Texas Government Code 609.502 – Creation of Plan; Participation
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(a) The board of trustees of the Employees Retirement System of Texas is the trustee and the plan administrator of a 401(k) plan and a 457 plan, collectively known as the TexaSaver program, established under this subchapter.
(b) The board of trustees shall administer all aspects of each plan.
Terms Used In Texas Government Code 609.502
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Trustee: A person or institution holding and administering property in trust.
(c) The board of trustees may designate a person to assist in the execution of the board’s authority and responsibilities as plan administrator.
(d) A state agency may participate in either or both plans.