reglab/housing_qa huggingface dataset:
TX Civ Stat § 6.03 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243n-1. Police Officers Retirement System in Municipalities of 460,000 to 500,000|Article VI.|Section 6.03. Annuity Options

Sec. 6.03. ANNUITY OPTIONS.    (a)  In lieu of the life annuity (modified cash refund) defined in Section 6.01 of this Act, a member attaining eligibility for service retirement may file a duly acknowledged written designation which, if approved by the board, shall entitle the member to receive the actuarial equivalent of the life annuity by electing one of the following options:OPTION I. Joint and 100 Percent Survivor Annuity.  A reduced annuity payable to the member but with the provision that on the member's death, the annuity shall be continued throughout the life of and be paid to such person that the member shall irrevocably designate before the member's retirement date.OPTION II. Joint and 50 Percent Survivor Annuity.  A reduced annuity payable to the member but with the provision that on the member's death, one-half of the annuity shall be continued throughout the life of and be paid to the person that the member shall irrevocably designate before the member's retirement date.OPTION III. Joint and 66-2/3 Percent Survivor Annuity.  A reduced annuity payable to the member but with the provision that on the member's death, two-thirds of the annuity shall be continued throughout the life of and be paid to the person that the member shall irrevocably designate before the member's retirement date.OPTION IV. Joint and 66-2/3 Percent Last Survivor Annuity.  A reduced annuity payable to the member but with the provision that two-thirds of the annuity to which the member would be entitled shall be continued throughout the life of and be paid to the survivor after the death of either the member or the person that the member shall irrevocably designate before the member's retirement date.OPTION V. 15-Year Certain and Life Annuity.  A reduced annuity shall be payable to the member for life.  In the event of the member's death before 180 monthly payments have been made, the remainder of the 180 payments are payable to the member's beneficiary or, if one does not exist, to the member's estate.(b) The amount of the annuity payment in Options I, II, III, IV, and V shall be determined without considering the minimum cumulative payment of the retired member's accumulated deposits since that refund feature will stay in effect as indicated in Subsection (b), Section 6.06, of this Act.
TX Civ Stat § 6.04 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243n-1. Police Officers Retirement System in Municipalities of 460,000 to 500,000|Article VI.|Section 6.04. Termination Prior to Retirement; Treatment of Accumulated Deposits

Sec. 6.04. TERMINATION PRIOR TO RETIREMENT;  TREATMENT OF ACCUMULATED DEPOSITS.    (a)  On employment termination, the member shall receive the amount of the accumulated deposits standing to the member's credit in one lump sum, except that if such member has had at least 10 years of creditable service at the time the member separates from service, the member shall have a right to elect to leave the member's accumulated deposits with the police retirement system until such time as the member shall have applied in writing for service retirement and shall have attained an age at which the member shall have become entitled to receive a service retirement benefit under this Act, at which time the member shall be entitled to a service retirement benefit computed under the formula in Section 6.01(a) of this Act in effect on the last day of the month immediately preceding the month of the first benefit payment.(b)  If a member who has attained the applicable age for the minimum distribution required under Section 401(a)(9) of the Internal Revenue Code of 1986 (26 U.S.C. Section 401(a)(9)) separates or has separated from service without applying for retirement or a refund of accumulated deposits, the police retirement system shall attempt to send to that member a written notice as soon as practicable after the later of the date the member attains the applicable age or the date the member separates from service.  The written notice must advise the member of the requirement under Section 401(a)(9) of the Internal Revenue Code of 1986 (26 U.S.C. Section 401(a)(9)) to retire and begin receiving a monthly retirement benefit.  If, before the 91st day after the date the police retirement system sends the notice, the member has not filed an application for retirement or a refund, the member is considered to have retired on the last day of the third month following the later of the two dates specified by this subsection.  If applicable, the retirement option shall be determined in accordance with the member's written selection of optional benefit and designation of beneficiary under Section 6.06(a)(1) of this Act.  Otherwise, the member shall receive the life annuity under Section 6.01 of this Act.
TX Civ Stat § 6.05 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243n-1. Police Officers Retirement System in Municipalities of 460,000 to 500,000|Article VI.|Section 6.05. Death of a Member; Treatment of Accumulated Deposits

