar and Wind-Powered Energy Device Exemption (Form 50-123);

(15) Application for Property Tax Abatement Exemption (Form 50-116);

(16) Application for Stored Offshore Drilling Rig Exemption (Form 50-124);

(17) Application for Dredge Disposal Site Exemption (Form 50-121);

(18) Application for Nonprofit Water Supply or Wastewater Services Corporation (Form 50- 214);

(19) Application for Pollution Control Property (Form 50-248);

(20) Application for Cotton Stored in a Warehouse (Form 50-245);

(21) Application(s) for Community Housing Development Organizations Improving Property for Low-Income and Moderate-Income Housing (Form 50-263 and Form 50-264);

(22) Application for Water Conservation Initiatives Property Tax Exemption (Form 50-270); [ and ]

(23) Application for Ambulatory Health Care Center Assistance Exemption (Form 50- 282) ; [ . ]

(24) Application for Raw Cocoa and Green Coffee Held in Harris County (Form 50-297); and

(25) Travel Trailer Exemption Application (Form 50-298).

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 December 21, 2001.

TRD-200108224

Martin Cherry

Deputy General Counsel for Taxation

Comptroller of Public Accounts

Earliest possible date of adoption: February 3, 2002

For further information, please call: (512) 463-3699


Part 3. TEACHER RETIREMENT SYSTEM OF TEXAS

Chapter 53. CERTIFICATION BY COMPANIES OFFERING QUALIFIED INVESTMENT PRODUCTS

34 TAC §§53.1 - 53.15

The Teacher Retirement System of Texas (TRS) proposes new Chapter 53, §§53.1 - 53.15, concerning certification by companies offering qualified investment products. The new chapter would establish the criteria, procedure, and administrative fee for companies who wish to certify to TRS in order to offer qualified investment products, known as 403(b) products, to employees of an educational institution on a salary reduction basis. The new chapter also would establish maximum fees, costs, and penalties that certified companies may charge to educational institution employees in connection with 403(b) annuity contract products, as well as the allowable administrative costs that certified companies may charge to educational institution employees in connection with 403(b) investment products other than annuity contracts.

Proposed §53.1 contains definitions of words and terms. Proposed §53.2 states the applicability of the proposed chapter. Proposed §53.3 states the maximum fees, costs, and penalties on annuity contracts. Proposed §53.4 states the qualifications for certification by companies offering 403(b) annuity contract products. Proposed §53.5 states the qualifications for certification by companies offering 403(b) products other than annuity contracts. Proposed §53.6 states the procedure for certification. Proposed §53.7 states the certification fee payable by companies to TRS. Proposed §53.8 describes the list of companies to be maintained by TRS on its Web site. Proposed §53.9 describes the requirement for notice to potential purchasers of 403(b) products. Proposed §53.10 describes the annual demonstration of licensure and training required for companies. Proposed §53.11 addresses coordination between TRS and regulatory agencies regarding complaints about 403(b) products or persons offering them. Proposed §53.12 states required notification of non-compliance by companies to TRS. Proposed §53.13 addresses revocation of certification. Proposed §53.14 addresses re-certification by companies. Proposed §53.15 addresses additional requirements for certified companies.

The purpose of the new chapter is to provide rules for certification and related matters as required by Section 23 of Senate Bill 273 (SB 273), Acts of the 77th Legislature, Regular Session, 2001, amending Chapter 22, Acts of the 57th Legislature, 3rd Called Session, 1962 (Article 6228a-5, Vernon's Texas Civil Statutes). SB 273 specifically authorizes TRS to adopt rules for the administration of company certification; requires TRS to adopt rules establishing the maximum amounts for fees, costs, and penalties on an annuity contract; and requires TRS to adopt rules establishing reasonable factors for certification by companies offering qualified investment products other than annuity contracts, including factors such as the financial strength of the companies offering the products and the administrative cost to employees.

Ronnie Jung, Deputy Director, has determined that for each year of the first five-year period the sections are in effect there will be no foreseeable fiscal implications to local governments as a result of enforcing or administering the rule. The additional estimated cost to state government expected as a result of enforcing or administering the sections is a total of $550,000 for the next five years. There is no estimated reduction in cost to state government and no estimated loss in revenue to state government as a result of administering or enforcing the new sections. The additional estimated increase in revenue to state government expected as a result of administering or enforcing the new sections is a total of $550,000 for the next five years from administrative fees to be paid by companies certifying to TRS. There will be no foreseeable, measurable effect on local employment or the local economy as a result of the proposed rules.

