reglab/housing_qa huggingface dataset:
TX Govt Code § 845.303 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle F - Texas County and District Retirement System|Chapter 845 - Administration|Subchapter D. Management of Assets|Section 845.303. Securities Lending

Sec. 845.303.  SECURITIES LENDING.  (a)  The board of trustees, in the exercise of its discretion to manage the assets of the retirement system, may select one or more commercial banks, depository trust companies, or other entities to serve as custodian or custodians of the system's securities and to lend the securities under rules adopted by the board of trustees and as required by this section.(b)  To be eligible to lend securities under this section, a bank or brokerage firm 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; and(4)  require any securities broker or dealer to whom it lends securities belonging to the retirement system to deliver to and maintain with the custodian collateral in the form of cash or United States government securities, the market value of which must equal not less than 100 percent of the market value, from time to time, of the loaned securities.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 55.303 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1995, 74th Leg., ch. 245, Sec. 35, eff. May 27, 1995.Amended by: Acts 2007, 80th Leg., R.S., Ch. 873 (H.B. 1587), Sec. 75, eff. January 1, 2008.|
TX Govt Code § 845.305 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle F - Texas County and District Retirement System|Chapter 845 - Administration|Subchapter D. Management of Assets|Section 845.305. Crediting System Assets

Sec. 845.305.  CREDITING SYSTEM ASSETS.  (a)  The retirement system shall deposit all receipts with a depository designated under Section 845.109 or a custodian designated under Section 845.302.(b)  All assets of the pension trust of the retirement system shall be credited according to the purpose for which they are held to one of the following funds:(1)  employees saving fund;(2)  subdivision accumulation fund;(3)  closed subdivision annuity reserve fund;(4)  income fund;(5)  endowment fund; or(6)  expense fund.(c)  Amounts contributed by a subdivision to provide benefits under the optional group term life program for its participating employees and retirees shall be deposited to the optional group term life fund and maintained by the board of trustees as the optional group term life trust.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Amended by Acts 1981, 67th Leg., 1st C.S., p. 215, ch. 18, Sec. 57, eff. Nov. 10, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 55.305 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1997, 75th Leg., ch. 309, Sec. 22, eff. Dec. 1, 1997.Amended by: Acts 2005, 79th Leg., Ch. 506 (H.B. 633), Sec. 24, eff. January 1, 2006.Acts 2007, 80th Leg., R.S., Ch. 873 (H.B. 1587), Sec. 76, eff. January 1, 2008.Acts 2009, 81st Leg., R.S., Ch. 300 (H.B. 407), Sec. 29, eff. January 1, 2010.Acts 2015, 84th Leg., R.S., Ch. 303 (S.B. 463), Sec. 5, eff. June 1, 2015.|
TX Govt Code § 845.306 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle F - Texas County and District Retirement System|Chapter 845 - Administration|Subchapter D. Management of Assets|Section 845.306. Employees Saving Fund

Sec. 845.306.  EMPLOYEES SAVING FUND.(a)  The retirement system shall deposit in a member's individual account in the employees saving fund:(1)  the amount of contributions to the retirement system deducted from the member's compensation;(2)  interest allowed in accordance with this subtitle;(3)  the contribution made by a member in an amount equal to the amount withdrawn to reinstate service credit under Section 843.003;(4)  the amount deposited by a member in accordance with Section 843.0031; and(5)  the amount contributed by a member in accordance with Section 843.601(b) to establish current service credit for military service under the Uniformed Services Employment and Reemployment Rights Act of 1994 (38 U.S.C. Section 4301 et seq.).(b)  The retirement system shall establish and maintain a separate member individual account for each subdivision with which the member has credited service.(c)  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.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Amended by Acts 1981, 67th Leg., 1st C.S., p. 215, ch. 18, Sec. 58, eff. Nov. 10, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 55.306 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1991, 72nd Leg., ch. 460, Sec. 24, eff. Aug. 26, 1991;  Acts 1999, 76th Leg., ch. 427, Sec. 51, eff. Dec. 31, 1999;  Acts 2001, 77th Leg., ch. 122, Sec. 46, eff. Dec. 31, 2001.Amended by: Acts 2005, 79th Leg., Ch. 506 (H.B. 633), Sec. 25, eff. January 1, 2006.|
TX Govt Code § 845.307 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle F - Texas County and District Retirement System|Chapter 845 - Administration|Subchapter D. Management of Assets|Section 845.307. Subdivision Accumulation Fund

