reglab/statecodes huggingface dataset:
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 8. Deferred Retirement Option Plan › Section 8.01. Member Remaining in Active Service

Sec. 8.01. MEMBER REMAINING IN ACTIVE SERVICE.  In lieu of either leaving active service and beginning to receive a service retirement annuity under Section 5.01 of this Act or remaining in active service and continuing to accrue additional service credit under Section 5.02 of this Act, a member who is eligible to receive a normal service retirement benefit under Section 5.01 of this Act may remain in active service, become a participant in the deferred retirement option plan ("DROP") in accordance with Sections 8.02 and 8.03 of this Act, and defer the beginning of the person's retirement annuity.  Once an election to participate in the DROP has been made, the election continues in effect as long as the member remains in active service as a firefighter.  When the member leaves active service, the member may apply for a service retirement annuity under Section 5.01 of this Act.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 8. Deferred Retirement Option Plan › Section 8.02. Election to Participate in Drop

Sec. 8.02. ELECTION TO PARTICIPATE IN DROP.  The election to participate in the DROP shall be made in accordance with procedures adopted by the board of trustees.  The election may be made at any time on or after the date the member becomes eligible for normal service retirement under Section 5.01 of this Act or early retirement under Section 5.05 of this Act and becomes effective on the first day of the first month after the date of the election.  At the same time that a member makes an election to participate in the DROP, the member must agree in writing to terminate service with the fire department on a date not later than the seventh anniversary of the effective date of the election under this section.  An agreement to terminate service is binding on the member and the fire department, except that the member may terminate active service at any time before the date selected.  An election to participate in the DROP has no effect on either the municipality's or the member's contributions under Section 10.01 of this Act.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 8. Deferred Retirement Option Plan › Section 8.03. Credits to Member's Drop Account

Sec. 8.03. CREDITS TO MEMBER'S DROP ACCOUNT.  Each month after a member makes an election to participate in the DROP and until the member's retirement, the board of trustees shall cause an amount equal to the retirement annuity that the member would have received under Section 5.04 of this Act for that month if the member had left active service and been granted a retirement annuity on the effective date of the election under Section 8.02 of this Act to be credited to a separate DROP account maintained within the fund for the benefit of the member.  The member's contributions under Section 10.01(d) of this Act made after the effective date of the election to participate in the DROP shall also be credited to the member's DROP account.  Amounts held in a member's DROP account shall be credited at the end of each calendar month with interest at a rate equal to one-twelfth of five percent until the member's retirement.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 8. Deferred Retirement Option Plan › Section 8.04. Amount of Credits to Member's Drop Account

Sec. 8.04. AMOUNT OF CREDITS TO MEMBER'S DROP ACCOUNT.  The amount credited monthly to the member's DROP account:
(1) shall be increased as a result of any increase in the formula used in computing service retirement benefits under Section 5.04 of this Act that occurs after the effective date of the member's election to participate in the DROP but before the effective date of the member's retirement;
(2) shall be increased by any annual cost-of-living adjustments under Section 9.04 of this Act that occur between the effective date of the member's election to participate in the DROP and the effective date of the member's retirement but only as to amounts credited to the member's DROP account after a cost-of-living adjustment;  and
(3) is subject to the limitations prescribed by Section 9.03 of this Act.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 8. Deferred Retirement Option Plan › Section 8.05. Distributions From Member's Drop Account

Sec. 8.05. DISTRIBUTIONS FROM MEMBER'S DROP ACCOUNT.    (a)  On leaving active service as a firefighter and beginning to receive a retirement annuity, a member who participates in the DROP shall begin to receive the amount credited to the person's DROP account under either of the following methods of distribution selected by the member:
(1) a single-payment distribution made at a time selected by the member but not later than April 1 of the year after the member attains 70-1/2 years of age;  or
(2) in not more than four payments, which may be equal or unequal as the member may determine, all of which must occur not later than April 1 of the year after the member attains 70-1/2 years of age.
(b) The DROP account balance of a member shall be credited at the end of each calendar month with interest at a rate equal to one-twelfth of five percent.
(c) A member may not receive a distribution from the member's DROP account before termination of active service as a firefighter.  A member shall notify the fund in writing, on a form that the board of trustees may prescribe, at least 30 days before each distribution made under this section.
(d)  The board of trustees may adopt rules that modify the availability of distributions under Subsection (a) of this section, provided that the modifications do not:
(1)  impair the distribution rights under that subsection; or
(2)  cause distributions to occur later than required under Section 401(a)(9), Internal Revenue Code of 1986.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 8. Deferred Retirement Option Plan › Section 8.07. Payments From Drop Account at Member's Death