Mr. Jung also has determined that for each year of the first five years the new sections are in effect the public benefit anticipated would be that TRS will have procedures in place for certification by companies offering 403(b) products to educational employees. Certification is required in order for a company to offer an eligible qualified investment product that is the subject of a salary reduction agreement between an educational institution and an employee of the institution. Another benefit is that TRS will comply with the statutory requirement to set maximum fees, costs, and penalties for companies offering annuity contract products and to establish reasonable factors for certification of companies offering investment products other than annuity contracts, including financial strength criteria and administrative costs to employees. To the extent the proposed new sections reduce any current fees or charges, educational institution employees will benefit by paying companies less in fees or charges.

Mr. Jung has determined that there are likely to be economic costs to persons required to comply with the proposed sections. Currently, a company is not required to meet certification standards in order to offer qualified investment products to employees of educational institutions. The proposed sections would not require a company to certify in order to continue to offer qualified investment products. However, SB 273 does require a company to certify if it wishes to enter into a contract after June 1, 2002, with an employee who will use a salary reduction agreement with an employer to make direct contributions to, or to make purchases of, a qualified investment product. Because salary reduction agreements offer tax advantages to employees, certified companies may find it easier to attract investors than companies without certification. In order to certify, the proposed sections would require a company to pay a certification fee of $5,000 for a five year certification. This is a specific, new cost to companies who wish to certify. The fee will be the same regardless of size of the company certifying because the administrative costs are the same for TRS, regardless of the size of the certifying company. Other costs to a company for compliance would include personnel time for preparing and submitting the required certification forms and the annual forms relating to licensing and training forms. Additionally, some companies may not meet the requirements to certify and thus may be adversely affected in their ability to compete for 403(b) participants. The effect on a company's ability to compete may affect their revenues from sale of 403(b) products to school employees. Other companies may not currently meet the requirements for certification and may incur costs in order to meet the requirements in the future. Finally, a company may experience reduced revenues as a result of the maximum fees, costs, and penalties for annuity companies and the maximum administrative costs for companies offering products other than annuities, as set forth in the proposed sections. Whether a company would experience this economic effect would depend on whether it currently is charging educational employees fees in excess of those established under the proposed rules. Because the impact of the proposed sections will depend of many current business factors, the precise costs or adverse economic impact for persons affected by the proposed new sections is impossible for TRS to determine at this time, with the exception of the $5,000 certification fee.

There may be an adverse economic impact on companies or persons that qualify as small business or micro-business under Government Code §2006.001 as a result of the proposed new sections. The preceding determination regarding probable economic costs to persons required to comply with the sections applies to small or micro-businesses. In comparing the cost of compliance for small businesses or micro-businesses with the cost of compliance for the largest businesses, Mr. Jung has determined that compliance costs are driven primarily by whether a company wishes to certify, whether it presently meets the certification requirements, and whether it currently charges fees, costs, and penalties to educational employees in excess of those established by the proposed sections, not by whether the business is large or small. The cost for each hour of labor at a large business or a small or micro-business is not affected by the proposed rules. Using this standard of comparison, the proposed new sections do not have a disproportionate effect on small or micro-businesses. However, a small business or micro-business may be adversely impacted by some certification requirements, such as financial strength requirements, to a greater degree than a larger business.

Because SB 273 establishes certification requirements and factors, annual reporting requirements, and administrative fees regardless of size of a company, it is neither legal nor feasible for TRS to exempt small businesses or micro-businesses from the requirements of these proposed sections or to establish separate performance or compliance standards. Further, because administrative costs to TRS are the same whether a certifying company is large or small, it is not feasible for TRS to establish a lower certification fee for small businesses or micro-businesses.

Comments on the proposal may be submitted to Charles L. Dunlap, Executive Director, 1000 Red River, Austin, Texas 78701. To be considered, written comments (12 copies) must be submitted no later than 5:00 p.m. on February 11, 2002. Comments should be organized in a manner consistent with the organization of the proposed rules and should identify a rule section number when possible.

