Texas Vernon’s Civil Statutes 6228h – Assumption of Pension Liabilities of Participating Subdivision by Annexing Governmental Entity
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Terms Used In Texas Vernon's Civil Statutes 6228h
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Succeeding: means immediately following. See Texas Government Code 312.011
Should any participating subdivision as defined under the provisions of Chapter 127, Acts of the 60th Legislature, Regular Session, 1967, as amended, establishing and regulating the Texas County and District Retirement System, be annexed into, merged with, or in any manner absorbed by a municipality or other governmental entity, such succeeding entity shall assume, provide for and continue all existing pension rights of the employees of such subdivision, and shall further succeed to the rights of such subdivision in the assets of such system.