Texas Insurance Code 1551.317 – Payment of Employer Contributions Allocated by the State
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(a) All money allocated by this state, including by institutions of higher education, to the board of trustees under this chapter shall be paid to the board in monthly installments based on the annual estimate by the board of the contributions to be received for all employees during the year.
(b) At the end of each fiscal year, the board of trustees shall make any adjustments required to cover the difference between:
(1) the annual estimate; and
(2) the actual amount of the employer contributions during the year.
Terms Used In Texas Insurance Code 1551.317
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) Each monthly installment shall be paid to the appropriate fund created by this chapter in the amount certified by the board of trustees.