reglab/statecodes huggingface dataset:
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle G - Texas Municipal Retirement System › Chapter 855 - Administration › Subchapter D. Management of Assets › Section 855.308. Benefit Accumulation Fund: Prior Service

Sec. 855.308.  BENEFIT ACCUMULATION FUND:  PRIOR SERVICE.  (a)  In addition to amounts credited or charged as provided by Section 855.307, the retirement system shall credit to the account of a participating municipality in the benefit accumulation fund all prior service contributions made by the municipality to the retirement system.
(b)  In addition to amounts paid as provided by Section 855.307, the retirement system shall pay from the account of a participating municipality in the benefit accumulation fund:
(1)  all payments under annuities arising from prior service credits, special prior service credits, antecedent service credits, or updated service credits authorized by a participating municipality; and
(2)  optional increased payments authorized by a participating municipality under Section 854.203.
(c)  The retirement system shall charge municipal liabilities from updated service credits against the account of the municipality that authorized the credits.
(d)  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 credits based on prior service that are restored to the member.
(e)  The retirement system shall charge reserves required to fund optional benefit increases authorized under Section 854.203 against the account of the municipality allowing the increases.
(f)  The board of trustees may proportionately reduce all payments under annuities payable under this section, at any time and for a period necessary, to prevent those payments for a year from exceeding the amount available in the participating municipality's account for prior service.
(g)  The annuities payable as provided by this section are liabilities and obligations of the participating municipality for which the service was performed, or granted as the result of reinstated service previously canceled, 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.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.308 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. 5, eff. May 26, 2009.
Acts 2011, 82nd Leg., R.S., Ch. 1208 (S.B. 350), Sec. 25, eff. June 17, 2011.
Acts 2011, 82nd Leg., R.S., Ch. 1208 (S.B. 350), Sec. 26, eff. June 17, 2011.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle G - Texas Municipal Retirement System › Chapter 855 - Administration › Subchapter D. Management of Assets › Section 855.310. Interest Fund

Sec. 855.310.  INTEREST FUND.  (a)  The amount in the interest fund must accurately reflect the determination and allocation of net investment income or loss.
(b)  The retirement system shall determine net investment income or loss annually as of December 31 in accordance with generally accepted accounting principles and shall allocate that amount each year in accordance with Section 855.317.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.310 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. 6, eff. May 26, 2009.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle G - Texas Municipal Retirement System › Chapter 855 - Administration › Subchapter D. Management of Assets › Section 855.311. Endowment Fund

Sec. 855.311.  ENDOWMENT FUND.  (a)  The retirement system shall deposit in the endowment fund gifts, awards, funds, and assets delivered to the retirement system that are not specifically required by the system's other funds.
(b)  The endowment fund consists of:
(1)  the interest reserve account;
(2)  the general reserves account;
(3)  the distributive benefits account;
(4)  the perpetual endowment account;  and
(5)  other special accounts that the board of trustees by resolution establishes.
(c)  The retirement system shall credit or charge to the interest reserve account, general reserves account, and distributive benefits account amounts allocated in accordance with Section 855.317.
(d)  The board of trustees shall transfer money from the interest reserve account to the expense fund in accordance with Section 855.312.
(e)  If the board of trustees determines that the amount credited to the distributive benefits account on December 31 of any year is sufficient to do so, the board by resolution may:
(1)  authorize the distribution and payment of all or part of the money credited to the account to persons who were annuitants on that day in the ratio of the rate of the monthly benefit of each annuitant to the total of all annuity payments made by the system for the final month of the year; or
(2)  authorize the distribution of all or part of the amount credited to the account to each member's individual account as supplemental interest in the ratio of the amount of interest paid on the individual's account to the interest paid to all individual accounts for the year.
(f)  The retirement system shall deposit and hold in the perpetual endowment account:
(1)  funds, gifts, and awards that the grantors designate as perpetual endowments for the retirement system;  and
(2)  money forfeited to the retirement system as provided by Section 855.603.
(g)  Distribution and payment to an annuitant under Subsection (e) must be based on the ratio that the number of months elapsing since the effective date of the person's retirement bears to the number 12 if that person retired under this subtitle during the year for which the distribution and payment is made.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1981.  Amended by Acts 1981, 67th Leg., 1st C.S., p. 231, ch. 18, Sec. 100, eff. Jan. 1, 1982.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.311 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1999, 76th Leg., ch. 83, Sec. 18, eff. Dec. 31, 1999.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 154 (H.B. 360), Sec. 7, eff. May 26, 2009.
Acts 2011, 82nd Leg., R.S., Ch. 1208 (S.B. 350), Sec. 27, eff. June 17, 2011.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle G - Texas Municipal Retirement System › Chapter 855 - Administration › Subchapter D. Management of Assets › Section 855.312. Expense Fund

