Issue Date: 1997-09-01
Revised Date:

Legal Cites

Origin:

September 1, 1997 by S.B. 1102, 75th Leg., R.S.

Purpose

This account is created in General Revenue as a separate, nonqualified unfunded excess benefit arrangement outside the trust fund of the Employees Retirement System. The arrangement will be administered under Section 415(m) of the Internal Revenue Code of 1986 (26 U.S.C.) to pay annuitant benefits that exceed the benefit limit imposed by Section 415(b)(1)(A) of the Internal Revenue Code of 1986 (26 U.S.C.). In lieu of deposit to the state contribution account, an 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,ERS
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.