- (a) The plan administrator may offer independent investment advice through a qualified independent advisor in accordance with applicable federal regulations.
- (b) Payment for independent investment advice is allowed only from the revised plan.
(c) Applicability.
- (1) This section applies to the Texa$aver 401(k) Plan and Texa$aver 457 Plan, as amended and adopted by the Employees Retirement System of Texas.
- (2) The investment advisor(s) used by the plan administrator must meet reasonable qualifications, and agree to act as a fiduciary on behalf of the participants.
- (3) Payments for investment advice under this rule may only be made when the plan administrator has determined that it considers the payment to be a reasonable plan expense.
Source Note:The provisions of this §87.34 adopted to be effective September 11, 2003, 28 TexReg 7785; amended to be effective September 30, 2004, 29 TexReg 9204.