reglab/housing_qa huggingface dataset:
TX Civ Stat § 7.05 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243o. Police and Fire Fighter Retirement System in Municipalities of 750,000 to 1,000,000|Article 7. Investments and Financial Provisions|Section 7.05. Professional Consultants

Sec. 7.05. PROFESSIONAL CONSULTANTS.    (a)  The board may contract for professional investment management services, financial consultants, independent auditors, attorneys, and actuaries.  Only the board may enter into those contracts and may establish a reasonable fee for compensation.(b) The board may designate its own custodian or master custodian to perform the customary duties involving the safekeeping of the assets and the execution of transactions of either domestic or foreign securities.  The board may engage in a securities lending program consistent with the benefits to plan participants and their beneficiaries.
TX Civ Stat § 7.06 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243o. Police and Fire Fighter Retirement System in Municipalities of 750,000 to 1,000,000|Article 7. Investments and Financial Provisions|Section 7.06. Investment Consultant Qualifications

Sec. 7.06.  INVESTMENT CONSULTANT QUALIFICATIONS.  In appointing investment consultants, the board shall require that the investment consultant be:(1)  registered under the Investment Advisors Act of 1940 (15 U.S.C. Section 80b-1 et seq.) and its subsequent amendments;(2)  a bank as defined by that Act; or(3)  an insurance company qualified to perform investment services under the laws of more than one state.
TX Civ Stat § 7.51 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243o. Police and Fire Fighter Retirement System in Municipalities of 750,000 to 1,000,000|Article 7A. Standards of Conduct and Financial Disclosure Requirements|Section 7.51. Policy

Sec. 7.51. POLICY.    (a)  A member of the board, the executive director, or another employee of the fund may not buy, sell, or exchange any property to or from the fund, deal with the assets of the fund in the person's own interest or for the person's own account, or receive any consideration for the person's personal account from any person dealing with the fund in connection with the income or assets of the fund.(b) To implement Subsection (a) of this section and to strengthen the faith and confidence of the members and beneficiaries of the fund, the board shall develop standards of conduct and financial disclosure requirements to be observed by each member of the board and by the executive director in the performance of official duties.(c) Repealed by Acts 1997, 75th Leg., ch. 35, Sec. 37, eff. Oct. 1, 1997.
TX Civ Stat § 8.01 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243o. Police and Fire Fighter Retirement System in Municipalities of 750,000 to 1,000,000|Article 8. Excess Benefit Plan for Fire Fighters and Police Officers|Section 8.01. Creation of Plan

Sec. 8.01. CREATION OF PLAN.  A separate, nonqualified, unfunded excess benefit plan containing the provisions of this subchapter is created outside the fund.  The plan is intended to be a "qualified governmental excess benefit arrangement" within the meaning of Section 415(m) of the code.
TX Civ Stat § 8.02 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243o. Police and Fire Fighter Retirement System in Municipalities of 750,000 to 1,000,000|Article 8. Excess Benefit Plan for Fire Fighters and Police Officers|Section 8.02. Definitions

Sec. 8.02. DEFINITIONS.  In this article:(1) "Excess benefit participant" means any member whose retirement benefits as determined on the basis of all qualified plans, without regard to the limitations of Section 5.10(a) of this Act and comparable provisions of other qualified plans, would exceed the maximum benefit under Section 415 of the code.(2) "Excess benefit plan" means the excess benefit plan created by this article for the benefit of eligible members.(3) "Maximum benefit" means the retirement benefit a member or the member's spouse, dependent child, or dependent parent is entitled to receive from all qualified plans in any month after applying Section 5.10(a) of this Act and any similar provisions of any other qualified plans designed to conform to Section 415 of the code.(4) "Qualified plan" means the fund and any other plan that is maintained by the municipality for the exclusive benefit of some or all of the members of the fund and that has been found by the Internal Revenue Service to be qualified or has been treated by the municipality as a qualified plan under Section 401 of the code.(5) "Unrestricted benefit" means the monthly retirement benefit a member or the member's spouse, dependent child, or dependent parent would have received under the terms of all qualified plans except for the restrictions of Section 5.10(a) of this Act and any similar provisions of any other qualified plans designed to conform to Section 415 of the code.
TX Civ Stat § 8.03 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243o. Police and Fire Fighter Retirement System in Municipalities of 750,000 to 1,000,000|Article 8. Excess Benefit Plan for Fire Fighters and Police Officers|Section 8.03. Excess Benefit Entitlement

