reglab/housing_qa huggingface dataset:
TX Govt Code § 855.110 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle G - Texas Municipal Retirement System|Chapter 855 - Administration|Subchapter B. Powers and Duties of Board of Trustees|Section 855.110. Adopting Rates and Tables

Sec. 855.110.  ADOPTING RATES AND TABLES.  (a)  The board of trustees shall adopt rates and tables that the board considers necessary for the retirement system after considering the results of the actuary's investigation of the mortality and service experience of the system's members and annuitants.  In adopting rates and tables, the board of trustees shall adopt a discount rate that is not less than five percent in developing an annuity purchase rate.(b)  Based on recommendations of the actuary, the board of trustees shall adopt rates and tables necessary to determine the supplemental death benefits contribution rates for each municipality participating in the supplemental death benefits fund.(c)  The board of trustees, after consultation with the actuary, by rule or by funding policy adopted by the board of trustees, may:(1)  set open or closed amortization periods not to exceed 30 years;(2)  change the period for amortizing a municipality's unfunded actuarial accrued liabilities from an open period to a closed period or from a closed period to an open period;(3)  decrease or increase the amortization period, provided the amortization period may not exceed 30 years; and(4)  set different amortization periods for unfunded actuarial accrued liabilities arising from different types of events giving rise to liabilities and ladder the amortization of the liabilities.(d)  In this section:(1)  "Annuity purchase rate" means the present value factor used to convert reserves to a monthly annuity based on the post-retirement discount rate assumption and the life expectancy of the retiree or beneficiary or both the retiree and the beneficiary at retirement under the selected form of payment.(2)  "Discount rate" means the interest rate used in determining the present value of future cash flows.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Amended by Acts 1981, 67th Leg., 1st C.S., p. 229, ch. 18, Sec. 96, eff. Jan. 1, 1982.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.110 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.Amended by: Acts 2007, 80th Leg., R.S., Ch. 293 (H.B. 1244), Sec. 3, eff. January 1, 2008.Acts 2009, 81st Leg., R.S., Ch. 154 (H.B. 360), Sec. 1, eff. May 26, 2009.Acts 2019, 86th Leg., R.S., Ch. 991 (S.B. 1337), Sec. 19, eff. January 1, 2020.|
TX Govt Code § 855.111 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle G - Texas Municipal Retirement System|Chapter 855 - Administration|Subchapter B. Powers and Duties of Board of Trustees|Section 855.111. Certification of Rates

Sec. 855.111.  CERTIFICATION OF RATES.  (a)  The board of trustees shall certify all current service contribution rates and all prior service contribution rates.(b)  The board shall notify each participating municipality of the rates certified in accordance with this section.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.111 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.Amended by: Acts 2009, 81st Leg., R.S., Ch. 154 (H.B. 360), Sec. 2, eff. May 26, 2009.|
TX Govt Code § 855.112 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle G - Texas Municipal Retirement System|Chapter 855 - Administration|Subchapter B. Powers and Duties of Board of Trustees|Section 855.112. Records

Sec. 855.112.  RECORDS.  (a)  The retirement system shall keep, in convenient form, data necessary for required computations and valuations by the actuary.(b)  The board of trustees shall keep a permanent record of all of its proceedings.(c)  Records of the board of trustees are open to the public.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.112 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.Amended by: Acts 2019, 86th Leg., R.S., Ch. 991 (S.B. 1337), Sec. 20, eff. January 1, 2020.|
TX Govt Code § 855.113 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle G - Texas Municipal Retirement System|Chapter 855 - Administration|Subchapter B. Powers and Duties of Board of Trustees|Section 855.113. Office

Sec. 855.113.  OFFICE.  (a)  The board of trustees shall establish an office in Austin or in one of the participating municipalities.(b)  The board shall keep the books and records of the retirement system in that office.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.113 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.|
TX Govt Code § 855.114 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle G - Texas Municipal Retirement System|Chapter 855 - Administration|Subchapter B. Powers and Duties of Board of Trustees|Section 855.114. Obtaining Information