Sec. 845.307.  SUBDIVISION ACCUMULATION FUND.  (a)  The retirement system shall credit or charge to the account of a participating subdivision in the subdivision accumulation fund:(1)  all benefit contributions made by the subdivision to the system pursuant to Section 845.404(a)(2);(2)  net investment income or loss allocated to the fund under Section 845.315;(3)  amounts deposited by the subdivision under Section 845.408;(4)  the withdrawal charge for reinstatement of service credit as provided by Section 843.003; and(5)  other credits and charges that may be authorized under this subtitle.(b)  Subject to Subsection (c), the retirement system shall pay from the subdivision accumulation fund all payments for annuities and other benefit payments granted by a participating subdivision. (c)  The board of trustees may proportionately reduce all payments under prior service annuities and supplemental annuities at any time and for a period necessary to prevent payments under those annuities for a year from exceeding the amount available in the participating subdivision's account.(d)  If credited service previously forfeited is reinstated in accordance with Section 843.003, the retirement system shall charge the subdivision's account in the subdivision accumulation fund with the necessary reserves to fund the credits restored to the member.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Amended by Acts 1981, 67th Leg., 1st C.S., p. 216, ch. 18, Sec. 59, eff. Nov. 10, 1981;  Acts 1985, 69th Leg., ch. 491, Sec. 25, eff. June 12, 1985.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 55.307 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1991, 72nd Leg., ch. 460, Sec. 25, eff. Jan. 1, 1992;  Acts 1997, 75th Leg., ch. 309, Sec. 23, eff. Dec. 1, 1997;  Acts 1999, 76th Leg., ch. 427, Sec. 52, eff. Dec. 31, 1999;  Acts 2001, 77th Leg., ch. 122, Sec. 47, eff. Dec. 31, 2001.Amended by: Acts 2005, 79th Leg., Ch. 506 (H.B. 633), Sec. 26, eff. January 1, 2006.Acts 2015, 84th Leg., R.S., Ch. 303 (S.B. 463), Sec. 6, eff. June 1, 2015.|
TX Govt Code § 845.308 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle F - Texas County and District Retirement System|Chapter 845 - Administration|Subchapter D. Management of Assets|Section 845.308. Closed Subdivision Annuity Reserve Fund

Sec. 845.308.  CLOSED SUBDIVISION ANNUITY RESERVE FUND.  (a)  The retirement system shall deposit and hold in the closed subdivision annuity reserve fund all reserves for annuities payable to annuitants who were members of subdivisions that terminated participation with the retirement system under Subchapter A-1, Chapter 842.(b)  The retirement system shall pay from the closed subdivision annuity reserve fund annuities described by Subsection (a) and all benefits in lieu of those annuities as provided by this subtitle.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 55.308 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.Amended by: Acts 2015, 84th Leg., R.S., Ch. 303 (S.B. 463), Sec. 7, eff. June 1, 2015.|
TX Govt Code § 845.309 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle F - Texas County and District Retirement System|Chapter 845 - Administration|Subchapter D. Management of Assets|Section 845.309. Income Fund

Sec. 845.309.  INCOME FUND.  (a)  The income fund shall account for the determination and allocation of net investment income or loss.(b)  Net investment income or loss will be determined annually as of December 31.(c)  Net investment income or loss will be allocated each year in accordance with Section 845.315.(d)  Repealed by Acts 2005, 79th Leg., Ch. 506, Sec. 33(14), eff. January 1, 2006.(e)  Repealed by Acts 2005, 79th Leg., Ch. 506, Sec. 33(14), eff. January 1, 2006.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 55.309 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1997, 75th Leg., ch. 309, Sec. 24, eff. Dec. 1, 1997;  Acts 2003, 78th Leg., ch. 621, Sec. 31, eff. Jan. 1, 2004.Amended by: Acts 2005, 79th Leg., Ch. 506 (H.B. 633), Sec. 27, eff. January 1, 2006.Acts 2005, 79th Leg., Ch. 506 (H.B. 633), Sec. 33(14), eff. January 1, 2006.Acts 2009, 81st Leg., R.S., Ch. 300 (H.B. 407), Sec. 30, eff. January 1, 2010.Acts 2009, 81st Leg., R.S., Ch. 300 (H.B. 407), Sec. 31, eff. January 1, 2010.|
TX Govt Code § 845.310 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle F - Texas County and District Retirement System|Chapter 845 - Administration|Subchapter D. Management of Assets|Section 845.310. Endowment Fund