Sec. 8.03. EXCESS BENEFIT ENTITLEMENT.    (a)  An excess benefit participant who is receiving benefits from the fund is entitled to a monthly benefit under the excess benefit plan in an amount equal to the lesser of:(1) the member's unrestricted benefit less the maximum benefit;  or(2) the amount by which the member's monthly benefit from the fund has been reduced because of the limitations under Section 415 of the code.(b) In the case of the death of an excess benefit participant whose spouse, dependent child, or dependent parent is entitled to preretirement or postretirement death benefits under a qualified plan, the spouse, dependent child, or dependent parent is entitled to a monthly benefit under the excess benefit plan equal to the benefit determined in accordance with Article 6 of this Act without regard to the limitations under Section 5.10(a) of this Act or Section 415 of the code, less the maximum benefit.(c) Any benefit to which any person is entitled under this section shall be paid at the same time and in the same manner as the benefit would have been paid from the fund if payment of the benefit from the fund had not been precluded by Section 5.10(a) of this Act.  An excess benefit participant or any beneficiary may not elect to defer the receipt of all or any part of a payment due under this article.
TX Civ Stat § 8.04 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243o. Police and Fire Fighter Retirement System in Municipalities of 750,000 to 1,000,000|Article 8. Excess Benefit Plan for Fire Fighters and Police Officers|Section 8.04. Manner of Administration

Sec. 8.04. MANNER OF ADMINISTRATION.    (a)  The board shall administer the excess benefit plan.  Except as otherwise provided by this section, the board has the same rights, duties, and responsibilities regarding the excess benefit plan as the board has for the fund.(b) A consultant, independent auditor, attorney, or actuary selected to perform services for the fund under Section 7.05 of this Act shall also perform services for the excess benefit plan, but the person's fees for services for the excess benefit plan may not be paid by the fund.  The actuary employed under Section 7.05 of this Act shall advise the board of the amount of benefits that may not be provided from the fund solely by reason of the limitations of Section 415 of the code and the amount of municipal contributions that will be made to the excess benefit plan rather than to the fund.
TX Civ Stat § 8.05 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243o. Police and Fire Fighter Retirement System in Municipalities of 750,000 to 1,000,000|Article 8. Excess Benefit Plan for Fire Fighters and Police Officers|Section 8.05. Funding of Benefits

Sec. 8.05. FUNDING OF BENEFITS.    (a)  Contributions may not be accumulated under the excess benefit plan to pay future retirement benefits.  Instead, each payment of municipal contributions that would otherwise be made to the fund under Section 4.05 of this Act shall be reduced by the amount determined by the board as necessary to meet the requirements for retirement benefits under the excess benefit plan, including reasonable administrative expenses, until the next payment of municipal contributions is expected to be made to the fund.  The municipality shall then pay to the excess benefit plan out of the withheld contributions, not earlier than the 14th day before the date of each distribution of monthly retirement benefits is required to be made from the excess benefit plan, the amount necessary to satisfy the obligation to pay monthly retirement benefits from the excess benefit plan.  The board shall satisfy the obligation of the excess benefit plan to pay retirement benefits out of the municipal contributions transferred for that month.(b) Municipal contributions otherwise required to be made to the fund under Section 4.05 of this Act and any other qualified plan shall be divided into contributions required to pay retirement benefits under this article and contributions paid into and accumulated to pay the maximum benefits required under the qualified plan.  Municipal contributions made to provide retirement benefits under this article may not be commingled with the money of the fund or any other qualified plan.
TX Civ Stat § 1.01 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243p. Police Retirement Fund in Municipalities of 50,000 to 400,000|Article 1. General Provisions|Section 1.01. Applicability

Sec. 1.01. APPLICABILITY.  This Act applies only to a municipality that:(1) has a population of more than 50,000 but less than 400,000;(2) operates under a city manager form of government;  and(3) has never elected to join, adopted, or been required to operate under a public retirement system created by a state statute applicable to municipal police officers.
TX Civ Stat § 1.02 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243p. Police Retirement Fund in Municipalities of 50,000 to 400,000|Article 1. General Provisions|Section 1.02. Creation of Police Pension Fund

Sec. 1.02. CREATION OF POLICE PENSION FUND.  A police pension fund is hereby authorized in a municipality that adopts this Act.  Once a pension fund is adopted in a municipality as provided by Section 1.03 of this Act, any right or privilege accruing to any member under the fund is a vested right according to the terms of this Act and may not be denied or abridged through any change in population or other condition of applicability prescribed by Section 1.01 of this Act.  The pension fund shall continue to operate and function regardless of whether the municipality continues to meet the conditions of applicability defined by Section 1.01 of this Act.
TX Civ Stat § 1.03 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243p. Police Retirement Fund in Municipalities of 50,000 to 400,000|Article 1. General Provisions|Section 1.03. Adoption of Police Pension Fund

Sec. 1.03. ADOPTION OF POLICE PENSION FUND.  A municipality may adopt this Act by a majority vote of the municipality's governing body.
TX Civ Stat § 2.01 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243p. Police Retirement Fund in Municipalities of 50,000 to 400,000|Article 2. Administration|Section 2.01. Board of Trustees

