Bill Text: TX SB1133 | 2013-2014 | 83rd Legislature | Enrolled
Bill Title: Relating to contributions to certain fire and police pension funds.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2013-05-24 - Effective immediately [SB1133 Detail]
Download: Texas-2013-SB1133-Enrolled.html
| S.B. No. 1133 | ||
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| relating to contributions to certain fire and police pension funds. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 14, Chapter 101 (H.B. 31), Acts of the | ||
| 43rd Legislature, 1st Called Session, 1933 (Article 6243b, Vernon's | ||
| Texas Civil Statutes), is amended to read as follows: | ||
| Sec. 14. USE OF PUBLIC FUNDS. Except as provided by Section | ||
| 14A of this Act, no [ |
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| treasury of any such incorporated city or town, in carrying out any | ||
| of the provisions of this law, except on a majority vote of the | ||
| voters of such city or town, and where such funds have been voted on | ||
| as provided by law, said city or town shall contribute such amount. | ||
| SECTION 2. Subsection (a), Section 14A, Chapter 101 (H.B. | ||
| 31), Acts of the 43rd Legislature, 1st Called Session, 1933 | ||
| (Article 6243b, Vernon's Texas Civil Statutes), is amended to read | ||
| as follows: | ||
| (a) If at any time a qualified actuary that meets the | ||
| requirements of Subdivision (1), Subsection (b), Section 10A of | ||
| this Act, determines that the total contribution rate, expressed as | ||
| a percentage of wages, is insufficient to amortize the unfunded | ||
| actuarial accrued liability, as defined under the Governmental | ||
| Accounting Standards Board Statement No. 25, over a 40-year period | ||
| [ |
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| (1) the city's or town's governing body may increase | ||
| the city or town contribution rate; and | ||
| (2) to the extent that the city or town contribution | ||
| rate increases under Subdivision (1) of this subsection, the member | ||
| contribution rate must increase by an amount equal to the member | ||
| contribution rate before the increase multiplied by a fraction: | ||
| (A) the numerator of which is the increase in the | ||
| amount of the city or town contribution rate; and | ||
| (B) the denominator of which is the amount of the | ||
| city or town contribution rate before the increase. | ||
| SECTION 3. Chapter 101 (H.B. 31), Acts of the 43rd | ||
| Legislature, 1st Called Session, 1933 (Article 6243b, Vernon's | ||
| Texas Civil Statutes), is amended by adding Section 14B to read as | ||
| follows: | ||
| Sec. 14B. CONTRIBUTION DECREASES. (a) If at any time a | ||
| qualified actuary that meets the requirements of Section 10A(b)(1) | ||
| of this Act determines that the total contribution rate, expressed | ||
| as a percentage of wages, is sufficient to amortize the unfunded | ||
| actuarial accrued liability, as defined under the Governmental | ||
| Accounting Standards Board Statement No. 25, over a 25-year period: | ||
| (1) the city's or town's governing body may decrease | ||
| the city or town contribution rate; and | ||
| (2) to the extent that the city or town contribution | ||
| rate decreases under Subdivision (1) of this subsection, the member | ||
| contribution rate must decrease by an amount equal to the member | ||
| contribution rate before the decrease multiplied by a fraction: | ||
| (A) the numerator of which is the decrease in the | ||
| amount of the city or town contribution rate; and | ||
| (B) the denominator of which is the amount of the | ||
| city or town contribution rate before the decrease. | ||
| (b) The sum of the city or town contribution rate and the | ||
| member contribution rate after a decrease under this section may | ||
| not be less than the total contribution rate determined by the | ||
| qualified actuary to be necessary to amortize the unfunded | ||
| actuarial accrued liability over a 25-year period. | ||
| SECTION 4. This Act takes effect immediately if it receives | ||
| a vote of two-thirds of all the members elected to each house, as | ||
| provided by Section 39, Article III, Texas Constitution. If this | ||
| Act does not receive the vote necessary for immediate effect, this | ||
| Act takes effect September 1, 2013. | ||
| ______________________________ | ______________________________ | |
| President of the Senate | Speaker of the House | |
| I hereby certify that S.B. No. 1133 passed the Senate on | ||
| April 25, 2013, by the following vote: Yeas 28, Nays 0. | ||
| ______________________________ | ||
| Secretary of the Senate | ||
| I hereby certify that S.B. No. 1133 passed the House on | ||
| May 8, 2013, by the following vote: Yeas 142, Nays 5, two present | ||
| not voting. | ||
| ______________________________ | ||
| Chief Clerk of the House | ||
| Approved: | ||
| ______________________________ | ||
| Date | ||
| ______________________________ | ||
| Governor | ||
