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Senate Bill 1626 |
Senate Author: Watson |
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Effective: 6-15-07 |
House Sponsor: Rodriguez |
Senate Bill 1626 amends the Government Code to prohibit the governing body of certain municipalities from participating in the proportionate retirement program unless an actuary acting on behalf of the municipality reviews the initial cost to the municipality of making the election. The bill further provides that if the governing body of a public retirement system adopts a resolution to participate in the proportionate retirement program, the governing body of the municipality that finances the retirement system must pay to the retirement system, at the same time the municipality makes its monthly contribution to the retirement system, the additional amount necessary to fund the additional liabilities incurred by the retirement system as a result of participating in the proportionate retirement program.