Sec. 845.310.  ENDOWMENT FUND.(a)  The endowment fund consists of the general reserves account and other accounts as necessary.(b)  Repealed by Acts 2005, 79th Leg., Ch. 506, Sec. 33(15), eff. January 1, 2006.(c)  The retirement system shall credit or charge to the general reserves account amounts allocated to the endowment fund in accordance with Section 845.315.(c-1)  As of December 31, the board of trustees shall provide from the general reserves account the amount needed to pay the retirement system's estimated operating expenses for the next fiscal year.(d)  The board of trustees may allocate any amount in the endowment fund to any other account or fund in the pension trust.(e)  Any allocation of reserves to an account of a subdivision to which Section 842.052, 842.053, or 845.317 applies must be specifically authorized by board resolution.(f)  Repealed by Acts 2005, 79th Leg., Ch. 506, Sec. 33(15), eff. January 1, 2006.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 55.310 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1991, 72nd Leg., ch. 460, Sec. 23, eff. Aug. 26, 1991;  Acts 1995, 74th Leg., ch. 245, Sec. 36, eff. Sept. 1, 1995;  Acts 1997, 75th Leg., ch. 309, Sec. 25, eff. Dec. 1, 1997;  Acts 1999, 76th Leg., ch. 427, Sec. 53, eff. Dec. 31, 1999;  Acts 2001, 77th Leg., ch. 122, Sec. 48, eff. Dec. 31, 2001.Amended by: Acts 2005, 79th Leg., Ch. 506 (H.B. 633), Sec. 28, eff. January 1, 2006.Acts 2005, 79th Leg., Ch. 506 (H.B. 633), Sec. 33(15), eff. January 1, 2006.|
TX Govt Code § 845.311 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle F - Texas County and District Retirement System|Chapter 845 - Administration|Subchapter D. Management of Assets|Section 845.311. Expense Fund

Sec. 845.311.  EXPENSE FUND.  The expense fund shall account for the administrative revenues and 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. 55.311 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1997, 75th Leg., ch. 309, Sec. 26, eff. Dec. 1, 1997.Amended by: Acts 2005, 79th Leg., Ch. 506 (H.B. 633), Sec. 29, eff. January 1, 2006.|
TX Govt Code § 845.312 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle F - Texas County and District Retirement System|Chapter 845 - Administration|Subchapter D. Management of Assets|Section 845.312. Optional Group Term Life Fund

Sec. 845.312.  OPTIONAL GROUP TERM LIFE FUND.  (a)  The retirement system shall deposit in the optional group term life fund contributions paid by subdivisions to the retirement system to provide optional group term life benefits in accordance with Section 845.406.  The retirement system may not establish separate accounts in the fund for subdivisions participating in the optional group term life program but shall credit contributions to a single account.(b)  The retirement system shall pay benefits under the optional group term life program only from money in the optional group term life fund, and the benefits are not an obligation of other funds of the system.(c)  The effective participation date of a subdivision is the first day of any calendar month after the month in which the subdivision notifies the board of its election to enter the fund.|Added by Acts 1981, 67th Leg., 1st C.S., p. 216, ch. 18, Sec. 60, eff. Nov. 10, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 55.3111 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1999, 76th Leg., ch. 427, Sec. 54, eff. Dec. 31, 1999.Amended by: Acts 2007, 80th Leg., R.S., Ch. 873 (H.B. 1587), Sec. 77, eff. January 1, 2008.Acts 2007, 80th Leg., R.S., Ch. 873 (H.B. 1587), Sec. 78, eff. January 1, 2008.|
TX Govt Code § 845.313 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle F - Texas County and District Retirement System|Chapter 845 - Administration|Subchapter D. Management of Assets|Section 845.313. Disbursements