Sec. 2.01.  BOARD OF TRUSTEES.  A board of trustees of the police pension fund is created, in which is vested the general administration, management, and responsibility for the proper and effective operation of the fund.   The board has all necessary powers to discharge the board's duties, including the authority to adopt necessary rules for the administration of the fund and to correct any defect, supply any omission, and reconcile any inconsistency that may appear in this Act in a manner and to the extent that the board considers expedient for the administration of this Act for the greatest benefit of all members of the fund.
TX Civ Stat § 2.02 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243p. Police Retirement Fund in Municipalities of 50,000 to 400,000|Article 2. Administration|Section 2.02. Composition of Board

Sec. 2.02.  COMPOSITION OF BOARD.  (a)  The board of trustees of the fund is composed of eight trustees as follows:(1)  the president of the municipality's police association or the president's designee, to serve during the president's term of office;(2)  two trustees designated by the city manager, to serve at the pleasure of the city manager;(3)  two trustees designated by the city council, each to serve a staggered three-year term; and(4)  three trustees elected by the members of the fund, each to serve a staggered three-year term.(b)   A trustee serves until a successor is selected and qualified.  A vacancy occurring by death, resignation, or removal is filled in the same manner used to fill the position being vacated.  A person appointed or elected to fill a position vacated by death, resignation, or removal serves the remainder of the term, if any, for the position being vacated, at which time the person may be reappointed or stand for election for a full term.
TX Civ Stat § 2.021 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243p. Police Retirement Fund in Municipalities of 50,000 to 400,000|Article 2. Administration|Section 2.021. Qualifications of Trustees

Sec. 2.021.  QUALIFICATIONS OF TRUSTEES.  (a)  To be designated or elected a trustee under Section 2.02 of this Act, a person must have:(1)  demonstrated financial, accounting, business, investment, budgeting, or actuarial experience;(2)  a bachelor's degree from an accredited institution of higher education; or(3)  been vetted to verify that the person is capable of performing the duties and responsibilities of a trustee under this Act and determined qualified for designation or election, as appropriate, to the board by:(A)  the trustee serving on the board under Section 2.02(a)(1) of this Act; and(B)  a trustee designated by the city manager under Section 2.02(a)(2) of this Act.(b)  A person is presumed to have demonstrated the expertise described by Subsection (a)(1) of this section if the person has at least five years of full-time employment experience working in a field described by that subdivision.(c)  A person is not required to reside in the municipality to be designated or elected a trustee under Section 2.02 of this Act.
TX Civ Stat § 2.03 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243p. Police Retirement Fund in Municipalities of 50,000 to 400,000|Article 2. Administration|Section 2.03. Elected Trustees

Sec. 2.03.  ELECTED TRUSTEES.  The board shall provide by rule for the procedure for electing trustees described by Section 2.02(a)(4) of this Act.
TX Civ Stat § 2.035 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243p. Police Retirement Fund in Municipalities of 50,000 to 400,000|Article 2. Administration|Section 2.035. Trustee Training

Sec. 2.035.  TRUSTEE TRAINING.  (a)  A person who is appointed or elected to the board of trustees and qualifies for office as a trustee shall complete a training program that complies with this section.(b)  The training program must provide the trustee with information regarding:(1)  the law governing the pension fund's operations;(2)  the programs, functions, rules, and budget of the fund;(3)  the scope of and limitations on the rulemaking authority of the board;(4)  the results of the most recent actuarial valuation of the fund; and(5)  the requirements of:(A)  laws relating to open meetings, public information, administrative procedure, and disclosing conflicts of interest; and(B)  other laws applicable to a trustee in performing the trustee's duties, including the board's fiduciary duty to hold and administer the assets of the fund for the exclusive benefit of members and their beneficiaries under Section 802.203, Government Code, Section 67(f), Article XVI, Texas Constitution, and any other applicable law.
TX Civ Stat § 2.04 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243p. Police Retirement Fund in Municipalities of 50,000 to 400,000|Article 2. Administration|Section 2.04. Administrative Staff

Sec. 2.04. ADMINISTRATIVE STAFF.  The board may appoint a plan administrator and any other persons necessary to perform administrative services for the board.  The board may determine and pay any necessary compensation for persons performing administrative services for the plan and fund.
TX Civ Stat § 2.05 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243p. Police Retirement Fund in Municipalities of 50,000 to 400,000|Article 2. Administration|Section 2.05. Investment Managers

Sec. 2.05. INVESTMENT MANAGERS.  The board may hire one or more investment managers.  An investment manager has authority to invest the assets and manage the portfolio of the fund as specified by the manager's employment contract.
TX Civ Stat § 2.06 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243p. Police Retirement Fund in Municipalities of 50,000 to 400,000|Article 2. Administration|Section 2.06. Investment Consultant

