Texas Government Code 609.010 – Liability; Responsibility for Monitoring
Current as of: 2024 | Check for updates
|
Other versions
(a) The board of trustees, a state agency, a political subdivision, a plan administrator, or an employee of any of those persons is not liable to a participating employee for the diminution in value or loss of all or part of the participating employee’s deferred amounts or investment income because of market conditions or the failure, insolvency, or bankruptcy of a qualified vendor.
(b) A participating employee is responsible for monitoring:
(1) the financial status of the qualified vendor in whose products the employee’s deferred amounts and investment income are invested;
(2) market conditions; and
(3) the amount of the employee’s deferred amounts and investment income that is invested in the qualified vendor’s product.
Terms Used In Texas Government Code 609.010
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.