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  S.B. No. 2224
 
 
 
 
AN ACT
  relating to requiring a public retirement system to adopt a written
  funding policy.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter C, Chapter 802, Government Code, is
  amended by adding Section 802.2011 to read as follows:
         Sec. 802.2011.  FUNDING POLICY. (a)  In this section:
               (1)  "Funded ratio" means the ratio of a public
  retirement system's actuarial value of assets divided by the
  system's actuarial accrued liability.
               (2)  "Governmental entity" has the meaning assigned by
  Section 802.1012.
         (b)  The governing body of a public retirement system shall:
               (1)  adopt a written funding policy that details the
  governing body's plan for achieving a funded ratio of the system
  that is equal to or greater than 100 percent;
               (2)  maintain for public review at its main office a
  copy of the policy;
               (3)  file a copy of the policy and each change to the
  policy with the board not later than the 31st day after the date the
  policy or change, as applicable, is adopted; and
               (4)  submit a copy of the policy and each change to the
  policy to the system's associated governmental entity not later
  than the 31st day after the date the policy or change is adopted.
         SECTION 2.  Not later than January 1, 2020, each public
  retirement system shall adopt a funding policy as required by
  Section 802.2011, Government Code, as added by this Act.
         SECTION 3.  This Act takes effect September 1, 2019.
 
 
 
 
 
  ______________________________ ______________________________
     President of the Senate Speaker of the House     
 
         I hereby certify that S.B. No. 2224 passed the Senate on
  April 11, 2019, by the following vote:  Yeas 31, Nays 0.
 
 
  ______________________________
  Secretary of the Senate    
 
         I hereby certify that S.B. No. 2224 passed the House on
  May 17, 2019, by the following vote:  Yeas 147, Nays 0,
  two present not voting.
 
 
  ______________________________
  Chief Clerk of the House   
 
 
 
  Approved:
 
  ______________________________ 
              Date
 
 
  ______________________________ 
            Governor