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Texas Local Government Code - LOC GOV'T § 103.004. Valuation of Certain Benefit Programs

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

(a) A municipality that provides a continuing organized program of service retirement benefits, disability retirement benefits, or death benefits for any of its officers or employees must include in the annual financial statement a valuation of the financial assets and liabilities of the program as shown in the most recent actuarial valuation of the program.

(b) This section does not apply to:

(1) a program for which the only funding agency is a life insurance company;

(2) a program providing only workers' compensation benefits; or

(3) a program administered by the municipality as a member of the Texas Municipal Retirement System.

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Cite this article: FindLaw.com - Texas Local Government Code - LOC GOV'T § 103.004. Valuation of Certain Benefit Programs - last updated January 01, 2024 | https://codes.findlaw.com/tx/local-government-code/loc-gov-t-sect-103-004/

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