The BSEACD offers a defined contribution plan to its employees. Legislation was passed by the 83rd Texas Legislature that amends Chapters 801 and 802 of the Texas Government Code to expand and update the reporting requirements and require posting of plan information and reports online for public retirement systems.
The Plan Document is a legal document that describes the provisions and benefits available to participants of the retirement plan. The document defines provisions such as eligibility requirements, contributions, and benefit options available to participants and beneficiaries.
The Summary Plan Description (SPD) is provided to participants to summarize the provisions of the retirement plan. It is based on the Plan Document, which governs the plan and describes provisions in detail. Because it is a complex legal document, language in the Plan Document is necessarily complex. If in the summarization of the SPD there is ambiguity, or if there is a difference between the SPD and the Plan Document, the Plan Document will be the final authority.