Sec. 2.06. INVESTMENT CONSULTANT.  The board may hire an investment consultant to monitor the investment performance of an investment manager of the fund and provide other investment advice requested by the board.
TX Civ Stat § 2.07 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243p. Police Retirement Fund in Municipalities of 50,000 to 400,000|Article 2. Administration|Section 2.07. Legal Counsel

Sec. 2.07. LEGAL COUNSEL.  The board may retain legal counsel to advise, assist, or represent the board in any legal matters affecting the operation of the fund.
TX Civ Stat § 2.08 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243p. Police Retirement Fund in Municipalities of 50,000 to 400,000|Article 2. Administration|Section 2.08. Investments of the Board

Sec. 2.08. INVESTMENTS OF THE BOARD.    (a)  The board is the trustee of the assets of the fund and has full power in its sole discretion to invest and reinvest, alter, and change those assets.  The board shall invest the assets in whatever instruments or investments the board considers prudent.  In making investments for the fund, the board shall discharge its duties:(1) for the exclusive purposes of:(A) providing benefits to members and their beneficiaries;  and(B) defraying reasonable expenses of administering the fund;(2) 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;(3) by diversifying the investments of the fund to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so;  and(4) in accordance with the laws, documents, and instruments governing the fund.(b) The accounts of the fund and money held by the fund to which this Act applies may not be assigned and are not subject to execution, levy, attachment, garnishment, or other legal process.(c) The right of a member to a pension, to the return of contributions, the pension, or retirement allowance itself, any optional benefit or death benefits, any other right accrued or accruing to any person under this Act, and the money in the trust created by this Act may not be assigned except as specifically provided by this Act or as provided under the terms of a qualified domestic relations order, as defined by Section 804.001, Government Code, and are not subject to execution, levy, attachment, garnishment, the operation of bankruptcy or insolvency law, or any other process of law.
TX Civ Stat § 2.09 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243p. Police Retirement Fund in Municipalities of 50,000 to 400,000|Article 2. Administration|Section 2.09. Insurance

Sec. 2.09. INSURANCE.    (a)  The board may purchase from an insurer authorized to do business in this state one or more insurance policies that provide for the reimbursement of a trustee, officer, or employee of the board for liability imposed as damages caused by, and for costs and expenses incurred by the person in defense of, an alleged act, error, or omission committed in the person's capacity as fiduciary of assets of the fund.  The board may not purchase an insurance policy that provides for the reimbursement of a trustee, officer, or employee of the board for liability imposed or costs and expenses incurred because of the trustee's, officer's, or employee's personal dishonesty, fraudulent breach of trust, lack of good faith, intentional fraud or deception, or intentional failure to act prudently.  The board of trustees shall use money in the fund to purchase an insurance policy under this subsection.(b)  If an insurance policy described by Subsection (a) of this section is not available, sufficient, adequate, or otherwise in effect, the board may indemnify a trustee, officer, or employee of the board for liability imposed as damages caused by, and for reasonable costs and expenses incurred by the person in defense of, an alleged act, error, or omission committed in the person's fiduciary capacity.  The board may not indemnify a trustee, officer, or employee of the board for liability imposed or costs and expenses incurred because of the trustee's, officer's, or employee's personal dishonesty, fraudulent breach of trust, lack of good faith, intentional fraud or deception, or intentional failure to act prudently.(c)  A decision to indemnify under this section must be made by five trustees.  If a proposed indemnification is of a trustee, the trustee may not vote on the matter.(d) The board may adopt a rule establishing a method for presentation, approval, and payment of claims for indemnification under this section.
TX Civ Stat § 2.10 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243p. Police Retirement Fund in Municipalities of 50,000 to 400,000|Article 2. Administration|Section 2.10. Action Increasing Amortization Period

Sec. 2.10.  ACTION INCREASING AMORTIZATION PERIOD.  Notwithstanding any other provision of this Act, the rate of contributions to the pension fund may not be reduced or eliminated, a new monetary benefit payable by the pension fund may not be established, and the amount of a monetary benefit from the fund may not be increased, if, as a result of the particular action, the time, as determined by an actuarial valuation, required to amortize the unfunded actuarial liabilities of the pension fund would be increased to a period that exceeds 25 years.
TX Civ Stat § 2.11 (2021)
2021 Texas Statutes|Vernon's Civil Statutes|Title 109 - Pensions|Article 6243p. Police Retirement Fund in Municipalities of 50,000 to 400,000|Article 2. Administration|Section 2.11. Actuarial Valuations

Sec. 2.11.  ACTUARIAL VALUATIONS.  (a)  The assumptions and methods adopted by the board and used to prepare an actuarial valuation of the pension fund's assets and liabilities must be consistent with generally accepted actuarial standards.(b)  Any assumed rate of return adopted by the board under this Act must be reviewed as part of each actuarial valuation conducted on or after January 1, 2020.