Sec. 845.313.  DISBURSEMENTS.  (a)  Disbursements from the assets of the retirement system may be made by check, electronic funds transfer, or any other means generally available within the banking industry and must be signed or otherwise authorized by a person designated for that purpose in accordance with Section 845.108.(b)  When a check or fund transfer is properly signed or otherwise authorized, a depository with which assets of the system are deposited shall accept and pay the check or complete the fund transfer. The depository is released from liability for payment made on the check or authorized fund transfer.(c)  The retirement system shall make payments by electronic funds transfer to annuitants whose first annuity payment under this subtitle occurs after January 1, 2002, except that the system may make payment by check to an annuitant if making the payment by electronic funds transfer would be impractical for the system or if the annuitant properly notifies the system that:(1)  receiving the payment by electronic funds transfer would be impractical for the person;(2)  receiving the payment by electronic funds transfer would be more costly to the person than receiving the payment by check;  or(3)  the person is unable to establish a qualifying account at a financial institution to receive electronic funds transfers.(d)  If payment by check to an individual would be, or has become, impractical, insecure, or proportionally more costly for the retirement system than payment by check to other persons, the system may hold or suspend any payment and require the individual to accept payment by another means or method that is practical, secure, and cost-effective.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 55.312 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1997, 75th Leg., ch. 309, Sec. 27, eff. Dec. 1, 1997;  Acts 2001, 77th Leg., ch. 122, Sec. 49, eff. Dec. 31, 2001.Amended by: Acts 2007, 80th Leg., R.S., Ch. 873 (H.B. 1587), Sec. 79, eff. January 1, 2008.|
TX Govt Code § 845.314 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle F - Texas County and District Retirement System|Chapter 845 - Administration|Subchapter D. Management of Assets|Section 845.314. Interest Rates

Sec. 845.314.  INTEREST RATES.  Unless this subtitle expressly states another specified rate of interest, for periods beginning after December 31, 1996, the annual rate of interest is seven percent.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Amended by Acts 1981, 67th Leg., 1st C.S., p. 217, ch. 18, Sec. 61, eff. Nov. 10, 1981;  Acts 1985, 69th Leg., ch. 491, Sec. 26, 27, eff. June 12, 1985.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 55.313 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1991, 72nd Leg., ch. 460, Sec. 26, eff. Jan. 1, 1992;  Acts 1995, 74th Leg., ch. 245, Sec. 37, eff. Sept. 1, 1995;  Acts 1997, 75th Leg., ch. 309, Sec. 28, eff. Dec. 1, 1997.Amended by: Acts 2007, 80th Leg., R.S., Ch. 873 (H.B. 1587), Sec. 80, eff. January 1, 2008.|
TX Govt Code § 845.315 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle F - Texas County and District Retirement System|Chapter 845 - Administration|Subchapter D. Management of Assets|Section 845.315. Annual Allocation of Net Investment Income or Loss

Sec. 845.315.  ANNUAL ALLOCATION OF NET INVESTMENT INCOME OR LOSS.  (a)  As of December 31 of each year, the board of trustees shall make the following allocations that in the aggregate equal the net investment income or loss for the year:(1)  to the closed subdivision annuity reserve fund, interest as allowed under this subtitle on the mean amount in the closed subdivision annuity reserve fund during that year;(2)  to the optional group term life fund, interest as allowed under this subtitle on the mean amount in the optional group term life fund during that year;(3)  to the general reserves account of the endowment fund, a positive or negative amount determined by the board;(4)  to the employees saving fund, current interest as allowed under this subtitle on the member account balances on January 1 of that year of all persons who are members on December 31 of that year;(5)  to the accounts of subdivisions, other than subdivisions otherwise described by this section, positive or negative amounts as determined under rules adopted by the board prescribing the allocation methodology for the accounts; and(6)  to the accounts of subdivisions to which Section 842.052 or 842.053 applies, positive or negative amounts as determined by the board, and if a subdivision terminates participation before December 31 of that year, the board shall determine the allocation amount and transfer date before December 31 of that year.(b)  The account of a subdivision that has ceased participation according to Section 845.317(a) will not receive an allocation under this section.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Amended by Acts 1981, 67th Leg., 1st C.S., p. 217, ch. 18, Sec. 62, eff. Nov. 10, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 55.314 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1991, 72nd Leg., ch. 460, Sec. 27, eff. Jan. 1, 1992;  Acts 1997, 75th Leg., ch. 309, Sec. 29, 33, eff. Dec. 1, 1997;  Acts 1999, 76th Leg., ch. 427, Sec. 55, eff. Dec. 31, 1999;  Acts 2001, 77th Leg., ch. 122, Sec. 50, eff. Dec. 31, 2001;  Acts 2003, 78th Leg., ch. 621, Sec. 32, eff. Jan. 1, 2004.Amended by: Acts 2005, 79th Leg., Ch. 506 (H.B. 633), Sec. 30, eff. January 1, 2006.Acts 2009, 81st Leg., R.S., Ch. 300 (H.B. 407), Sec. 32, eff. September 1, 2009.Acts 2015, 84th Leg., R.S., Ch. 303 (S.B. 463), Sec. 8, eff. June 1, 2015.|
TX Govt Code § 845.316 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle F - Texas County and District Retirement System|Chapter 845 - Administration|Subchapter D. Management of Assets|Section 845.316. Transfer of Assets on Retirement

