The state board by rule may impose an interest charge on contributions due because of a correction of an error related to enrollment or qualified service. The charge must be based on the pension system's current assumed rate of return. Charges collected shall be deposited in the fund.
Tex. Gov't Code § 863.005
CHARGE FOR CERTAIN PAST DUE CONTRIBUTIONS
Added by Acts 2009, 81st Leg., R.S., Ch. 697 (H.B. 2751), Sec. 5, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.