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By: Stephenson (Senate Sponsor - Huffman) |
H.B. No. 1707 |
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(In the Senate - Received from the House April 20, 2015; |
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May 4, 2015, read first time and referred to Committee on State |
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Affairs; May 12, 2015, reported favorably by the following vote: |
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Yeas 9, Nays 0; May 12, 2015, sent to printer.) |
| Click here to see the committee vote |
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A BILL TO BE ENTITLED
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AN ACT
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relating to the methods by which a political subdivision may submit |
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contributions to the Texas Emergency Services Retirement System. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 865.014(c), Government Code, is amended |
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to read as follows: |
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(c) Contributions required as provided by this section |
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shall be paid at the times and in the manner that the state board |
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prescribes by rule. Contributions required by this section shall |
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be submitted by electronic funds transfer, by wire transfer, or as |
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an automated clearinghouse withdrawal (ACH debit) unless the |
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executive director grants an exception based on the difficulty of a |
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participating department's use of those [that] payment methods |
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[method]. Contributions that are not paid within the time required |
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by the state board accrue interest at the most recent assumed |
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actuarial rate of return on investments of the fund. |
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SECTION 2. This Act takes effect September 1, 2015. |
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