Bill Text: TX SB2224 | 2019-2020 | 86th Legislature | Comm Sub
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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-Comm_Sub.html
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-Comm_Sub.html
By: Huffman | S.B. No. 2224 | |
(In the Senate - Filed March 8, 2019; March 21, 2019, read | ||
first time and referred to Committee on State Affairs; | ||
March 27, 2019, reported favorably by the following vote: Yeas 9, | ||
Nays 0; March 27, 2019, sent to printer.) | ||
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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. | ||
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