Sec. 863.005. CHARGE FOR CERTAIN PAST DUE CONTRIBUTIONS. The state board by rule may impose an interest charge on contributions due because of a correction of an error by a local board related to enrollment or qualified service. The charge must be based on the pension system's current assumed rate of return. Charges collected shall be deposited in the fund.
Added by Acts 2009, 81st Leg., R.S., Ch. 697 (H.B. 2751), Sec. 5, eff. September 1, 2009.
Section: Previous 863.001 863.002 863.003 863.004Last modified: September 28, 2016