Sec. 855.114.  OBTAINING INFORMATION.  (a)  In this section, "participant" means a member, former member, retiree, annuitant, beneficiary, or alternate payee of the retirement system.(b)  The board of trustees shall obtain from participants or participating municipalities information necessary for the proper operation of the retirement system.(c)  Each participant and participating municipality shall timely provide, in the form and manner specified by the retirement system, information necessary for the proper operation and administration of the retirement system.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.114 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.Amended by: Acts 2019, 86th Leg., R.S., Ch. 991 (S.B. 1337), Sec. 21, eff. January 1, 2020.|
TX Govt Code § 855.201 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle G - Texas Municipal Retirement System|Chapter 855 - Administration|Subchapter C. Officers and Employees of Board of Trustees|Section 855.201. Executive Director

Sec. 855.201.  EXECUTIVE DIRECTOR.  (a)  The board of trustees shall appoint an executive director.(b)  The executive director shall:(1)  manage and administer the retirement system under the supervision and direction of the board;  and(2)  invest the assets of the system.(c)  The board of trustees may delegate to the executive director powers and duties in addition to those stated by Subsection (b).(d)  The executive director annually shall:(1)  prepare an itemized budget showing the amount required to pay the retirement system's expenses for the following fiscal year;  and(2)  submit the report to the board for review, amendment, and adoption.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.201 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 2001, 77th Leg., ch. 121, Sec. 24, eff. Jan. 1, 2002.|
TX Govt Code § 855.202 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle G - Texas Municipal Retirement System|Chapter 855 - Administration|Subchapter C. Officers and Employees of Board of Trustees|Section 855.202. Legal Representation

Sec. 855.202.  LEGAL REPRESENTATION.  (a)  The board of trustees shall appoint an attorney.(b)  The attorney shall act as the legal adviser to the board of trustees.(c)  The board of trustees, the director, or the director's designee may employ or obtain the services of other attorneys or outside legal counsel to represent the retirement system in litigation or advise the retirement system on fiduciary or legal matters.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.202 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.Amended by: Acts 2019, 86th Leg., R.S., Ch. 991 (S.B. 1337), Sec. 24, eff. January 1, 2020.Acts 2019, 86th Leg., R.S., Ch. 991 (S.B. 1337), Sec. 25, eff. January 1, 2020.|
TX Govt Code § 855.203 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle G - Texas Municipal Retirement System|Chapter 855 - Administration|Subchapter C. Officers and Employees of Board of Trustees|Section 855.203. Medical Board

Sec. 855.203.  MEDICAL BOARD.  (a)  The board of trustees shall designate a medical board composed of three physicians.(b)  To be eligible to serve as a member of the medical board, a physician must be licensed to practice medicine in the state and be of good standing in the medical profession.  A physician who is eligible to participate in the retirement system may not be a member of the medical board.(c)  The medical board shall:(1)  review all medical examinations required by this subtitle;(2)  investigate essential statements and certificates made by or on behalf of a member of the retirement system in connection with an application for disability retirement;  and(3)  report in writing to the board of trustees its conclusions and recommendations on all matters referred to it.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.203 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.|
TX Govt Code § 855.204 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle G - Texas Municipal Retirement System|Chapter 855 - Administration|Subchapter C. Officers and Employees of Board of Trustees|Section 855.204. Other Physicians

Sec. 855.204.  OTHER PHYSICIANS.  The board of trustees may employ physicians in addition to the medical board to report on special cases.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.204 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.|
TX Govt Code § 855.205 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle G - Texas Municipal Retirement System|Chapter 855 - Administration|Subchapter C. Officers and Employees of Board of Trustees|Section 855.205. Actuary

Sec. 855.205.  ACTUARY.  (a)  The board of trustees shall appoint an actuary.(b)  The actuary shall perform duties in connection with advising the board concerning operation of the retirement system's funds.(c)  At least once every five years the actuary shall:(1)  make a general investigation of the mortality and service experience of the members and annuitants of the retirement system;  and(2)  on the basis of the results of the investigation, recommend for adoption by the board tables and rates that are required.(d)  On the basis of rates and tables adopted by the board, the actuary shall:(1)  annually compute the normal contribution rate for each participating municipality;(2)  annually compute the prior service contribution rate for each participating municipality;(3)   compute the supplemental death benefits rate and the supplemental disability benefits rate for each participating municipality; and(4)  make an annual valuation of the assets and liabilities of the funds of the retirement system.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.205 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1999, 76th Leg., ch. 83, Sec. 16, eff. Dec. 31, 1999.Amended by: Acts 2009, 81st Leg., R.S., Ch. 154 (H.B. 360), Sec. 3, eff. May 26, 2009.|
TX Govt Code § 855.206 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle G - Texas Municipal Retirement System|Chapter 855 - Administration|Subchapter C. Officers and Employees of Board of Trustees|Section 855.206. Other Employees