Sec. 855.312.  EXPENSE FUND.  (a)  The board of trustees shall deposit in the expense fund municipality contributions for expenses of the retirement system paid in accordance with Section 855.404.
(b)  The board of trustees by resolution recorded in its minutes shall transfer from the interest reserve account of the endowment fund to the expense fund the amount that exceeds the amount needed to provide adequate reserves as provided by Section 855.317 and that is needed to pay the system's estimated expenses for the fiscal year.
(c)  The retirement system shall pay from the expense fund:
(1)  administrative and maintenance expenses of the system;  and
(2)  notes and bonds issued in accordance with Section 855.105.
(d)  If the amount of the system's estimated expenses exceeds the amount in the interest reserve account of the endowment fund available for administrative expenses, the board of trustees, by a resolution recorded in its minutes, shall assess an amount equal to the difference against each participating municipality in proportion to the number of its members in the retirement system.  The board shall collect the assessments and deposit the amount collected in the expense 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. 65.312 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. 8, eff. May 26, 2009.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle G - Texas Municipal Retirement System › Chapter 855 - Administration › Subchapter D. Management of Assets › Section 855.313. Supplemental Disability Benefits Fund

Sec. 855.313.  SUPPLEMENTAL DISABILITY BENEFITS FUND.  (a)  The retirement system shall deposit in the supplemental disability benefits fund contributions made to provide supplemental disability benefits in accordance with previous law.  The retirement system may not establish separate accounts in the fund for municipalities participating in the fund but shall credit contributions to a single account.
(b)  The retirement system shall pay supplemental disability benefits only from money in the supplemental disability benefits fund, and the benefits are not an obligation of other funds of the system.
(c)  The beginning date of participation of each municipality participating in the supplemental disability benefits fund is that determined by the board of trustees.  Participation terminates January 1, 1988.
(d)  When all annuities payable from the supplemental disability benefits fund have been finally paid and discharged, the board of trustees shall direct that the money remaining in the supplemental disability benefits fund shall be transferred and credited to the accounts of the respective participating municipalities in the benefit accumulation fund in proportion to the same ratios of their contributions to the total of all contributions to the supplemental disability 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. 231, ch. 18, Sec. 101, eff. Jan. 1, 1982;  Acts 1987, 70th Leg., ch. 183, Sec. 14, eff. Aug. 31, 1987.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.313 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. 28, eff. June 17, 2011.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle G - Texas Municipal Retirement System › Chapter 855 - Administration › Subchapter D. Management of Assets › Section 855.314. Supplemental Death Benefits Fund

Sec. 855.314.  SUPPLEMENTAL DEATH BENEFITS FUND.  (a)  The retirement system shall deposit in the supplemental death benefits fund contributions paid by municipalities to the retirement system to provide supplemental death benefits in accordance with Section 855.408.  The retirement system may not establish separate accounts in the fund for municipalities participating in the fund but shall credit contributions to a single account.
(b)  The retirement system shall pay supplemental death benefits only from money in the supplemental death benefits fund, and the benefits are not an obligation of other funds of the system.
(c)  The supplemental death benefits fund may become operative only after a sufficient number of municipalities elect to participate in the fund so that 4,000 members or more are covered by the fund.
(d)  The board of trustees shall determine the operative date of the fund.
(e)  The effective participation date of a municipality is:
(1)  the operative date of the fund if the municipality elected to participate in the fund on or before the fund's operative date;  or
(2)  the first day of any calendar month after the month in which the municipality notifies the board of its election to enter the fund.
(f)  The board of trustees shall notify each municipality of its effective participation date.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Amended by Acts 1981, 67th Leg., 1st C.S., p. 231, ch. 18, Sec. 102, eff. Jan. 1, 1982.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.314 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle G - Texas Municipal Retirement System › Chapter 855 - Administration › Subchapter D. Management of Assets › Section 855.315. Disbursements

