This chapter does not prohibit the compulsory retirement of an employee who is:

1. (1) at least 65 years of age;
2. (2) employed in a bona fide executive or high policy-making position for the two years preceding retirement; and
3. (3) entitled to an immediate, nonforfeitable annual retirement benefit from a pension, profit-sharing, savings, or deferred compensation plan or a combination of plans of the employee's employer that equals, in the aggregate, at least $27,000.

Acts 1993, 73rd Leg., ch. 269, Sec. 1, eff. Sept. 1, 1993.