Sec. 1551.317. PAYMENT OF EMPLOYER CONTRIBUTIONS ALLOCATED BY THE STATE. (a) All money allocated by this state, including by institutions of higher education, to the board of trustees under this chapter shall be paid to the board in monthly installments based on the annual estimate by the board of the contributions to be received for all employees during the year.
(b) At the end of each fiscal year, the board of trustees shall make any adjustments required to cover the difference between:
(1) the annual estimate; and
(2) the actual amount of the employer contributions during the year.
(c) Each monthly installment shall be paid to the appropriate fund created by this chapter in the amount certified by the board of trustees.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 3, eff. June 1, 2003.
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