Texas Insurance Code 1575.203 – Active Employee Contribution
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(a) Each state fiscal year, each active employee shall, as a condition of employment, contribute to the fund an amount equal to 0.65 percent of the employee’s salary.
(b) The employer of an active employee shall monthly:
(1) deduct the employee’s contribution from the employee’s salary and remit the contribution to the trustee in the manner required by the trustee; or
(2) assume and pay the total contributions due from its active employees.
Terms Used In Texas Insurance Code 1575.203
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Trustee: A person or institution holding and administering property in trust.
(c) Contributions to the fund deducted from the salary of an active employee are included in annual compensation for purposes of the Teacher Retirement System of Texas.