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A BILL TO BE ENTITLED
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AN ACT
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relating to participation in the proportionate retirement program |
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by certain public employees. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 803.101, Government Code, is amended by |
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adding Subsections (g) and (h) to read as follows: |
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(g) The governing body of a municipality described by |
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Section 803.0021(1) that finances a public retirement system for |
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police officers or firefighters may not approve the retirement |
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system's election under Subsection (f) to participate in the |
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proportionate retirement program unless an actuary acting on behalf |
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of the municipality reviews the initial cost to the municipality of |
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making the election. |
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(h) If the governing body of a public retirement system |
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under Subsection (g) adopts a resolution to participate in the |
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proportionate retirement program, the governing body of the |
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municipality that finances the retirement system shall appropriate |
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and pay to the retirement system, at the same time the municipality |
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makes the municipality's monthly contribution to the retirement |
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system, the additional amount necessary, as determined by the |
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retirement system's actuary, to fund the additional liabilities |
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incurred by the retirement system as a result of participating in |
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the proportionate retirement program. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2007. |