TRS staff will conduct a public hearing on this rulemaking under Government Code §2001.029 at the TRS offices, 1000 Red River, Austin, Texas on Wednesday, January 23, 2002, at 9:00 a.m., in the Henry Bell Board Room, Fifth Floor. Persons wishing to make oral comments should identify specific rule sections by number when possible. Additionally, it is suggested that persons making oral comments submit a summary of their comments (12 copies) in writing at the time of the public hearing to facilitate addressing the comments during the rulemaking process.

Based upon various considerations, including comments received and the TRS staff's or Board of Trustees' review of those comments, or based on the action of the Board of Trustees at their public meeting, the sections as adopted may be revised from the sections as proposed in whole or in part. Therefore, persons in support of all or portions of the sections as proposed, are encouraged to comment to that effect.

The new sections are proposed under article 6228-a-5, Vernon's Texas Civil Statutes, which authorizes the TRS Board of Trustees to adopt rules to administer the certification of companies offering eligible qualified investment products to educational employees, to establish maximum fees, costs, and penalties on an annuity contract that is offered as an eligible qualified investment product to an educational institution employee, and to establish reasonable factors, including financial strength of the companies offering the products and the administrative cost to employees, for certification of companies offering qualified investment products other than annuity contracts. The new sections also are proposed under Government Code, Chapter 825, §825.102, which authorizes the TRS Board of Trustees to adopt rules for the transaction of business of the Board.

No other codes are affected by the proposal.

§53.1.Definitions.

The following words and terms when used in this chapter shall have the following meanings, unless the context clearly indicates otherwise:

(1) Board of trustees--The board of trustees of the Teacher Retirement System of Texas (TRS).

(2) Certify--To submit all required information to the retirement system and meet all required qualifications for certification, as demonstrated by the retirement system's acceptance of certification by a company.

(3) Educational institution--A school district or an open-enrollment charter school.

(4) Eligible qualified investment--A qualified investment product offered by a company that:

(A) is certified to the board of trustees to offer qualified investment products that are annuity contracts; or

(B) is certified to the board of trustees to offer qualified investment products other than annuity contracts.

(5) Employee--An employee of an educational institution.

(6) Qualified investment product--An annuity or investment that:

(A) meets the requirements of Section 403(b), Internal Revenue Code of 1986, and its subsequent amendments;

(B) complies with applicable federal insurance and securities laws and regulations; and complies with applicable state insurance and securities laws and rules.

(7) Retirement system--The Teacher Retirement System of Texas (TRS).

(8) Salary reduction agreement--An agreement between an educational institution and an employee to reduce the employee's salary for the purpose of making direct contributions to or purchases of a qualified investment product.

(9) School year--A twelve month period established by an educational institution as its school year and, for purposes of this chapter, beginning after June 1 of a calendar year.

(10) Representative--A person who sells or offers for sale an eligible qualified investment product on behalf of a certified company.

§53.2.Applicability.

(a) This chapter applies to companies that offer qualified investment products to employees of educational institutions in the State of Texas if such products are, or are likely to be, the subject of salary reduction agreements.

(b) A company that, on or after June 1, 2002, offers or enters into a contract for a qualified investment product that is, or is likely to be, the subject of a salary reduction agreement shall certify to the retirement system prior to offering the product or entering into a contract for the product.

§53.3.Maximum Fees, Costs, and Penalties on Annuity Contracts.

(a) A certified company offering qualified investment products that are annuity contracts may not assess fees, costs, or penalties on an annuity contract in excess of the amounts established in this section.

(b) This section does not establish or govern the amount of commission a company may pay a broker or agent.

(c) No front-end or back-end sales loads are permitted for any product, except as provided for fixed annuity account surrender or withdrawal charges as permitted in this section.

(d) No annual, recurring or one-time fixed dollar fees may be charged. No recordkeeping or administrative fees may be charged.

(e) Companies may collect no more than the following charges as a percentage of the total assets in variable annuity accounts. The acceptable charges permitted as part of the percentage consist of investment management, custodial, mortality and expense risk charges, 12b-1 fees, administrative charges and other applicable fees and charges. Surrender and withdrawal charges are not permitted as part of the percentage. The maximum expense charge by asset class is as follows:

(1) Money Market/Stable Value 0.90%

(2) Diversified Bond 1.10%

(3) Balanced 1.25%

(4) Large Cap Equity 1.25%

(5) Small-Mid Cap Equity 1.50%

(6) International/Global Equity 1.50%

(f) The percentage applicable is determined by the asset class of the fund that is specified in the variable annuity contract. If an equity fund includes more than one equity asset class, the percentage applicable shall be the lowest fee. For purposes of this section, the asset classes are defined as follows:

(1) Money market asset class--A fund that purchases short-term, typically high quality securities such as Treasury Bills, negotiable CDs, and commercial paper.

