Texas Insurance Code 1551.402 – State Employees Cafeteria Plan Trust Fund
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(a) The state employees cafeteria plan trust fund is in the state treasury.
(b) The board of trustees shall administer the fund.
Terms Used In Texas Insurance Code 1551.402
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
(c) The following shall be credited to the fund:
(1) salary reduction payments for benefits included in a cafeteria plan other than group coverage plans under the group benefits program; and
(2) appropriations by the state for the administration of a cafeteria plan.
(d) The trust fund is available without fiscal year limitation:
(1) for all payments for any benefits included in a cafeteria plan other than group coverage plans under the group benefits program; and
(2) for payment of expenses of administering a cafeteria plan.
(e) The board of trustees may establish accounts for money in the fund as the board considers necessary, including accounts for the administration of a cafeteria plan. The board of trustees may transfer assets from one account to another:
(1) to pay benefits if:
(A) the transfer is necessary for financial management purposes; and
(B) adequate arrangements are made to reimburse the account from which the transfer was made; and
(2) to pay administrative expenses.