Relating to participation in, administration of, contributions to, and benefits under the Texas Municipal Retirement System.
What changed between versions
Venue for legal actions against the retirement system is now explicitly required to be in Travis County, ensuring consistent jurisdiction for administrative hearings and state court cases.
Municipalities can now begin participation in the retirement system on the first day of the first month after receiving notice of an election, rather than the first day of the second month.
Annuity increase calculations were updated to allow municipalities to specify percentage increases (30-70 percent) and clarify funding requirements based on amortization periods.
Additional requirements were added for small estate affidavits in beneficiary elections, including a $50,000 asset threshold and specific filing procedures.
New venue provisions were added to Subchapter A of Chapter 851 to centralize legal proceedings related to the retirement system.
Several sections were amended to clarify definitions related to contribution rates, amortization periods, and the conditions under which ordinances take effect.