Sec. 855.206.  OTHER EMPLOYEES.  The board of trustees shall employ actuarial, clerical, legal, medical, and other assistants required for the efficient administration of the retirement system.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.206 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.|
TX Govt Code § 855.207 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle G - Texas Municipal Retirement System|Chapter 855 - Administration|Subchapter C. Officers and Employees of Board of Trustees|Section 855.207. Compensation of Employees

Sec. 855.207.  COMPENSATION OF EMPLOYEES.  The board of trustees shall determine the amount of compensation that employees of the retirement system receive.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.207 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.|
TX Govt Code § 855.3011 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle G - Texas Municipal Retirement System|Chapter 855 - Administration|Subchapter D. Management of Assets|Section 855.3011. Securities Lending

Sec. 855.3011.  SECURITIES LENDING.  (a)  The board of trustees, in the exercise of its discretion to manage the assets of the retirement system, may select a person, including a commercial bank or depository trust company, to lend retirement system securities as provided by this section and rules adopted by the board of trustees.(b)  To be eligible to lend securities under this section, a person must:(1)  be experienced in the operations of a fully secured securities lending program;(2)  maintain capital adequate in the prudent judgment of the retirement system to assure the safety of the securities;(3)  execute an indemnification agreement, satisfactory in form and content to the retirement system, fully indemnifying the retirement system against any loss resulting from borrower default or the failure of the securities lending agent to properly execute the agent's responsibilities under the applicable securities lending agreement;(4)  require any securities broker or dealer to whom the agent lends securities belonging to the retirement system to deliver and maintain with the custodian collateral in the form of cash or United States government securities eligible for book entry, the market value of which must equal not less than 100 percent of the market value, from time to time, of the loaned securities;  and(5)  comply with the guidelines adopted by the board of trustees relating to the investment of cash collateral, borrower limits, and other items.|Added by Acts 2001, 77th Leg., ch. 121, Sec. 26, eff. Jan. 1, 2002.|
TX Govt Code § 855.303 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle G - Texas Municipal Retirement System|Chapter 855 - Administration|Subchapter D. Management of Assets|Section 855.303. Prudence Regarding Investments

Sec. 855.303.  PRUDENCE REGARDING INVESTMENTS.  A determination of whether the board of trustees has exercised prudence in an investment decision must be made by considering the investment of all of the assets of the trust over which the board has management and control, rather than by considering the prudence of a single investment.  In making investments for the retirement system, the board of trustees shall exercise the judgment and care, under the circumstances, that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, considering the probable income from the securities and probable safety of their capital.|Added by Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.303 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 2003, 78th Leg., ch. 599, Sec. 18, eff. Jan. 1, 2004.|
TX Govt Code § 855.304 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle G - Texas Municipal Retirement System|Chapter 855 - Administration|Subchapter D. Management of Assets|Section 855.304. Cash on Hand

Sec. 855.304.  CASH ON HAND.  The board of trustees shall determine the amount of cash on hand required to pay benefits and the expenses of the retirement system.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.304 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.|
TX Govt Code § 855.305 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle G - Texas Municipal Retirement System|Chapter 855 - Administration|Subchapter D. Management of Assets|Section 855.305. Crediting System Assets

Sec. 855.305.  CREDITING SYSTEM ASSETS.  (a)  The retirement system shall immediately deposit all money received by the system with a depository designated under Section 855.109.(b)  When securities of the retirement system are received, the system shall deposit the securities in trust with a depository designated under Section 855.109.  The depository shall provide adequate safe deposit facilities for the preservation of the securities.(c)  All assets of the retirement system shall be credited, according to the purpose for which they are held, to one of the following funds:(1)  benefit accumulation fund;(2)  interest fund;(3)  endowment fund;(4)  expense fund;(5)  supplemental disability benefits fund; or(6)  supplemental death benefits fund.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Amended by Acts 1981, 67th Leg., 1st C.S., p. 229, ch. 18, Sec. 97, eff. Jan. 1, 1982.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.305 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.Amended by: Acts 2011, 82nd Leg., R.S., Ch. 1208 (S.B. 350), Sec. 21, eff. June 17, 2011.|
TX Govt Code § 855.306 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle G - Texas Municipal Retirement System|Chapter 855 - Administration|Subchapter D. Management of Assets|Section 855.306. Member's Individual Account

