Issue Date: 1997-09-01
Revised Date:

Legal Cites

Origin:

September 1, 1997 by H.B. 2644, 75th Leg., R.S.

Purpose

Created in General Revenue as a separate, nonqualified, unfunded excess benefit arrangement outside the trust fund of the retirement system. Will be administered under Section 415(m) of the Internal Revenue Code of 1986 (26 U.S.C. Section 415(m)) to pay annuitant benefits that exceed benefit limit imposed by Section 415(b)(1)(A) of the Internal Revenue Code of 1986 (26 U.S.C. Section 415(b)(1)(A). In lieu of deposit to the state contribution account, amount of state contributions determined by the retirement system necessary to pay benefits will be credited to this account monthly at least 15 days before the date of a monthly disbursement.
Classification Group 01: General State Operating and Disbursing Funds [?]
Depository Interest Credited to General Revenue Fund (0001)
Disposition of Balance Accumulative
Appropriation Technique General Appropriations Act

Note

Creation of the account was finally authorized by H.B. 2948, 75th Leg., R.S.

USAS Values

USAS Title GR ACCT-EXCESS BENEFIT ARRANGEMENT,TRS
Consolidated Fund 0001
State Fund Group 01 - GENERAL STATE OPERATING & DISBURSING FDS
USAS Status A
Used to make general expenditures for the daily operations of state government.