system adhering to a legacy funding soundness restoration plan shall continue
providing progress updates every two years rather than submitting progress
updates in accordance with this section.
(b) The first draft of a plan submitted as a
part of a progress update under Texas Government Code §§
must, at minimum, include a projected timeline for enactment of the plan, and
identify the action that various entities must take to approve or enact the
plan, such as votes that may be necessary in accordance with the system's
governing statute. Each subsequent progress update should include a draft plan
that contains updated information and that demonstrates movement toward a
complete and finalized plan.
description of changes submitted as part of a progress update to fulfill the
requirements of Texas Government Code §§
must include the projected actuarial impact of each change under consideration
on the retirement system's funding period and funded ratio.
A system must submit updates consistent
with subsections (b) and (c) of this section to the board starting September 1,
2023, and every six months thereafter until the system submits a funding
soundness restoration plan to the board and the board determines it is
compliant if the system:
(1) received an
actuarial valuation dated prior to September 1, 2021, that triggered a funding
soundness restoration plan requirement; and
(2) does not have a board-approved legacy
funding soundness restoration plan.
(e) A system or associated governmental
entity that receives an actuarial valuation dated after September 1, 2021, that
triggers a funding soundness restoration plan, including a revised funding
soundness restoration plan, must submit updates to the board beginning not
later than the first anniversary of the valuation date of the actuarial
valuation that required formulation of the plan and every subsequent six-month
period until the plan is submitted as described in Texas Government Code
(f) A system or associated governmental
entity preparing a voluntary funding soundness restoration plan is not required
to submit progress updates to the board.
Tex. Admin. Code §
Register, Volume 47, Number 42, October 21, 2022, TexReg