Tex.
Local Gov't Code Section 107.001
Definitions
(1)
“Obligation” includes a bond, certificate, note, or book entry obligation.(2)
“Unfunded liability” means an unfunded, accrued liability of a municipality to a public pension fund as determined by actuarial analysis.(1)
means a continuing, organized program or plan of service retirement, disability retirement, or death benefits for officers or employees of a municipality;(2)
includes a plan qualified under Section 401(a), Internal Revenue Code of 1986, as amended; and(3)
does not include:(A)
a program that provides only workers’ compensation benefits;(B)
a program administered by the federal government;(C)
a plan described by Section 401(d), Internal Revenue Code of 1986, as amended;(D)
an individual retirement account consisting of an annuity contract described by Section 403(b), Internal Revenue Code of 1986, as amended;(E)
an individual retirement account as defined by Section 408(a), Internal Revenue Code of 1986, as amended;(F)
an individual retirement annuity as defined by Section 408(b), Internal Revenue Code of 1986, as amended;(G)
an eligible deferred compensation plan as defined by Section 457(b), Internal Revenue Code of 1986, as amended; or(H)
a program for which benefits are administered by a life insurance company or for which the only funding agency is a life insurance company.
Source:
Section 107.001 — Definitions, https://statutes.capitol.texas.gov/Docs/LG/htm/LG.107.htm#107.001 (accessed Apr. 29, 2024).
