- (a) A participating department may make one or more supplemental payments to retirees and other beneficiaries of the pension system, or may provide an increase in the amount of annuities paid to retirees and other beneficiaries of the system, contingent upon the following conditions of this section.
(b) A participating department must meet the following conditions before a supplemental payment or increase in annuity to retirees or beneficiaries is implemented:
- (1) A participating department shall make payments to the system that are necessary to finance one or more supplemental payments to retirees or beneficiaries of the department.
- (2) A participating department shall make payments to the system to finance an increase in annuities paid to annuitants of the department. The increase must apply to all annuitants in the same classification but may be based on persons who qualified for an annuity under a previously lower contribution rate.
- (3) Payments to the system may not be made under this section unless the system's actuary first determines that the payments to the system will be sufficient to finance the anticipated additional benefits.
- (4) The department must enter into a contractual agreement as prescribed by the Office of the Firefighter's Pension Commissioner.
Source Note:The provisions of this §310.10 adopted to be effective August 26, 2007, 32 TexReg 5187.