Sec. 609.513. DISCRETIONARY TRANSFER. (a) The board of trustees may transfer an employee's deferred amounts and investment income from a qualified investment product to the trust fund of the deferred compensation plan in which the employee participates if the board of trustees determines that the transfer is in the best interest of the plan and the employee.
(b) The board of trustees is not required to give notice of a transfer under Subsection (a) to the employee before the transfer occurs.
(c) Promptly after a transfer under Subsection (a) occurs, the board of trustees shall give to the employee a notice that:
(1) states the reason for the transfer; and
(2) requests that the employee promptly designate another qualified investment product to receive the transferred amount.
Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.
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