Sec. 8.07. PAYMENTS FROM DROP ACCOUNT AT MEMBER'S DEATH.    (a)  The provisions of Article 7 relating to death benefits of qualified survivors do not apply to amounts credited to a member's DROP account.  Instead, a member who participates in the DROP may designate a beneficiary to receive any balance in the member's DROP account at the member's death.  The beneficiary designation must be made on a form prescribed by the board of trustees and filed with the fund before the member's death.  If the member is married at the time of the designation, designation of a beneficiary other than the member's spouse is valid only if the spouse consents to the designation in writing on the same form that is used to designate the beneficiary.  Distributions from a member's DROP account after the death of the member shall be made as provided by this section.
(b)  If a member who participates in the DROP dies before distribution of the member's entire DROP account, distributions to the designated beneficiary will begin not more than one year after the date of the member's death and shall be made either as a single-payment distribution of the member's DROP account balance or in not more than four equal annual installments over a period of not more than 37 months.
(c)  If the member has not designated a beneficiary to receive distributions from the member's DROP account or if the person so designated does not survive the member by at least 72 hours, the member's DROP account shall be distributed in a single-sum payment as soon as administratively possible after the member's death to any surviving spouse who survives the member by at least 72 hours, if any, or to the member's estate if there is no surviving spouse.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 8. Deferred Retirement Option Plan › Section 8.08. Subsequent Disability of Drop Participant

Sec. 8.08. SUBSEQUENT DISABILITY OF DROP PARTICIPANT.  A member who participates in the DROP becomes ineligible for any disability benefits described by Article 6 of this Act.  Instead, if the board of trustees determines that the member would have been eligible for disability retirement, the board of trustees shall grant a normal service retirement annuity as described by Section 5.04 of this Act and shall pay the member both the service retirement annuity and a distribution of the DROP account as described by Section 8.05 of this Act.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 8. Deferred Retirement Option Plan › Section 8.09. Retirement Benefit Payable to Drop Participant

Sec. 8.09. RETIREMENT BENEFIT PAYABLE TO DROP PARTICIPANT.  The retirement benefit payable under Article 5 or 6 of this Act to a person who participates in the DROP:
(1) may not be increased as a result of any increase in the formula used in computing service retirement benefits under Section 5.04 of this Act that occurs after the effective date of the member's election to participate in the DROP;
(2) may not be increased as a result of any increase in the member's compensation that occurs after the effective date of the member's election to participate in the DROP;
(3) shall be increased by any annual cost-of-living adjustments under Section 9.04 of this Act that occur between the effective date of the member's election to participate in the DROP and the effective date of the member's retirement;
(4) may not be increased for additional service credit after the effective date of the member's election to participate in the DROP;  and
(5) is subject to the limitations prescribed by Section 9.03 of this Act.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 8. Deferred Retirement Option Plan › Section 8.10. Termination or Modification of Drop by Fund

Sec. 8.10. TERMINATION OR MODIFICATION OF DROP BY FUND.  If the board's actuary, not sooner than January 1, 2000, certifies to the board that DROP participation is resulting in a significant actuarial loss to the fund, the board of trustees may:
(1) reduce the interest paid on DROP accounts or take other action that would reduce the future credits to DROP accounts, but only for all DROP accounts that are established after the effective date of the action by the board of trustees;  or
(2) terminate the deferred retirement option plan for all members who have not at that time established a DROP account.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 9. Miscellaneous Provisions Regarding Benefits › Section 9.01. Time for Payment to Retired Members

Sec. 9.01. TIME FOR PAYMENT TO RETIRED MEMBERS.  Benefits to a person who retires under this Act are payable on the first day of each month beginning with the month following the month in which the person retires.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 9. Miscellaneous Provisions Regarding Benefits › Section 9.02. Time for Payment to Survivors; Payment to Estate

Sec. 9.02. TIME FOR PAYMENT TO SURVIVORS;  PAYMENT TO ESTATE.  Benefits to a surviving spouse, dependent child, or dependent parent under this Act are payable on the first day of each month beginning with the month following the month in which the death of the member or former firefighter occurs.  After all payments cease, any amount by which the member's or former firefighter's total accumulated contributions at the date of that person's death exceed the amount of all retirement and death benefits paid by the fund as a result of the person's participation in the fund is payable to the estate of the member or former firefighter.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 9. Miscellaneous Provisions Regarding Benefits › Section 9.03. Limitation on Payment of Benefits

Sec. 9.03. LIMITATION ON PAYMENT OF BENEFITS.    (a)  If the amount of any benefit payment under this Act would exceed the limitations provided by Section 415 of the Internal Revenue Code of 1986, and the regulations adopted under that section, the board of trustees shall reduce the amount of the benefit as needed to comply with that section.
(b) A person's vested accrued benefit in effect on September 1, 1995, may not be reduced under this section.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 9. Miscellaneous Provisions Regarding Benefits › Section 9.06. Withdrawal of Contributions