Sec. 855.315.  DISBURSEMENTS.  (a)  Disbursements from the assets of the retirement system may be made only on vouchers signed by the person designated for that purpose in accordance with Section 855.108.
(b)  A person designated to sign vouchers may draw checks or warrants only on proper authorization from the board of trustees recorded in the official minutes of the board.
(c)  When a voucher is properly signed, a depository with which assets of the system are deposited shall accept and pay the voucher.  The depository is released from liability for payment made on the voucher.
(d)  The retirement system shall make payments by electronic funds transfer to annuitants whose first annuity payment under this subtitle occurs after January 1, 2000.  The retirement system may use electronic funds transfers to make other payments.
(e)  Notwithstanding any requirement to make a payment by electronic funds transfer, the retirement system may make payment by vouchers, checks, or warrants to an annuitant if making the payment by electronic funds transfer would be impractical for the retirement system or if the annuitant properly notifies the retirement system that:
(1)  receiving the payment by electronic funds transfer would be impractical to the person;
(2)  receiving the payment by electronic funds transfer would be more costly to the person than receiving the payment by check or warrant;  or
(3)  the person is unable to establish a qualifying account at a financial institution to receive electronic funds transfers.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.315 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1999, 76th Leg., ch. 83, Sec. 19, eff. Dec. 31, 1999.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle G - Texas Municipal Retirement System › Chapter 855 - Administration › Subchapter D. Management of Assets › Section 855.316. Interest Rates and Crediting

Sec. 855.316.  INTEREST RATES AND CREDITING.  (a) Unless this subtitle expressly specifies another rate of interest, for periods after December 31, 2008, the rate of interest is five percent compounded annually, plus any other amounts the board of trustees is expressly authorized to provide.  Notwithstanding any other provision in this chapter, the interest credited to a member's individual account in a calendar year may not be less than five percent.
(b)  Effective as of December 31 of each year, the board of trustees shall credit interest on the accumulated contributions in a member's individual account as of January 1 of that year in accordance with Subsection (a) and Section 855.306.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Amended by Acts 1981, 67th Leg., 1st C.S., p. 232, ch. 18, Sec. 103, eff. Jan. 1, 1982.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.316 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. 9, eff. May 26, 2009.
Acts 2011, 82nd Leg., R.S., Ch. 1208 (S.B. 350), Sec. 29, eff. June 17, 2011.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle G - Texas Municipal Retirement System › Chapter 855 - Administration › Subchapter D. Management of Assets › Section 855.319. Payment to Formerly Participating Municipality

Sec. 855.319.  PAYMENT TO FORMERLY PARTICIPATING MUNICIPALITY.  If a participating municipality 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 municipality's participation in the system stops and the system shall repay to the municipality on application any amount in the benefit accumulation fund that is credited to the municipality.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Amended by Acts 1981, 67th Leg., 1st C.S., p. 233, ch. 18, Sec. 105, eff. Jan. 1, 1982.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.319 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. 31, eff. June 17, 2011.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle G - Texas Municipal Retirement System › Chapter 855 - Administration › Subchapter E. Collection of Contributions › Section 855.401. Member Contributions

Sec. 855.401.  MEMBER CONTRIBUTIONS.  (a)  Each municipality that has one or more departments participating in the retirement system by ordinance shall designate the rate of member contributions for employees. The municipality shall elect a rate of five, six, or seven percent of the employees' compensation. All departments of a participating municipality must have the same employee contribution rate, except that any municipality that before September 1, 1991, has elected to have different rates of member contributions in different departments may continue member contributions in accordance with its existing ordinances until the municipality elects to equalize the rates.
(b)  A participating municipality by ordinance may increase the rate of member contributions.
(c)  A participating municipality may reduce the rate of member contributions if:
(1)  at an election by secret ballot conducted under rules adopted by the board of trustees, the proposal to reduce the rate is passed by an affirmative vote of two-thirds of all members employed by the municipality;  and
(2)  the municipality by ordinance provides for the reduction.
(d)  A reduction in a member contribution rate may become effective only on the first day of a calendar month.  The effective date of the reduction must be after the 90th day after the day on which the election required by Subsection (c) is held or the day on which the ordinance required by Subsection (c) is adopted, whichever is later.  The municipality shall give written notice of a reduction in the deposit rate to the director before the 60th day preceding the effective date of the reduction.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Amended by Acts 1987, 70th Leg., ch. 183, Sec. 15, eff. Aug. 31, 1987.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.401 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.  Amended by Acts 1991, 72nd Leg., ch. 466, Sec. 9, eff. Aug. 26, 1991.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle G - Texas Municipal Retirement System › Chapter 855 - Administration › Subchapter E. Collection of Contributions › Section 855.403. Collection of Municipality Contributions

