Bill Text: TX SB2224 | 2019-2020 | 86th Legislature | Enrolled
Bill Title: Relating to requiring a public retirement system to adopt a written funding policy.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2019-06-04 - Effective on 9/1/19 [SB2224 Detail]
Download: Texas-2019-SB2224-Enrolled.html
S.B. No. 2224 |
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relating to requiring a public retirement system to adopt a written | ||
funding policy. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter C, Chapter 802, Government Code, is | ||
amended by adding Section 802.2011 to read as follows: | ||
Sec. 802.2011. FUNDING POLICY. (a) In this section: | ||
(1) "Funded ratio" means the ratio of a public | ||
retirement system's actuarial value of assets divided by the | ||
system's actuarial accrued liability. | ||
(2) "Governmental entity" has the meaning assigned by | ||
Section 802.1012. | ||
(b) The governing body of a public retirement system shall: | ||
(1) adopt a written funding policy that details the | ||
governing body's plan for achieving a funded ratio of the system | ||
that is equal to or greater than 100 percent; | ||
(2) maintain for public review at its main office a | ||
copy of the policy; | ||
(3) file a copy of the policy and each change to the | ||
policy with the board not later than the 31st day after the date the | ||
policy or change, as applicable, is adopted; and | ||
(4) submit a copy of the policy and each change to the | ||
policy to the system's associated governmental entity not later | ||
than the 31st day after the date the policy or change is adopted. | ||
SECTION 2. Not later than January 1, 2020, each public | ||
retirement system shall adopt a funding policy as required by | ||
Section 802.2011, Government Code, as added by this Act. | ||
SECTION 3. This Act takes effect September 1, 2019. | ||
______________________________ | ______________________________ | |
President of the Senate | Speaker of the House | |
I hereby certify that S.B. No. 2224 passed the Senate on | ||
April 11, 2019, by the following vote: Yeas 31, Nays 0. | ||
______________________________ | ||
Secretary of the Senate | ||
I hereby certify that S.B. No. 2224 passed the House on | ||
May 17, 2019, by the following vote: Yeas 147, Nays 0, | ||
two present not voting. | ||
______________________________ | ||
Chief Clerk of the House | ||
Approved: | ||
______________________________ | ||
Date | ||
______________________________ | ||
Governor |