Texas Administrative Code › Title 40 - SOCIAL SERVICES AND ASSISTANCE › Part 17 - STATE PENSION REVIEW BOARD › Chapter 610 - FUNDING SOUNDNESS RESTORATION PLANS › Section 610.13 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
When used in this chapter, the terms listed below shall have
				  the following meanings:
(1) "Board"
				means State Pension Review Board.
(2) "Compliance corridor" means the
				acceptable range of variation from a system's baseline for the system's funding
				period or funded ratio, as further described in board rules that concern a
				system's adherence to a funding soundness restoration plan, and related
				figures.
(3) "Formulated" means
				finalized and approved by the appropriate decision-making bodies.
(4) "Funded ratio" has the meaning assigned
				by Texas Government Code §
									802.2011.
(5) "Funding period" means the length of time
				it would take to fully fund the unfunded actuarial accrued liability under the
				current actuarial assumption based on the greater of the actuarial value of
				assets or the market value of assets.
(6) "Governmental entity" has the meaning
				assigned by §
									802.1012,
				Texas Government Code.
(7) "Legacy
				funding soundness restoration plan" or "L-FSRP" means a funding soundness
				restoration plan formulated prior to September 1, 2021, accepted by the board,
				and governed by the law as it existed immediately before that date.
(8) "Public retirement system" has a meaning
				as defined by §
									801.001(2)
				and §
									802.001(3),
				Texas Government Code but shall not include defined contribution plans as
				defined by §802.001(1-a), Texas Government Code or retirement systems
				consisting exclusively of volunteers organized under the Texas Local Fire
				Fighters' Retirement Act as defined by §
									802.002(d),
				Texas Government Code.
(9) "Revised
				funding soundness restoration plan" or "R-FSRP" means a funding soundness
				restoration plan prepared under §
									802.2015(e-1)
				or §
									802.2016(e-1),
				Texas Government Code, which includes additional components compared to a
				funding soundness restoration plan prepared under §
									802.2015(e)
				or §
									802.2016(e),
				Texas Government Code.
(10)
				"Revised funding soundness restoration plan exemption" or "revision exemption"
				means the applicable section of either Texas Government Code §§
									802.2015(d-1)
				or
				802.2016(d-1)
				under which qualifying systems prepare a funding soundness restoration plan
				under Texas Government Code §§
									802.2015(e)
				or
				802.2016(e)
				rather than a revised funding soundness restoration plan.
(11) "Target date" means the 10th anniversary
				of the date on which the final version of a legacy funding soundness
				restoration plan was agreed to as required by law as it existed immediately
				before September 1, 2021.
(12)
				"Valuation date" means the date as of which the actuarial accrued liability and
				the actuarial value of assets are determined, often the first or last day of
				the plan year as specified in the valuation.
(13) "Voluntary funding soundness restoration
				plan" or "V-FSRP" means a funding soundness restoration plan formulated
				submitted, and completed under either Texas Government Code §
									802.2015
				or §
									802.2016
				as it stands after September 1, 2021, without the system or associated
				governmental entity first becoming subject to the requirement.