Texas § GV.845.317 - PAYMENT TO FORMERLY PARTICIPATING SUBDIVISION

§ GV.845.317. PAYMENT TO FORMERLY PARTICIPATING SUBDIVISION

PAYMENT TO FORMERLY PARTICIPATING SUBDIVISION. (a) If a participating subdivision, other than a subdivision described by Subsection (b), has no employees who are members of the retirement system and has no present or potential liabilities resulting from the participation of former employees, the subdivision's participation in the system stops and the system shall repay to the subdivision on application any amount in the subdivision accumulation fund that is credited to the subdivision. (b) If the participation of a subdivision has terminated under Section 842.052 or 842.053 and the subdivision has no present or potential liabilities resulting from the participation of current or former employees, the retirement system, after application by the subdivision or its governmental successor in interest, shall pay to the subdivision or its governmental successor any remaining credit to the account of the subdivision in the subdivision accumulation fund. (c) A subdivision that has terminated participation in the retirement system has no right or claim to any amounts in the system, except as provided by this section. (d) If a participating subdivision has ceased to exist and diligent efforts by the retirement system to identify a governmental entity as the successor in interest to the subdivision have been unsuccessful, the board of trustees may close the subdivision's account and transfer the remaining credit to the endowment fund. Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981. Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 55.316 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989. Amended by: Acts 2005, 79th Leg., Ch. 506 (H.B. 633 ), Sec. 30, eff. January 1, 2006. Acts 2007, 80th Leg., R.S., Ch. 873 (H.B. 1587 ), Sec. 83, eff. January 1, 2008.