Sec. 6.05. DEATH OF A MEMBER;  TREATMENT OF ACCUMULATED DEPOSITS.    (a)  In the event of death of a member who is ineligible for retirement, the accumulated deposits standing to the member's credit in Fund No. 1 and an equivalent amount from Fund No. 2 shall be payable in a lump sum to the member's beneficiary or, if no beneficiary, to the member's estate, unless the member shall have directed otherwise in writing duly acknowledged and filed with the board.  The lump sum may not be less than $10,000. When the $10,000 minimum is payable, the amount payable from Fund No. 2 is $10,000 minus the accumulated deposits standing to the member's credit in Fund No. 1.(b) Seven years after a member separates from service with less than 10 years' service, if no previous demand has been made, any accumulated deposits standing to the member's credit shall be returned to the member or to the member's estate, but if the contributor or the member's personal representative cannot be found or if the member dies without leaving heirs or legatees, the member's accumulated deposits shall thereafter become a part of Fund No. 2.(c)  In the event of death of a member receiving a retirement benefit, the sum of $10,000 shall be payable in a lump sum to the member's beneficiary or, if no beneficiary, to the member's estate, unless the member shall have directed otherwise in writing, duly acknowledged and filed with the board.  The payment under this subsection shall be made from the retiree death benefits fund described in Section 6.08 of this Act.
TX Civ Stat § 6.08 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243n-1. Police Officers Retirement System in Municipalities of 460,000 to 500,000|Article VI.|Section 6.08. Retiree Death Benefit Fund

Sec. 6.08. RETIREE DEATH BENEFIT FUND.    (a)  The police retirement board shall establish a retiree death benefit fund and shall deposit in such fund contributions paid by the city to provide retiree death benefits in accordance with this section.  The board may, but is not required to, credit interest to the retiree death benefit fund annually at such rate as the board may determine.(b) The police retirement system shall pay death benefits under Section 6.05(c) of this Act only from money in the retiree death benefit fund, and the benefits are not an obligation of other funds of the retirement system.(c) Based upon the recommendation of the system's actuary, the board shall adopt such rates and tables as are considered necessary to determine the retiree death benefit fund contribution rate of the city.  At the same time as the actuary makes a valuation of the assets and liabilities of the system pursuant to Section 3.09 of this Act, the actuary shall also make an actuarial valuation of the assets and liabilities of the retiree death benefit fund, and upon recommendation by the actuary, the board shall adjust the rates and tables for the retiree death benefit fund.(d) If at any time the amount of payments due from the retiree death benefit fund exceeds the balance of such fund, the board may direct that funds be transferred from the general retirement fund to the retiree death benefit fund in such amounts as are necessary to cover the deficiency.  Any sums transferred to the retiree death benefit fund under this subsection shall be repaid to the general retirement fund of the retirement system at such time as subsequent contributions by the city have resulted in the accumulation of a sufficient amount in the retiree death benefit fund for such a repayment to appear prudent.(e) Contributions by the city to the retiree death benefit fund shall be made at the same time as the city makes its contribution to the retirement system under Section 8.01 of this Act, and the amount of the city's contribution under Section 8.01 of this Act each pay period shall be reduced by the amount of the city's contribution to the retiree death benefit fund for that same pay period.
TX Civ Stat § 7.02 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243n-1. Police Officers Retirement System in Municipalities of 460,000 to 500,000|Article VII.|Section 7.02. Computation of Disability Benefit

