(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