Sec. 9.06. WITHDRAWAL OF CONTRIBUTIONS.    (a)  A living person who has terminated all employment with the fire department and who has not retired may withdraw, on application, all of the accumulated contributions credited to that person's individual account with the fund in excess of the amount of benefits that the person previously has received from the fund.  On withdrawal, the person's account will be closed and all service credit the person has accumulated will be canceled.
(b) If a member dies before retirement and no person is entitled to a survivor's benefit under this Act, the person's estate may, after application, withdraw all of the accumulated contributions credited to that person's individual account with the fund in excess of the amount of benefits that the person previously has received from the fund.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 9. Miscellaneous Provisions Regarding Benefits › Section 9.07. Escheat of Contributions

Sec. 9.07. ESCHEAT OF CONTRIBUTIONS.  If an application for withdrawal of contributions under Section 9.06 of this Act from or on behalf of a person who has ceased to be an employee of the fire department or the person's estate has not been received by the fund before the seventh anniversary of the termination of the person's employment with the fire department for a reason other than retirement, the person's accumulated contributions shall escheat to the fund.  If the person or the person's estate later applies for the contributions, the fund shall refund the contributions regardless of the earlier escheatment.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 9. Miscellaneous Provisions Regarding Benefits › Section 9.08. Insufficient Funds; Prorated Reduction in Benefits

Sec. 9.08. INSUFFICIENT FUNDS;  PRORATED REDUCTION IN BENEFITS.  If for any reason the funds available for any purpose covered by this Act become insufficient to pay in full any benefit payable under this Act, all benefits being paid by the fund shall be reduced pro rata for the time the deficiency exists.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 9. Miscellaneous Provisions Regarding Benefits › Section 9.09. Reduction in Benefit Payments on Request

Sec. 9.09. REDUCTION IN BENEFIT PAYMENTS ON REQUEST.  If a person receiving a benefit from the fund requests in writing that the amount of the benefit be reduced to a specified monthly amount, the fund will pay the lesser amount specified in the request.  If the person subsequently requests in writing that the benefit be increased to any specified amount that does not exceed the amount originally payable, the fund will pay the increased amount specified.  If a person receiving a benefit from the fund requests in writing that payment of the benefit be discontinued, the fund shall discontinue payment of the benefit.  If the person subsequently requests that payment of the benefit be resumed, the fund shall resume payment of the benefit.  Any amounts not paid by the fund pursuant to a request under this section are forfeited to the fund and are not recoverable by any person.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 9. Miscellaneous Provisions Regarding Benefits › Section 9.10. Optional Retirement Annuity

Sec. 9.10. OPTIONAL RETIREMENT ANNUITY.    (a)  An optional retirement annuity is an annuity that is certified by the board's actuary to be the actuarial equivalent of the annuity provided under Section 5.04 of this Act and the survivor's benefits provided under Article 7 of this Act.  An optional retirement annuity is payable throughout the life of the retiree.
(b) Instead of the annuity payable under Section 5.04 of this Act, a member who retires may elect to receive an optional retirement annuity approved by the board of trustees under this section.
(c) The survivor's benefits provided under Article 7 of this Act are not payable on the death of a retiree who elects an optional retirement annuity under this section.
(d) The board of trustees by rule may provide that:
(1) an optional retirement annuity is payable after a member's death throughout the life of a person designated by the member;  or
(2) if a retiree dies before a fixed number of monthly annuity payments are made, the remaining number of payments are payable to the retiree's designated beneficiary or, if a designated beneficiary does not exist, to the retiree's estate.
(e) To elect an optional retirement annuity, a member must make the election and designate a beneficiary on a form prescribed by the board of trustees.  The member must file the form with the board on or before the effective date of the member's retirement.
(f) Except as provided by Subsections (g), (h), and (i) of this section, if a member elects an optional retirement annuity that, on the member's death, pays to the member's spouse an amount that is less than 75 percent of the annuity that is payable during the joint lives of the member and the member's spouse, the spouse must consent to the election.  The spouse's consent must be in writing and witnessed by an officer or employee of the fund or acknowledged by a notary public.
(g) If a member's spouse has been adjudicated incompetent, the consent required under Subsection (f) of this section may be given by the spouse's guardian.
(h) If a physician determines that a member's spouse is not mentally capable of managing the spouse's affairs, the consent required under Subsection (f) of this section may be given by the member if the member would be qualified to serve as a guardian of the spouse and the board of trustees determines that a guardianship of the estate is not necessary.
(i) Spousal consent under Subsection (f) of this section is not required if the board of trustees determines that:
(1) a spouse does not exist;
(2) the spouse cannot be located;
(3) the first anniversary of the marriage will not occur before the date the annuity first becomes payable;  or
(4) a former spouse is entitled to receive a portion of the member's optional retirement benefit under a qualified domestic relations order.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 10. Collection of Contributions; Interest › Section 10.02. Pickup of Firefighter Contributions

