Tex.
Gov't Code Section 845.307
Subdivision Accumulation Fund
(a)
The retirement system shall credit or charge to the account of a participating subdivision in the subdivision accumulation fund:(1)
all benefit contributions made by the subdivision to the system pursuant to Section 845.404 (Collection of Subdivision Contributions)(a)(2);(2)
net investment income or loss allocated to the fund under Section 845.315 (Annual Allocation of Net Investment Income or Loss);(3)
amounts deposited by the subdivision under Section 845.408 (Additional Optional Deposits by Subdivisions);(4)
the withdrawal charge for reinstatement of service credit as provided by Section 843.003 (Authorization to Reestablish Service Credit Previously Forfeited); and(5)
other credits and charges that may be authorized under this subtitle.(b)
Subject to Subsection (c), the retirement system shall pay from the subdivision accumulation fund all payments for annuities and other benefit payments granted by a participating subdivision.(c)
The board of trustees may proportionately reduce all payments under prior service annuities and supplemental annuities at any time and for a period necessary to prevent payments under those annuities for a year from exceeding the amount available in the participating subdivision’s account.(d)
If credited service previously forfeited is reinstated in accordance with Section 843.003 (Authorization to Reestablish Service Credit Previously Forfeited), the retirement system shall charge the subdivision’s account in the subdivision accumulation fund with the necessary reserves to fund the credits restored to the member.
Source:
Section 845.307 — Subdivision Accumulation Fund, https://statutes.capitol.texas.gov/Docs/GV/htm/GV.845.htm#845.307 (accessed Jun. 5, 2024).
