Texas Local Government Code 103.004 – Valuation of Certain Benefit Programs
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(a) A municipality that provides a continuing organized program of service retirement benefits, disability retirement benefits, or death benefits for any of its officers or employees must include in the annual financial statement a valuation of the financial assets and liabilities of the program as shown in the most recent actuarial valuation of the program.
(b) This section does not apply to:
(1) a program for which the only funding agency is a life insurance company;
(2) a program providing only workers’ compensation benefits; or
(3) a program administered by the municipality as a member of the Texas Municipal Retirement System.
Terms Used In Texas Local Government Code 103.004
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Municipality: means a general-law municipality, home-rule municipality, or special-law municipality. See Texas Local Government Code 1.005