Texas Local Government Code
§ 103.004 — VALUATION OF CERTAIN BENEFIT PROGRAMS
LG § 103.004Title 4. FINANCES · Part A. MUNICIPAL FINANCES · Ch. 103. AUDIT OF MUNICIPAL FINANCES
Statute text
View on source(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.
Legislative history
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.