Sec. 103.004. VALUATION OF CERTAIN BENEFIT PROGRAMS. (a) A municipality that provides a continuing organized program of service retirement benefits, disability retirement benefits, or death benefits for any of its officers or employees must include in the annual financial statement a valuation of the financial assets and liabilities of the program as shown in the most recent actuarial valuation of the program.
(b) This section does not apply to:
(1) a program for which the only funding agency is a life insurance company;
(2) a program providing only workers' compensation benefits; or
(3) a program administered by the municipality as a member of the Texas Municipal Retirement System.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
Section: Previous 103.001 103.002 103.003Last modified: September 28, 2016