Sec. 815.407. LEGACY PAYMENTS. (a) In addition to the state contributions required by this subtitle, each fiscal year the state shall make an actuarially determined payment in the amount necessary to amortize the system's unfunded actuarial liabilities by not later than the fiscal year ending August 31, 2054.
(b) Before each regular legislative session, the retirement system shall provide the Legislative Budget Board with the amount necessary to make the actuarially determined payment required under Subsection (a). The director of the Legislative Budget Board, under the direction of the Legislative Budget Board, shall include that payment in the general appropriations bill prepared for introduction at each regular legislative session under Section 322.008. This subsection expires September 1, 2055.
Added by Acts 2021, 87th Leg., R.S., Ch. 940 (S.B. 321), Sec. 20, eff. September 1, 2021.
Structure Texas Statutes
Title 8 - Public Retirement Systems
Subtitle B - Employees Retirement System of Texas
Subchapter E. Collection of Membership Fees and Contributions
Section 815.401. Collection of Membership Fees
Section 815.402. Collection of Certain Member Contributions
Section 815.403. Collection of State Contributions
Section 815.4035. Collection of State Retirement Contribution
Section 815.404. Use of Federal Money