Sec. 7.02. COMPUTATION OF DISABILITY BENEFIT.    (a)  On award of disability retirement benefits, the member shall receive a disability retirement benefit computed in the same manner that a service retirement benefit would be computed at the member's normal retirement date, based on average final compensation and creditable service at date of disability retirement without reduction for early retirement.  If the disability is a direct or proximate result of the performance of the member's employment duties with the system or the city, then the disability retirement benefit will be subject to a minimum benefit determined in accordance with Section 6.01(a)(1) or (2) of this Act, as applicable, based on:(1)  average final compensation at date of disability retirement; and(2)  for:(A)  a group A member, 20 years of creditable service; or(B)  a group B member, 25 years of creditable service.(a-1)  The options allowed under this section are life annuity or its actuarial equivalent payable in the form described as Option I, Option II, Option III, Option IV, or Option V in Section 6.03 of this Act.  The disability benefits paid to the member will be paid from Fund No. 1 until the amount received equals the member's accumulated deposits; thereafter the benefits will be paid from Fund No. 2.(b)  Repealed by Acts 2021, 87th Leg., R.S., Ch. 738 (H.B. 4368), Sec. 16, eff. September 1, 2021.
TX Civ Stat § 8.01 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243n-1. Police Officers Retirement System in Municipalities of 460,000 to 500,000|Article VIII.|Section 8.01. Member Contributions

Sec. 8.01.  MEMBER CONTRIBUTIONS.  (a)  Deposits by the members to the police retirement system shall be made at a rate of at least:(1)  13 percent of the basic hourly earnings of the member, for each pay period beginning before January 1, 2022; and(2)  15 percent of the basic hourly earnings of the member, for each pay period beginning on or after January 1, 2022, unless a different member contribution rate is required in accordance with Section 8.04(b)(4) of this Act, as adjusted, if applicable, under Section 8.065 of this Act, except that the rate may not exceed 17 percent.(a-1)  Deposits required to be made by members under Subsection (a) of this section shall be deducted from payroll each pay period.(a-2)  On recommendation of the board, the Active--Contributory members may by a majority of those voting increase the rate of member deposits above the minimum rate of deposit established by Subsection (a) of this section to whatever amount the board has recommended.  If the deposit rate for members has been increased to a rate above the rate established by Subsection (a) of this section in accordance with this subsection, the rate may be decreased to a rate not lower than the rate prescribed by Subsection (a)(2) of this section if the board recommends the decrease, the board's actuary approves the decrease, and a majority of the Active--Contributory members voting on the matter approve the decrease.  If an increase in the member contribution rate is made solely as the result of an adjustment under Section 8.065 of this Act, that increase may not be decreased under this subsection.
TX Civ Stat § 8.02 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243n-1. Police Officers Retirement System in Municipalities of 460,000 to 500,000|Article VIII.|Section 8.02. City Contributions

Sec. 8.02.  CITY CONTRIBUTIONS.  (a)  The city shall contribute amounts equal to 21 percent of the basic hourly earnings of each member employed by the city for all pay periods beginning after September 30, 2012, and before January 1, 2022, subject to additional amounts as provided by Section 8.07 of this Act.  For all pay periods beginning on or after January 1, 2022, the city shall make contributions to the police retirement system in accordance with Subsections (b) and (c) of this section and Sections 8.03, 8.04, 8.05, and 8.06 of this Act, as applicable, and subject to additional amounts as provided by Section 8.07 of this Act. The city council may also authorize the city to make additional contributions to the police retirement system in whatever amount the city council may determine.  Contributions by the city shall be made each pay period.(b)  For each pay period that begins on or after January 1, 2022, and before January 1, 2023, the city shall contribute an amount equal to the sum of:(1)  the city contribution rate, as determined in the initial risk sharing valuation study conducted under Section 8.03 of this Act, multiplied by the pensionable payroll for the applicable pay period; and(2)  1/26 of the city legacy contribution amount for the 2022 calendar year, as determined and adjusted in the initial risk sharing valuation study conducted under Section 8.03 of this Act.(c)  For each pay period that begins on or after January 1, 2023, the city shall contribute an amount equal to the sum of:(1)  the city contribution rate for the applicable calendar year, as determined in a subsequent risk sharing valuation study conducted under Section 8.04 of this Act and adjusted under Section 8.05 or 8.06 of this Act, as applicable, multiplied by the pensionable payroll for the applicable pay period; and(2)  1/26 of the city legacy contribution amount for the applicable calendar year, as determined and adjusted in the initial risk sharing valuation study conducted under Section 8.03 of this Act.
TX Civ Stat § 8.03 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243n-1. Police Officers Retirement System in Municipalities of 460,000 to 500,000|Article VIII.|Section 8.03. Initial Risk Sharing Valuation Study

