Texas Vernon’s Civil Statutes
Sec. § 4.08
Actuarial Valuation


(a)

The board has the authority to employ a qualified actuary to provide a continuing observation of the operation of the pension system and to make recommendations and give advice to the board about the condition of the assets of the fund and the administration of the pension system. A qualified actuary shall receive such compensation as is determined by the board in accordance with Section 4.01 of this article.

(b)

A qualified actuary shall perform continuing actuarial observation of the assets of the fund not less than once every two years and make a report of the condition of the assets of the fund to the board. The board may require more frequent reports.

(c)

On written request by the city, the executive director shall make available to the citys actuary or auditor the information and documents provided to or used by the pension systems actuary or auditor in conducting an actuarial valuation under this article or preparing any other document prepared under this article.

(b)

A member must make the lump-sum payment under this section within a period of days after the date the member is reemployed that is equal to three times the number of days of the period beginning on the date the member terminated the members prior employment and ending on the date the member is reemployed, provided that the period for making the lump-sum payment may not exceed five years.

(c)

The member must file with the secretary of the board a written statement of intent to make the lump-sum payment under this section not later than the 90th day after the date the member is reemployed, except that a member who is reemployed before October 1, 2003, must file the statement on or before December 31, 2003.
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Last accessed
Oct. 17, 2019