2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243n. Municipal Retirement System in Municipalities of 460,000 to 500,000 › Section 11. Investments of the Retirement Board

Sec. 11. INVESTMENTS OF THE RETIREMENT BOARD.    (a)  The retirement board shall be the trustee of the funds of the retirement system and shall have full power in its sole discretion to invest and reinvest, alter, and change the form of investment of the funds.  The retirement board shall invest the funds in whatever instrument or investments the retirement board considers prudent.  In making investments for the funds, the retirement 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 funds;
(2) with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims;
(3) by diversifying the investments of the funds 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 funds.
(b) A member of the retirement board is not liable for any losses incurred in the investment of the fund in accordance with this section.
(c) No member of the retirement board and no employee of the retirement board, except as herein provided, shall have any interest, directly or indirectly, in the funds or receive any pay or emolument for his or her services.  No member of the retirement board or employee thereof shall, directly or indirectly, for himself or herself or as an agent, in any manner use the funds or deposits of the retirement system except to make such current and necessary payments as are authorized by the retirement board, nor shall any member or employee of the retirement board become an endorser or surety or in any manner an obligor for money loaned by or borrowed from the retirement system.
(d) Subject to the exceptions provided by this subsection, the funds or money mentioned in this Act are not assignable and are not subject to execution, levy, attachment, garnishment, the operation of bankruptcy or insolvency law, or any other process of law whatsoever.  This subsection does not apply to a qualified domestic relations order.  The retirement board shall establish written procedures to determine the qualified status of domestic relations orders and to administer distributions under those orders.  To the extent necessary to authorize distributions pursuant to a qualified domestic relations order, a former spouse of a member will be treated as the spouse or surviving spouse of the member.
(e) Subject to the exceptions provided by this subsection, the right of a member to a pension, an annuity, a disability retirement allowance, or a retirement allowance, to the return of accumulated deposits, the pension, annuity, or retirement allowance itself, any optional benefit or death benefits, or any other right accrued or accruing to any person under the provisions of this Act is unassignable and is not subject to execution, levy, attachment, garnishment, the operation of bankruptcy or insolvency law, or any other process of law whatsoever.  This subsection does not apply to a qualified domestic relations order.
(f) If the retirement board makes an election to have Subchapters A and C of Chapter 804, Government Code, and their subsequent amendments, apply to the system, the death of an alternate payee, as defined by Section 804.001, Government Code, and its subsequent amendments, or the death of a member's spouse terminates any interest of the alternate payee or spouse that would otherwise exist under this Act, except an interest accrued by that person as a member.