Texas Local Government Code 107.002 – Definition of “Public Pension Fund
Terms Used In Texas Local Government Code 107.002
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- Municipality: means a general-law municipality, home-rule municipality, or special-law municipality. See Texas Local Government Code 1.005
” In this chapter, “public pension fund”:
(1) means a continuing, organized program or plan of service retirement, disability retirement, or death benefits for officers or employees of a municipality;
(2) includes a plan qualified under Section 401(a), Internal Revenue Code of 1986, as amended; and
(3) does not include:
(A) a program that provides only workers’ compensation benefits;
(B) a program administered by the federal government;
(C) a plan described by Section 401(d), Internal Revenue Code of 1986, as amended;
(D) an individual retirement account consisting of an annuity contract described by Section 403(b), Internal Revenue Code of 1986, as amended;
(E) an individual retirement account as defined by Section 408(a), Internal Revenue Code of 1986, as amended;
(F) an individual retirement annuity as defined by Section 408(b), Internal Revenue Code of 1986, as amended;
(G) an eligible deferred compensation plan as defined by Section 457(b), Internal Revenue Code of 1986, as amended; or
(H) a program for which benefits are administered by a life insurance company or for which the only funding agency is a life insurance company.