Sec. 855.403.  COLLECTION OF MUNICIPALITY CONTRIBUTIONS.  (a)  Before the 16th day of each month, each participating municipality shall pay or cause to be paid to the retirement system at the system's office expense contributions in accordance with Section 855.404, current service contributions in accordance with Section 855.405, and prior service contributions in accordance with Section 855.406.
(b)  Unless otherwise provided for and paid by a municipality, a municipality shall pay its contributions to the retirement system from:
(1)  the fund from which earnings are paid to members;  or
(2)  the general fund of the municipality.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.403 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle G - Texas Municipal Retirement System › Chapter 855 - Administration › Subchapter E. Collection of Contributions › Section 855.404. Municipality Expense Contribution

Sec. 855.404.  MUNICIPALITY EXPENSE CONTRIBUTION.  (a)  Each participating municipality shall pay to the retirement system an expense contribution prescribed in accordance with this section.
(b)  The board of trustees, before January 1 of each year, shall set the rate of the contribution necessary to provide an amount required to pay the difference between:
(1)  the estimated administrative expenses for the following year;  and
(2)  the anticipated revenue, from sources other than municipality contributions, to be used for the expenses of the year as adjusted for a surplus or deficiency existing on January 1 of that year.
(c)  The rate set by the board of trustees under Subsection (b) may not exceed 50 cents a month for each member.
(d)  The board of trustees shall certify the rate set under Subsection (b) to each participating municipality before January 1 of the year for which the rate is set.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.404 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle G - Texas Municipal Retirement System › Chapter 855 - Administration › Subchapter E. Collection of Contributions › Section 855.405. Municipality Normal Contribution

Sec. 855.405.  MUNICIPALITY NORMAL CONTRIBUTION.  Each participating municipality shall pay to the benefit accumulation fund, as its normal contribution, an amount equal to a percentage of the compensation of members employed by the municipality for that month.  The rate of contribution is the normal contribution rate determined annually by the actuary and approved by the board of trustees.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Amended by Acts 1981, 67th Leg., 1st C.S., p. 233, ch. 18, Sec. 106, eff. Jan. 1, 1982.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.405 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. 33, eff. June 17, 2011.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle G - Texas Municipal Retirement System › Chapter 855 - Administration › Subchapter E. Collection of Contributions › Section 855.406. Municipality Prior Service Contribution

Sec. 855.406.  MUNICIPALITY PRIOR SERVICE CONTRIBUTION.  (a)  Each participating municipality shall pay to the benefit accumulation fund, as its prior service contribution, an amount equal to a percentage of the compensation of members employed by the municipality for that month.
(b)  The rate of contribution is the rate determined annually by the actuary and approved by the board of trustees as being the rate required to fund all obligations charged against the municipality's account in the benefit accumulation fund within the municipality's amortization period without resulting in a probable future depletion of that account.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.  Amended by Acts 1981, 67th Leg., 1st C.S., p. 233, ch. 18, Sec. 106, eff. Jan. 1, 1982.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.406 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. 33, eff. June 17, 2011.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle G - Texas Municipal Retirement System › Chapter 855 - Administration › Subchapter E. Collection of Contributions › Section 855.4065. Additional Employer Contributions

