Bill Text: TX HB3488 | 2013-2014 | 83rd Legislature | Introduced
Bill Title: Relating to financial accounting and reporting of pension benefits for employees of this state and political subdivisions of this state.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2013-03-20 - Referred to Pensions [HB3488 Detail]
Download: Texas-2013-HB3488-Introduced.html
83R9857 SCL-F | ||
By: Burkett | H.B. No. 3488 |
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relating to financial accounting and reporting of pension benefits | ||
for employees of this state and political subdivisions of this | ||
state. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. The heading to Subchapter C, Chapter 2266, | ||
Government Code, is amended to read as follows: | ||
SUBCHAPTER C. PENSION AND OTHER POSTEMPLOYMENT BENEFITS | ||
SECTION 2. Section 2266.102, Government Code, is amended to | ||
read as follows: | ||
Sec. 2266.102. ACCOUNTING FOR PENSION AND OTHER | ||
POSTEMPLOYMENT BENEFITS. To the extent that generally accepted | ||
accounting principles require accounting or reporting of pension | ||
and other postemployment benefits at the government-wide or fund | ||
level on any basis other than pay-as-you-go, this state and its | ||
political subdivisions may account for or report those pension and | ||
other postemployment benefits in accordance with the statutory | ||
accounting principles in this chapter. | ||
SECTION 3. The heading to Section 2266.103, Government | ||
Code, is amended to read as follows: | ||
Sec. 2266.103. COMMUNICATION OF STATE SYSTEM'S OBLIGATIONS | ||
TO PROVIDE PENSION AND OTHER POSTEMPLOYMENT BENEFITS. | ||
SECTION 4. Sections 2266.103(a) and (c), Government Code, | ||
are amended to read as follows: | ||
(a) In this section, "member" means a person to whom a state | ||
system provides, or has promised to provide, pension or other | ||
postemployment benefits, including: | ||
(1) a retiree, annuitant, or employee; or | ||
(2) a spouse, surviving spouse, or other dependent. | ||
(c) A state system shall inform its members about the extent | ||
of the system's commitments regarding pension or other | ||
postemployment benefits, including whether the pension or other | ||
postemployment benefits are limited by funding obligations or | ||
whether the funding obligations extend throughout the life of the | ||
member. | ||
SECTION 5. Section 2266.104, Government Code, is amended to | ||
read as follows: | ||
Sec. 2266.104. DISCLOSURE OF INFORMATION ON FINANCIAL | ||
STATEMENTS; GENERALLY. This state or a political subdivision of | ||
this state shall disclose in its notes to the financial statement in | ||
a manner consistent with this subchapter: | ||
(1) pension and other postemployment benefits that it | ||
provides in its substantive plan, including: | ||
(A) the covered employee groups; | ||
(B) eligibility requirements; and | ||
(C) the amount, described in an appropriate | ||
manner, of obligations that it and the member contribute; | ||
(2) the statutory, contractual, or other authority | ||
under which pension and other postemployment benefits are provided | ||
under Subdivision (1); | ||
(3) the accounting, financing, and funding policies | ||
that it follows; | ||
(4) the amount of pension and other postemployment | ||
benefits expenditures that it recognizes during the period, net of | ||
member contributions; | ||
(5) the number of members currently eligible to | ||
receive pension or other postemployment benefits; | ||
(6) any significant matters that affect the | ||
comparability of the disclosures required by this section with | ||
those for the previous period; and | ||
(7) any additional information that it believes will | ||
assist in explaining the nature and cost of its commitment to | ||
provide pension and other postemployment benefits. | ||
SECTION 6. Section 2266.106(b), Government Code, is amended | ||
to read as follows: | ||
(b) The site must include information that makes the site a | ||
resource tool for the state and its political subdivisions to | ||
consistently manage pension and other postemployment benefits to | ||
conform to statutory, constitutional, and other legal | ||
requirements. | ||
SECTION 7. This Act takes effect September 1, 2013. |