(2) Stable Value--A fixed income portfolio held at book value. Investments may include insurance or bank contracts and bond investments with an insurance company wrapper that guarantees the principal amount.

(3) Diversified Bond--A fund in which the investment process usually emphasizes either interest rate forecasting (adjusting portfolio's duration), market analysis (sector analysis, issues selection or yield curve analysis) or active core (tied to a benchmark) management. It is a fund that is diversified across sectors as well as bond duration.

(4) Balanced asset class--A fund that invests in both stocks and bonds. Some balanced funds may also diversify into small cap stocks and international stocks. The fund portfolio typically is balanced to achieve both moderate income and moderate capital growth.

(5) Large cap equity asset class--A fund that invests in stocks of large companies that have a large amount of common stock outstanding. Typically, large companies have a market capitalization of over $7 to $10 billion.

(6) Small/mid cap equity asset class--A fund that invests in stocks of relatively small firms with fewer shares of common stock outstanding. Small-to-mid companies have a market cap from less than $500 million to $7 to $10 billion.

(7) International/global equity asset class--An international fund invests only outside the United States of America. A global fund invests both internationally and domestically.

(g) Surrender or withdrawal charges may not be charged to any variable annuity account. Fixed annuity accounts may collect a surrender charge but this fee will not exceed 6.0% on all charges and must terminate within six years from the inception of the participant's contract.

(h) All fixed annuity contracts must be quoted net of fees.

(i) This section does not authorize a certified company offering annuity contract qualified investment products to charge fees, costs, or penalties in excess of any charges established or approved by the Texas Department of Insurance for the company or for the annuity contract.

§53.4.Qualifications for Certification by Companies Offering Qualified Investment Products that are Annuity Contracts.

(a) A company may certify to the retirement system that it offers qualified investment product that are annuity contracts if the company meets the requirements of this section.

(b) A company may certify to the retirement system under this section if the company:

(1) is authorized to issue annuity contracts in the State of Texas at the time the certification is filed;

(2) does not assess fees, costs, or penalties on an annuity contract that exceed the maximum amounts established in this chapter; and,

(3) complies with the following standards:

(A) the company's actuarial opinions required under Articles 1.11 and 3.28, Insurance Code, have not been adverse or qualified in the five years preceding the date the certification is filed;

(B) the company is subject to the annual audit requirements of Article 1.15A, Insurance Code, and its most recent audit of financial strength conducted by an independent certified public accountant is timely filed and does not indicate the existence of any material adverse financial conditions in the company for the five years preceding the filing deadlines for the audit;

(C) the company has not been the subject of an administrative or regulatory action by the Texas Department of Insurance under Article 1.32 or 21.28-A or §83.051, Insurance Code, in the five years preceding the date the certification is filed;

(D) the company has maintained during the five years preceding the date the certification is filed an average of at least 400 percent of the authorized control level, as calculated in accordance with the risk-based capital and surplus requirements established in rules adopted by the Texas Department of Insurance, with the five-year average to be calculated using the same date each year;

(E) the company has not fallen below 300% of the authorized control level, as calculated in accordance with the risk-based capital and surplus established in rules adopted by the Texas Department of Insurance, at any time in the five years preceding the date the certification is filed; and

(F) the company has at least five years' experience in qualified investment products and has a specialized department dedicated to the service of qualified investment products.

§53.5.Qualifications for Certification by Companies Offering Qualified Investment Products Other than Annuity Contracts.

(a) A company that offers qualified investment products other than annuity contracts may certify to the retirement system if it meets the requirements of this section.

(b) A company is eligible to certify if:

(1) The company has as least five years' experience in a qualified investment products and has a specialized department dedicated to service of qualified investment products.

(2) The company is qualified to do business in the State of Texas.

(3) The company is registered with the Securities and Exchange Commission, the State Securities Board, or other regulatory entity, if required by law.

(4) The company has not had a license or registration suspended or revoked by state or federal regulators within the five years preceding the date the certification is filed for violations of state or federal laws or for not implementing regulations.

(5) The company manages assets in excess of $2 billion in mutual funds or other appropriate investment products for Section 403(b).

