Sec. 842.056. CLASS C. If any assets remain after the transfers are made under Sections 842.054 and 842.055, the retirement system shall make a transfer to the closed subdivision annuity reserve fund in an amount computed as necessary to fund the basic and supplemental annuities of the annuitants of the subdivision and a transfer to the individual account of each member of the class eligible to retire in an amount that equals the multiple matching credits and prior service credits of the member. If necessary, the retirement system shall proportionately reduce an individual's total credits or supplemental annuity, as applicable, based on the ratio that the individual's total actuarial equivalent of benefits described by this section bears to the aggregate total actuarial equivalent of all those benefits of the class.
Added by Acts 2005, 79th Leg., Ch. 506 (H.B. 633), Sec. 6, eff. January 1, 2006.
Amended by:
Acts 2015, 84th Leg., R.S., Ch. 303 (S.B. 463), Sec. 1, eff. June 1, 2015.
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