Sec. 8.03.  INITIAL RISK SHARING VALUATION STUDY.  (a)  The police retirement system shall cause the system's actuary to prepare an initial risk sharing valuation study that is dated as of December 31, 2020, in accordance with this section.(b)  The initial risk sharing valuation study must:(1)  except as otherwise provided by this section, be prepared in accordance with the requirements of Section 8.04 of this Act;(2)  be based on the actuarial assumptions that were used by the system's actuary in the valuation completed for the year ended December 31, 2020;(3)  project the corridor midpoint for the next 30 calendar years beginning with the calendar year that begins on January 1, 2022; and(4)  include a schedule of city legacy contribution amounts for 30 calendar years beginning with the calendar year that begins on January 1, 2022.(c)  For purposes of Subsection (b)(4) of this section, the schedule of city legacy contribution amounts must be determined in such a manner that the total annual city legacy contribution amount for the first three calendar years will result in a phase-in of the anticipated increase in the city's contribution rate from the calendar year that begins on January 1, 2021, in accordance with Subsection (a) of this section, to the rate equal to the sum of the estimated contribution rate for the calendar year that begins on January 1, 2022, and the rate of pensionable payroll equal to the city legacy contribution amount for January 1, 2022, determined as if there was no phase-in of the increase to the city legacy contribution amount.  The phase-in must reflect approximately one-third of the increase each year over the three-year phase-in period.  The city's contribution under Section 8.02 of this Act for:(1)  the calendar years that begin on January 1, 2022, January 1, 2023, and January 1, 2024, must be adjusted to reflect the impact of the phase-in prescribed by this section; and(2)  each calendar year that begins on January 1, 2025, through January 1, 2051, must reflect a city legacy contribution amount that is three percent greater than the city legacy contribution amount for the preceding calendar year.(d)  The estimated city contribution rate for the calendar year that begins on January 1, 2022, must be based on the projected pensionable payroll, as determined under the initial risk sharing valuation study required by this section, assuming a payroll growth rate of three percent.
TX Civ Stat § 8.05 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243n-1. Police Officers Retirement System in Municipalities of 460,000 to 500,000|Article VIII.|Section 8.05. Adjustment to City Contribution Rate if Lower Than Corridor Midpoint

Sec. 8.05.  ADJUSTMENT TO CITY CONTRIBUTION RATE IF LOWER THAN CORRIDOR MIDPOINT.  (a)  This section governs the determination of the city contribution rate applicable in a calendar year under Section 8.04(b)(4) of this Act if the estimated city contribution rate determined under Section 8.04(b)(3) of this Act is lower than the corridor midpoint.(b)  If the estimated city contribution rate is lower than the corridor midpoint and the funded ratio is:(1)  less than 90 percent, the city contribution rate for the applicable year equals the corridor midpoint; or(2)  equal to or greater than 90 percent and the city contribution rate is:(A)  equal to or greater than the minimum city contribution rate, the estimated city contribution rate is the city contribution rate for the calendar year; or(B)  less than the minimum city contribution rate for the corresponding calendar year, the city contribution rate for the calendar year equals the minimum city contribution rate.(c)  If the funded ratio is equal to or greater than 100 percent:(1)  all existing liability layers, including the legacy liability, are considered fully amortized and paid; and(2)  the city legacy contribution amount may no longer be included in the city contribution under Section 8.02 of this Act.
TX Civ Stat § 8.06 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243n-1. Police Officers Retirement System in Municipalities of 460,000 to 500,000|Article VIII.|Section 8.06. Adjustment to City Contribution Rate if Equal to or Greater Than Corridor Midpoint

