- (a) Effective January 1, 2008, a municipality may make deposits in excess of its actuarially required contribution to its account in the benefit accumulation fund. The deposit may be in the form of a lump sum payment or periodic payments. All funds deposited in a municipality's account in the benefit accumulation fund are held in trust by the retirement system and cannot be returned to the municipality.
- (b) The retirement system retains the right to not accept a payment if, in the opinion of the director, acceptance of the payment would result in an unreasonable administrative or investment burden. A decision by the director to not accept a contribution may be appealed to the board of trustees.
- (c) A contribution made in accordance with this section is not subject to the maximum contribution rules under §855.407 and §855.501 of the Act.
- (d) The retirement system may adopt reasonable policies and procedures to administer this section.
Source Note:The provisions of this §125.6 adopted to be effective April 25, 2021, 46 TexReg 2587.