By: Stephenson (Senate Sponsor - Huffman) H.B. No. 1707
(In the Senate - Received from the House April 20, 2015;
May 4, 2015, read first time and referred to Committee on State
Affairs; May 12, 2015, reported favorably by the following vote:
Yeas 9, Nays 0; May 12, 2015, sent to printer.)
Click here to see the committee vote
A BILL TO BE ENTITLED
AN ACT
relating to the methods by which a political subdivision may submit
contributions to the Texas Emergency Services Retirement System.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 865.014(c), Government Code, is amended
to read as follows:
(c) Contributions required as provided by this section
shall be paid at the times and in the manner that the state board
prescribes by rule. Contributions required by this section shall
be submitted by electronic funds transfer, by wire transfer, or as
an automated clearinghouse withdrawal (ACH debit) unless the
executive director grants an exception based on the difficulty of a
participating department's use of those [that] payment methods
[method]. Contributions that are not paid within the time required
by the state board accrue interest at the most recent assumed
actuarial rate of return on investments of the fund.
SECTION 2. This Act takes effect September 1, 2015.
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