(6) The company demonstrates that its representatives are properly licensed and qualified to sell and service its investment products.

(7) The company's charges to employees for administrative costs do not exceed the limitations of this section.

(c) A company may not assess employees charges for administrative costs in excess of the following:

(1) No front-end or back-end sales loads are permitted for any product.

(2) No annual, recurring or one-time fixed dollar fees may be charged. No recordkeeping or administrative fees may be charged.

(3) Companies may collect no more than the following charges as a percentage of the total assets. The acceptable charges permitted as part of the percentage consist of investment management, custodial, 12b-1 fees, administrative charges and other applicable fees and charges. The maximum expense charge by asset class is as follows:

(A) Money Market/Stable Value 0.90%

(B) Diversified Bond 1.10%

(C) Balanced 1.25%

(D) Large Cap Equity 1.25%

(E) Small-Mid Cap Equity 1.50%

(F) International/Global Equity 1.50%

(d) The percentage applicable is determined by the asset class of the fund that is specified in the contract. If an equity fund includes more than one equity asset class, the percentage applicable shall be the lowest fee. For purposes of this section, the asset classes are defined as follows:

(1) Money market asset class--A fund that purchases short-term, typically high quality securities such as Treasury Bills, negotiable CDs, and commercial paper.

(2) Stable Value--A fixed income portfolio held at book value. Investments may include insurance or bank contracts and bond investments with an insurance company wrapper that guarantees the principal amount.

(3) Diversified Bond--A fund in which the investment process usually emphasizes either interest rate forecasting (adjusting portfolio's duration), market analysis (sector analysis, issues selection or yield curve analysis) or active core (tied to a benchmark) management. It is a fund that is diversified across sectors as well as bond duration.

(4) Balanced asset class--A fund that invests in both stocks and bonds. Some balanced funds may also diversify into small cap stocks and international stocks. The fund portfolio typically is balanced to achieve both moderate income and moderate capital growth.

(5) Large cap equity asset class--A fund that invests in stocks of large companies that have a large amount of common stock outstanding. Typically, large companies have a market capitalization of over $7 to $10 billion.

(6) Small/mid cap equity asset class--A fund that invests in stocks of relatively small firms with fewer shares of common stock outstanding. Small-to-mid companies have a market cap from less than $500 million to $7 to $10 billion.

(7) International/global equity asset class--An international fund invests only outside the United States of America. A global fund invests both internationally and domestically.

(e) This section does not establish or govern the amount of commission a company may pay a broker or agent.

§53.6.Procedure for Certification.

(a) A company that meets the qualifications for certification may certify to the retirement system in the manner specified in this section.

(b) A qualified company shall submit its certification by providing all information required on a form promulgated by the retirement system for this purpose.

(c) A company shall certify that it meets the training and licensing specified in this chapter for its representatives at the time of certification by providing to the retirement system all required information on a form promulgated by the retirement system for this purpose.

(d) A certifying company shall file its certification form with the retirement system no later than June 1 in order to offer eligible qualified investments during the school year beginning after June 1 in the same calendar year.

(e) A certifying company shall pay the administrative fee established by this chapter to the retirement system at the time it submits its certification.

(f) A company has an on-going duty to correct any erroneous or misleading information provided to the retirement system in the certification process. A company shall notify the retirement system within 15 business days of a change in the contact information in the certification submission or a change in its status or the status of the products it offers if such a change alters the information the company provided or the statements to which the company certified.

(g) The retirement system may reject the certification if the information submitted indicates the company does not meet the requirements for certification or if the retirement system receives notification of a violation regarding the company or the company's product. Rejection of certification is final but a company may re-certify if it meets the requirements to do so.

(h) Certification accepted by the retirement system remains in effect for five school years unless revoked by the retirement system.

§53.7.Certification Fee.

(a) A company shall pay a certification fee of $5,000 to the retirement system at the time certification is submitted.

(b) A company certifying to offer both annuity contracts and investments other than annuity contracts shall pay one certification fee if the certifications for both types of qualified investment products are submitted at the same time. If the certifications are submitted separately, a company shall pay a separate certification fee for each separate certification. If a company proposes to certify more than one legal entity, the company shall submit separate certifications and fees for each legal entity.

(c) If the retirement system does not accept certification by a company, the retirement system shall retain the amount of the certification fee sufficient to reimburse the retirement system for its administrative costs associated with review of the certification.