Sec. 8.06.  ADJUSTMENT TO CITY CONTRIBUTION RATE IF EQUAL TO OR GREATER THAN CORRIDOR MIDPOINT.  (a)  This section governs the determination of the city contribution rate applicable in a calendar year under Section 8.04(b)(4) of this Act if the estimated city contribution rate determined under Section 8.04(b)(3) of this Act is equal to or greater than the corridor midpoint.(b)  If the estimated city contribution rate is equal to or greater than the corridor midpoint and:(1)  less than or equal to the maximum city contribution rate for the corresponding calendar year, the estimated city contribution rate is the city contribution rate; or(2)  greater than the maximum city contribution rate for the corresponding calendar year, the city contribution rate is the maximum city contribution rate.
TX Civ Stat § 8.065 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243n-1. Police Officers Retirement System in Municipalities of 460,000 to 500,000|Article VIII.|Section 8.065. Increased Member Contribution Rate if Estimated City Contribution Rate Greater Than Maximum City Contribution Rate

Sec. 8.065.  INCREASED MEMBER CONTRIBUTION RATE IF ESTIMATED CITY CONTRIBUTION RATE GREATER THAN MAXIMUM CITY CONTRIBUTION RATE.  (a)  This section governs the determination of the member contribution rate applicable in a calendar year under Section 8.04(b)(4) of this Act if the estimated city contribution rate determined under Section 8.04(b)(3) of this Act is greater than the maximum city contribution rate.(b)  Except as provided by Subsection (c) of this section, if the estimated city contribution rate is greater than the corridor maximum, the member contribution rate will increase by an amount equal to the difference between the following:(1)  the estimated city contribution rate; and(2)  the maximum city contribution rate.(c)  The member contribution rate may not be increased by more than two percentage points under this section.(d)  If the estimated city contribution rate is more than two percent of pensionable payroll greater than the maximum city contribution rate, the city and the board shall enter into discussions to determine additional funding solutions.
TX Civ Stat § 8.07 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243n-1. Police Officers Retirement System in Municipalities of 460,000 to 500,000|Article VIII.|Section 8.07. Additional City Contributions for Proportionate Retirement Program Participation

Sec. 8.07.  ADDITIONAL CITY CONTRIBUTIONS FOR PROPORTIONATE RETIREMENT PROGRAM PARTICIPATION.  (a)  The city shall contribute amounts in addition to the amounts described by Section 8.02 of this Act as required by Section 803.101(h), Government Code, to fund the additional liabilities incurred by the police retirement system as a result of participating in the proportionate retirement program.  The rate at which the city shall contribute additional amounts under this section is equal to 0.737 percent of the basic hourly earnings of each member employed by the city for all pay periods commencing on or after October 1, 2020, subject to adjustment under Subsection (b) of this section.(b)  The additional contribution rate under Subsection (a) of this section shall increase or decrease as considered necessary by the actuary for the police retirement system after each five-year period of participation by the system in the proportionate retirement program in order to update the amount necessary to fund the additional liabilities incurred by the system as a result of participating in the proportionate retirement program and of the consolidation of the city's public safety and emergency management department with the police department on January 4, 2009.  The system's actuary shall perform an experience study that shall be the basis for a contribution rate adjustment under this subsection.  The effective date of the initial contribution rate adjustment under this subsection is October 1, 2015.  Each later contribution rate adjustment under this subsection takes effect October 1 of every fifth year after the effective date of the initial contribution rate adjustment.  The system's actuary shall present to the police retirement board the experience study on which any contribution rate adjustment under this subsection is based not later than 45 days before the effective date of the adjustment, and the city's actuary shall have the opportunity to review and comment on the study.  An adjustment in the additional contribution rate under this subsection may not cause the additional contribution rate under Subsection (a) of this section to be less than zero.