Texas Government Code 840.304 – Cash On Hand
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(a) The board of trustees shall keep a sufficient amount of cash on hand to make payments as they become due each year under the retirement system.
(b) The amount of cash on hand may not exceed 10 percent of the total amount in the funds of the retirement system on deposit with the comptroller.
Terms Used In Texas Government Code 840.304
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Year: means 12 consecutive months. See Texas Government Code 311.005