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Texas Government Code - GOV'T § 810.006. Minimum Retirement Funding Requirements for Defunding Municipalities

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) In this section:

(1) “Defunding municipality” means a municipality that is considered to be a defunding municipality under Chapter 109, Local Government Code.

(2) “Public retirement system” has the meaning assigned by Section 802.001.

(b) This section applies only to a municipality that is:

(1) an employer of active members of a public retirement system administering a defined benefit plan; and

(2) a defunding municipality.

(c) Notwithstanding any other law and as soon as practicable after the date the criminal justice division of the office of the governor issues a written determination under Section 109.003(2), Local Government Code, with respect to a municipality, the municipality shall for the purpose of funding retirement benefits increase municipal contributions to a public retirement system in which its employees participate as members in a manner that ensures that the total amount the municipality and members contribute to the system for the fiscal year on which the determination is based is not less than the total amount the municipality and members of the system contributed to the system for the fiscal year immediately preceding the fiscal year on which the determination is based.

(d) A municipality subject to this section shall increase contributions in the manner provided by Subsection (c) for each fiscal year for which the municipality is considered a defunding municipality.

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Cite this article: FindLaw.com - Texas Government Code - GOV'T § 810.006. Minimum Retirement Funding Requirements for Defunding Municipalities - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-810-006/

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