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.
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