Sec. 855.306.  MEMBER'S INDIVIDUAL ACCOUNT.  (a)  The retirement system shall establish in the participating municipality's account in the benefit accumulation fund an individual account for each person who is a member of the system through employment in that municipality.  The retirement system shall credit to a member's individual account:(1)  the amount of contributions to the retirement system deducted from the member's compensation;(2)  interest allowed on amounts credited to the account in accordance with this subtitle; and(3)  the portion of a deposit required by Section 853.003 to reinstate credited service previously canceled that represents the amount withdrawn.(b)  On December 31 of each year the retirement system shall credit to each member's individual account interest as allowed by this subtitle on the amount of accumulated contributions credited to the member's account on January 1 of that year.  On a person's retirement under this subtitle on a date other than December 31, the retirement system shall credit to that person's individual account interest and supplemental interest, if any, at the rate credited on members' accounts for the preceding year.  The interest must be:(1)  on the amount of accumulated contributions credited to the member's account on January 1 of the year in which retirement occurs;  and(2)  prorated from January 1 of the year in which retirement occurs to the effective date of retirement.(c)  The retirement system may not pay interest on money in a person's individual account:(1)  for a part of a year except as provided by Subsection (b);  or(2)  after the person's membership has been terminated in accordance with Section 852.104 because of absence from service.(d)  If a retiree resumes employment under Section 854.308, the retirement system shall reestablish an individual account for the member in the participating municipality's account in the benefit accumulation fund and credit to that account the portion of the balance of the person's retirement reserve that is attributable to the person's prior accumulated contributions.|Added by Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Amended by Acts 1981, 67th Leg., 1st C.S., p. 229, ch. 18, Sec. 98, eff. Jan. 1, 1982;  Acts 1989, 71st Leg., Ch. 462, Sec. 5, eff. Sept. 1, 1989.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.306 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1991, 72nd Leg., ch. 16, Sec. 11.01(e), eff. Aug. 26, 1991;  Acts 1999, 76th Leg., ch. 83, Sec. 17, eff. Dec. 31, 1999;  Acts 2003, 78th Leg., ch. 599, Sec. 19, eff. Jan. 1, 2004.Amended by: Acts 2011, 82nd Leg., R.S., Ch. 1208 (S.B. 350), Sec. 22, eff. June 17, 2011.Acts 2011, 82nd Leg., R.S., Ch. 1208 (S.B. 350), Sec. 23, eff. June 17, 2011.|
TX Govt Code § 855.307 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle G - Texas Municipal Retirement System|Chapter 855 - Administration|Subchapter D. Management of Assets|Section 855.307. Benefit Accumulation Fund: Current Service

Sec. 855.307.  BENEFIT  ACCUMULATION FUND:  CURRENT SERVICE.  (a)  The retirement system shall credit or charge to the account of a participating municipality in the benefit accumulation fund:(1)  all current service contributions made by the municipality to the retirement system;(2)  net investment income or loss allocated to the fund under Section 855.317; and(3)  the withdrawal charge for reinstatement of credited service as provided by Section 853.003.(b)  The retirement system shall pay from the account of a participating municipality in the benefit accumulation fund:(1)  all payments under annuities arising from current service credits; and(2)  refunds to certain municipalities in accordance with Section 855.319.(c)  If credited service previously canceled is reinstated in accordance with Section 853.003, the retirement system shall charge the municipality's account in the benefit accumulation fund with the necessary reserves to fund the credits based on current service that are restored to the member.(d)  The annuities payable as provided by this section are liabilities and obligations of the participating municipality for which the service was performed on which the annuities are based and are payable from the municipality's account in the benefit accumulation fund.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Amended by Acts 1981, 67th Leg., 1st C.S., p. 230, ch. 18, Sec. 99, eff. Jan. 1, 1982;  Acts 1989, 71st Leg., ch. 462, Sec. 6, eff. Sept. 1, 1989.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.307 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1991, 72nd Leg., ch. 16, Sec. 11.01(f), eff. Aug. 26, 1991.Amended by: Acts 2009, 81st Leg., R.S., Ch. 154 (H.B. 360), Sec. 4, eff. May 26, 2009.Acts 2011, 82nd Leg., R.S., Ch. 1208 (S.B. 350), Sec. 24, eff. June 17, 2011.|