Texas Vernon’s Civil Statutes
Sec. § 11.01
Investments


The board of trustees in its sole discretion may invest, reinvest, or change the assets of the fund. The board of trustees shall invest the funds in whatever instruments or investments the board considers prudent. In making investments for the fund, the board of trustees shall discharge its duties with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a similar capacity and familiar with such matters would use in the conduct of an enterprise of a similar character and with similar aims.
Sec. 11.02. Repealed by Acts 1997, 75th Leg., ch. 30, Sec. 9, eff. Sept. 1, 1997.

(b)

For purposes of determining if the benefits or annual additions satisfy the limits provided by Subsection (a) of this section, the compensation to be used is wages within the meaning of Section 3401(a), Internal Revenue Code of 1986, plus amounts deferred at the election of the member that would be included in wages if not deferred under the rules of Section 402(e)(3), 125(a), 132(f)(4), 457(b), 402(h)(1)(B), or 402(k), Internal Revenue Code of 1986. However, any rules that would limit the remuneration included in wages based on the nature or location of the employment or the services performed are disregarded for purposes of determining compensation. In addition, any wages paid after a severance from employment are not included as compensation for purposes of this subsection unless the payment is for regular pay as described in 26 C.F.R. Section 1.415(c)-2(e)(3)(ii) and is made by the later of two and one-half months after the severance from employment or the end of the calendar year that includes the date of severance from employment. If excess annual additions are made to any members account despite the efforts of the board of trustees, the amount shall be treated in accordance with 26 C.F.R. Section 1.402(g)-1(e)(2) or (3).

(c)

Notwithstanding any other provision of this Act, the applicable mortality table for purposes of adjusting a benefit due to the limitations provided under Section 415(b)(2)(B) or (D), Internal Revenue Code of 1986, is the table prescribed by Revenue Ruling 2001-62.

(1)

benefits provided by this Act, including the multiplier by which a pension benefit amount provided under Article 7 of this Act is calculated, except that any increase in benefits is subject to Subsection (b) of this section;

(2)

future membership qualifications;

(3)

eligibility requirements for pensions or benefits, including the age at which a member is eligible to retire; or

(4)

subject to Subsection (b) of this section, the contribution rates provided by Sections 6.01 and 6.03 of this Act.

(b)

Notwithstanding any other provision of this Act, the board of trustees may not modify the contribution rates expressly provided by Sections 6.01 and 6.03 of this Act before January 1, 2025. If, on or after January 1, 2025, the funds most recent actuarial valuation recommends an actuarially determined contribution rate that exceeds the aggregate contribution rates provided by Sections 6.01 and 6.03 of this Act, as modified under this section, if applicable, the board shall:

(1)

calculate the difference between the actuarially determined contribution rate and the aggregate contribution rates; and

(2)

by rule, increase the contribution rates applicable under Sections 6.01 and 6.03 of this Act by 50 percent of the difference calculated under Subdivision (1) of this subsection.

(b-1)

An increase in contribution rates under Subsection (b) of this section may not take effect before:

(1)

the January 1 following the date on which the board of trustees approved the applicable actuarial valuation, if the approval occurred at least three months before the first day of the municipalitys fiscal year; or

(2)

the first day of the municipalitys fiscal year that begins more than three months after the date the board approved the applicable actuarial valuation, if the approval occurred less than three months before the first day of the municipalitys next fiscal year.

(c)

Notwithstanding any other provision of this Act, the board, with the approval of at least five board members, may provide for refunds, in whole or in part, with or without interest, of accumulated contributions made to the fund by members who leave the municipalitys service before qualifying for a pension.

(d)

Actions authorized under this section may not be made unless first reviewed by a qualified actuary selected by the board. To qualify, an actuary who is an individual must be a Fellow of the Society of Actuaries or a member of the American Academy of Actuaries. The basis for the actuarys approval or disapproval of a board action is not subject to judicial review.
Acts 1997, 75th Leg., ch. 325, eff. May 26, 1997.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 1138 (H.B. 2763), Sec. 1, eff. June 14, 2019.
Acts 2019, 86th Leg., R.S., Ch. 1138 (H.B. 2763), Sec. 2, eff. June 14, 2019.
Acts 2019, 86th Leg., R.S., Ch. 1138 (H.B. 2763), Sec. 3, eff. June 14, 2019.
Acts 2019, 86th Leg., R.S., Ch. 1138 (H.B. 2763), Sec. 4, eff. June 14, 2019.
Acts 2019, 86th Leg., R.S., Ch. 1138 (H.B. 2763), Sec. 5, eff. June 14, 2019.
Acts 2019, 86th Leg., R.S., Ch. 1138 (H.B. 2763), Sec. 6, eff. June 14, 2019.
Acts 2019, 86th Leg., R.S., Ch. 1138 (H.B. 2763), Sec. 7, eff. June 14, 2019.
Acts 2019, 86th Leg., R.S., Ch. 1138 (H.B. 2763), Sec. 8, eff. June 14, 2019.
Acts 2019, 86th Leg., R.S., Ch. 1138 (H.B. 2763), Sec. 9, eff. June 14, 2019.
Art. 6243q. RETIREMENT HEALTH TRUST FOR FIREFIGHTERS AND POLICE OFFICERS.
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Last accessed
Nov. 22, 2019