Texas § GV.855.307 - BENEFIT ACCUMULATION FUND
Full text of Texas The Texas Constitution § GV.855.307 — BENEFIT ACCUMULATION FUND, with citation guidance and answers to common questions.
§ GV.855.307. BENEFIT ACCUMULATION FUND
BENEFIT ACCUMULATION FUND: CURRENT SERVICE. (a) The retirement system shall credit or charge to the account of a participating municipality in the benefit accumulation fund: (1) all current service contributions made by the municipality to the retirement system; (2) net investment income or loss allocated to the fund under Section 855.317 ; and (3) the withdrawal charge for reinstatement of credited service as provided by Section 853.003 . (b) The retirement system shall pay from the account of a participating municipality in the benefit accumulation fund: (1) all payments under annuities arising from current service credits; and (2) refunds to certain municipalities in accordance with Section 855.319 . (c) If credited service previously canceled is reinstated in accordance with Section 853.003 , the retirement system shall charge the municipality's account in the benefit accumulation fund with the necessary reserves to fund the credits based on current service that are restored to the member. (d) The annuities payable as provided by this section are liabilities and obligations of the participating municipality for which the service was performed on which the annuities are based and are payable from the municipality's account in the benefit accumulation fund. Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981. Amended by Acts 1981, 67th Leg., 1st C.S., p. 230, ch. 18, Sec. 99, eff. Jan. 1, 1982; Acts 1989, 71st Leg., ch. 462, Sec. 6, eff. Sept. 1, 1989. Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.307 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989. Amended by Acts 1991, 72nd Leg., ch. 16, Sec. 11.01(f), eff. Aug. 26, 1991. Amended by: Acts 2009, 81st Leg., R.S., Ch. 154 (H.B. 360 ), Sec. 4, eff. May 26, 2009. Acts 2011, 82nd Leg., R.S., Ch. 1208 (S.B. 350 ), Sec. 24, eff. June 17, 2011.
Frequently Asked Questions About Texas § GV.855.307
What does The Texas Constitution § GV.855.307 cover?
Section GV.855.307 ("BENEFIT ACCUMULATION FUND") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § GV.855.307?
A common citation format is "The Texas Constitution § GV.855.307" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § GV.855.307 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.