Sec. 845.316.  TRANSFER OF ASSETS ON RETIREMENT.(a)  When a member retires, the retirement system shall transfer from the employees saving fund to the subdivision accumulation fund, the member's accumulated contributions.(b)  When a member retires from a subdivision that has terminated participation with the retirement system under Subchapter A-1, Chapter 842, the retirement system shall transfer the member's individual account to the closed subdivision annuity reserve fund.(c)  Repealed by Acts 2007, 80th Leg., R.S., Ch. 873, Sec. 92(30), eff. January 1, 2008.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Amended by Acts 1981, 67th Leg., 1st C.S., p. 217, ch. 18, Sec. 63, eff. Nov. 10, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 55.315 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1991, 72nd Leg., ch. 460, Sec. 28, eff. Aug. 26, 1992;  Acts 2001, 77th Leg., ch. 122, Sec. 51, eff. Dec. 31, 2001.Amended by: Acts 2007, 80th Leg., R.S., Ch. 873 (H.B. 1587), Sec. 81, eff. January 1, 2008.Acts 2007, 80th Leg., R.S., Ch. 873 (H.B. 1587), Sec. 82, eff. January 1, 2008.Acts 2007, 80th Leg., R.S., Ch. 873 (H.B. 1587), Sec. 92(30), eff. January 1, 2008.Acts 2015, 84th Leg., R.S., Ch. 303 (S.B. 463), Sec. 9, eff. June 1, 2015.|
TX Govt Code § 845.317 (2021)
2021 Texas Statutes|Government Code|Title 8 - Public Retirement Systems|Subtitle F - Texas County and District Retirement System|Chapter 845 - Administration|Subchapter D. Management of Assets|Section 845.317. Payment to Formerly Participating Subdivision

Sec. 845.317.  PAYMENT TO FORMERLY PARTICIPATING SUBDIVISION.  (a)  If a participating subdivision, other than a subdivision described by Subsection (b), has no employees who are members of the retirement system and has no present or potential liabilities resulting from the participation of former employees, the subdivision's participation in the system stops and the system shall repay to the subdivision on application any amount in the subdivision accumulation fund that is credited to the subdivision.(b)  If the participation of a subdivision has terminated under Section 842.052 or 842.053 and the subdivision has no present or potential liabilities resulting from the participation of current or former employees, the retirement system, after application by the subdivision or its governmental successor in interest, shall pay to the subdivision or its governmental successor any remaining credit to the account of the subdivision in the subdivision accumulation fund.(c)  A subdivision that has terminated participation in the retirement system has no right or claim to any amounts in the system, except as provided by this section.(d)  If a participating subdivision has ceased to exist and diligent efforts by the retirement system to identify a governmental entity as the successor in interest to the subdivision have been unsuccessful, the board of trustees may close the subdivision's account and transfer the remaining credit to the endowment fund.|Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 55.316 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.Amended by: Acts 2005, 79th Leg., Ch. 506 (H.B. 633), Sec. 30, eff. January 1, 2006.Acts 2007, 80th Leg., R.S., Ch. 873 (H.B. 1587), Sec. 83, eff. January 1, 2008.|