Sec. 855.4065.  ADDITIONAL EMPLOYER CONTRIBUTIONS.  (a)  In addition to the contributions a participating municipality is required to make under this subtitle, the board of trustees, after consultation with the actuary, by rule may authorize a participating municipality to make lump-sum or periodic employer contributions to the retirement system to be deposited in the municipality's account in the benefit accumulation fund.
(b)  A contribution made under this section is not subject to the maximum contribution rates under Sections 855.407 and 855.501.
Added by Acts 2007, 80th Leg., R.S., Ch. 293 (H.B. 1244), Sec. 4, eff. January 1, 2008.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 1208 (S.B. 350), Sec. 34, eff. June 17, 2011.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle G - Texas Municipal Retirement System › Chapter 855 - Administration › Subchapter E. Collection of Contributions › Section 855.408. Municipality Supplemental Death Benefits Contribution

Sec. 855.408.  MUNICIPALITY SUPPLEMENTAL DEATH BENEFITS CONTRIBUTION.  (a)  In addition to other contributions to the retirement system required by this subtitle, each municipality participating in the supplemental death benefits fund monthly shall pay to the supplemental death benefits fund an amount equal to the rate of contribution computed in accordance with Section 855.502, multiplied by the total compensation for the month of the members employed by the municipality.
(b)  The limitation of Section 855.407(e) does not apply to the rate of the contribution to the supplemental death benefits 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. 65.409 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle G - Texas Municipal Retirement System › Chapter 855 - Administration › Subchapter E. Collection of Contributions › Section 855.410. Interest on Late Contributions

Sec. 855.410.  INTEREST ON LATE CONTRIBUTIONS.  (a)  A participating municipality that fails to remit before the 16th day of the month all contributions required by this subchapter to be made and remitted to the retirement system by that date shall pay to the retirement system, in addition to the contributions, interest on the past-due amounts at an annual rate that is the total of the system's investment return assumption for the preceding calendar year, plus two percent.  The retirement system shall notify participating municipalities of the rate of interest that will be due on late payments.
(b)  Payment is considered timely made if transmitted by first-class United States mail, postage prepaid, and postmarked not later than the 15th day of the month in which the payment is due.
Added by Acts 1987, 70th Leg., ch. 183, Sec. 18, eff. Aug. 31, 1987.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.411 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. 36, eff. June 17, 2011.
2023 Texas Statutes › Government Code › Title 8 - Public Retirement Systems › Subtitle G - Texas Municipal Retirement System › Chapter 855 - Administration › Subchapter F. Optional Programs › Section 855.502. Supplemental Death Benefits Program

Sec. 855.502.  SUPPLEMENTAL DEATH BENEFITS PROGRAM.  (a)  As soon as practical after the supplemental death benefits program is established and at the time of each investigation of members' mortality and service experience required by Section 855.110, the actuary shall investigate the mortality experience of the members and eligible annuitants participating in the supplemental death benefits program.  On the basis of the result of that investigation, the actuary shall recommend to the board of trustees rates and tables necessary to determine supplemental death benefits contribution rates.  The rates and tables may provide for the anticipated mortality experience of the persons covered under the supplemental death benefits fund and for a contingency reserve.
(b)  Before a municipality's participation date in the supplemental death benefits fund and before January 1 of each subsequent year, the actuary shall compute, on the basis of rates and tables adopted by the board of trustees, the supplemental death benefits contribution rate of a municipality participating in the supplemental death benefits contribution fund.  The rate must be expressed as a percentage of the compensation of members employed by the municipality.  When the rate is approved by the board of trustees, the rate is effective for the calendar year for which it was approved.
(c)  If the balance in the supplemental death benefits fund is insufficient to pay the supplemental death benefits due, the board of trustees may direct that, to the extent available, an amount equal to the amount of the deficiency be transferred from the general reserves account of the endowment fund to the supplemental death benefits fund.  The board may adjust future contributions to the supplemental death benefits fund to repay to the general reserves account the transferred amount.
(d)  If the total number of members covered by the supplemental death benefits fund becomes fewer than 4,000, the board of trustees may order that the fund be discontinued and all coverage terminated.  The termination date must be December 31 of a year designated by the board and may not be before the expiration of six months after the date on which the order of termination was adopted.
(e)  To protect against adverse claim experience, the board of trustees may secure reinsurance from one or more stock insurance companies doing business in this state if the board determines that reinsurance is necessary.  The retirement system shall pay the premiums for reinsurance from the 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. 235, ch. 18, Sec. 109, eff. Jan. 1, 1982.  Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.502 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.