(d) No portion of a certification fee is refundable if the retirement system revokes a certification.

§53.8.List of Certified Companies.

(a) Upon acceptance of a company's certification, the retirement system shall include the certified company on the list maintained by the retirement system on its Web site.

(b) A certified company shall notify the retirement system in writing of any changes to information appearing on the list no later than thirty calendar days after the changes become effective.

(c) The retirement system shall remove a company from the list upon revocation or expiration of the company's certification.

(d) The retirement system may indicate on the list whether a certified company has complied with its requirement to demonstrate annually that its representatives are properly licensed and qualified to sell and service the company's eligible qualified investments.

§53.9.Notice to Potential Purchaser.

(a) A person who offers to sell an annuity contract, a variable annuity, or an equity-based index contract that is or may be the subject of a salary reduction agreement shall provide notice to a potential purchaser and other information as required under Texas Civil Statutes, Article 6228a-5, §11.

(b) The form of the notice for an annuity contract shall be as provided by the retirement system on its Internet Web site, www.trs.state.tx.us. A company shall use the form notice as the basis for its annuity contract notices to potential purchasers.

(c) A certified company shall provide to the retirement system a copy of the company's notice relating to a specific contract within ten business days of a request by the retirement system.

§53.10.Annual Demonstration of Licensure and Training.

(a) All certified companies and any company that offers an eligible qualified investment that is subject to a salary reduction agreement shall file, on a form promulgated by the retirement system for this purpose, information regarding their representatives.

(b) The information shall be filed no later than June 1 of each year of certification or each year in which a company offers eligible qualified investments that are subject to salary reduction agreements.

(c) The company shall demonstrate that each of its representatives is properly licensed and qualified, by training and continuing education, to sell and service the company's eligible qualified investments.

(d) The retirement system may report the failure of any company to comply with the requirements of this section to appropriate regulatory authorities, including the Texas Department of Insurance or the Texas State Securities Board.

§53.11.Coordination with Regulatory Agencies.

(a) The retirement system may refer complaints about qualified investment products or the companies or persons offering them to the Texas Department of Insurance or the Texas State Securities Board.

(b) The retirement system may receive notifications from the Texas Department of Insurance or the Texas State Securities Board regarding a product or company that violates certification requirements or standards.

§53.12.Company Notification of Non-compliance.

(a) No later than thirty calendar days after the relevant triggering event, a certified company shall notify the retirement system in writing:

(1) if, at any time, the company is not in compliance with the requirements and standards for certification, including as a result of a merger or change in ownership; or,

(2) if an investment product that the company offers to educational institution employees is the subject of a salary reduction agreement and the investment product is not a qualified investment product.

(b) The company shall provide the retirement system information sufficient to explain the occurrence leading to the notification, including nature of non-compliance or reason for non-qualification of a product, date of the occurrence, and other information requested by the retirement system to determine whether a company should remain certified.

(c) The retirement system may reject or revoke the certification of a company based on notification of non-compliance with certification requirements or based on non-qualified investment products that are the subject of salary reduction agreements.

§53.13.Revocation of Certification.

(a) The retirement system may revoke a certification if it receives notification of a violation regarding the company or the company's product or that the company no longer meets certification requirements.

(b) Upon revocation of certification, the retirement system shall remove the name of the company from the list of certified companies maintained by the retirement system.

(c) Revocation of certification is final but a company may re-certify if it meets the requirements to do so.

§53.14.Re-certification.

(a) A company may re-certify to the retirement system following expiration, rejection, or revocation of its initial certification.

(b) In order to re-certify, a company shall submit all information required for certification and shall pay the certification fee in effect at the time re-certification is submitted.

(c) To re-certify following rejection or revocation of certification, a company must specifically demonstrate that the grounds for rejection or revocation have been remedied.

(d) A company shall file its re-certification with the retirement system no later than June 1 in order to offer eligible qualified investments during the school year starting in the same calendar year.

§53.15.Additional Requirements.

A certified company shall provide toll-free telephone transferring privileges each business day from 8:00 a.m. to 6:00 p.m. central standard time.

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 December 21, 2001.

TRD-200108260

Charles L. Dunlap

Executive Director

Teacher Retirement System of Texas

Proposed date of adoption: February 22, 2002

For further information, please call: (512) 542-6115