Sec. 10.02. PICKUP OF FIREFIGHTER CONTRIBUTIONS.  A municipality to which this Act applies shall pick up the firefighter contributions to the fund that are required or authorized pursuant to Section 10.01 of this Act, whichever is higher.  Firefighter contributions will be picked up by a reduction in the monetary compensation of the firefighters.  Contributions picked up shall be treated as employer contributions in accordance with Section 414(h)(2) of the Internal Revenue Code  for the purpose of determining tax treatment of the amounts under that code.  These contributions will be deposited to the credit of the individual accounts of the firefighters in the fund and shall be treated as the monthly contributions of the firefighters for all purposes of this Act.  These contributions are not includable in the gross income of a firefighter until the time that they are distributed or made available to the firefighter or survivors of the firefighter.  The board of trustees may at any time, by majority vote, discontinue the pickup of firefighter contributions by the municipality.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 10. Collection of Contributions; Interest › Section 10.03. Contributions and Income as Assets of Fund

Sec. 10.03. CONTRIBUTIONS AND INCOME AS ASSETS OF FUND.  All contributions paid to the fund under Sections 10.01 and 10.02 of this Act become a part of the assets of the fund.  All interest and dividends on investments of the assets of the fund shall be deposited into the fund and are part of it.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 10. Collection of Contributions; Interest › Section 10.04. Interest on Individual Accounts

Sec. 10.04. INTEREST ON INDIVIDUAL ACCOUNTS.  The fund shall credit interest on December 31 of each year to the account of each firefighter, and of each former firefighter, who has not retired in an amount equal to five percent of the accumulated contributions, including previously credited interest, on deposit on January 1 of that year.  The fund may not pay interest on a firefighter's or former firefighter's contributions for part of a year or for any period that is more than five calendar years after the date of termination of employment.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 11. Investment of Assets › Section 11.01. Investments

Sec. 11.01.  INVESTMENTS. The board of trustees in its sole discretion may invest, reinvest, or change the assets of the fund. The board of trustees shall invest the funds in whatever instruments or investments the board considers prudent. In making investments for the fund, the board of trustees shall discharge its duties 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.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 11. Investment of Assets › Section 11.02.

Sec. 11.02. Repealed by Acts 1997, 75th Leg., ch. 30, Sec. 9, eff. Sept. 1, 1997.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 11. Investment of Assets › Section 11.03. Investment Policy

Sec. 11.03.  INVESTMENT POLICY.  (a)  The board of trustees shall adopt and maintain a written investment policy regarding the investment of fund assets.
(b)  The board of trustees may not adopt an amendment to the investment policy adopted under this section unless the proposed amendment is approved by the affirmative vote of a majority of the members of the board at not fewer than three regular meetings of the board.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 11. Investment of Assets › Section 11.04. Fiduciaries

Sec. 11.04. FIDUCIARIES.    (a)  A person or financial institution is a fiduciary of the fund to the extent that the person or the financial institution:
(1) exercises any discretionary authority or discretionary control over management of the fund or exercises any authority or control over management or disposition of the assets of the fund;
(2) renders or has authority or responsibility to render investment advice for a fee or other compensation, direct or indirect, concerning any money or other property of the fund;  or
(3) has any discretionary authority or discretionary responsibility over the administration of the fund.
(b) A fiduciary of the fund may not cause the fund to engage in a transaction if the fiduciary knows or should know that the transaction constitutes a direct or indirect:
(1) sale, exchange, or lease of any property from the fund to a party for less than adequate consideration or from a party to the fund for more than adequate consideration;
(2) loan of money or other extension of credit from the fund to a party without the receipt of adequate security and a reasonable rate of interest or from a party to the fund with provision of excessive security or an unreasonably high rate of interest;
(3) furnishing of goods, services, or facilities from the fund to a party for less than adequate consideration or from a party to the fund for more than adequate consideration;  or
(4) transfer to or use by or for the benefit of a party of any assets of the fund for less than adequate consideration.
(c) A fiduciary of the fund may not:
(1) deal with the assets of the fund in the fiduciary's own interest or for the fiduciary's own account;
(2) in the fiduciary's individual or any other capacity act in any transaction involving the fund on behalf of a party whose interests are adverse to the interests of the fund or the interests of its participants or beneficiaries;  or
(3) receive any consideration for the fiduciary's own personal account from any party dealing with the fund in connection with a transaction involving the assets of the fund.
(d) The board of trustees may purchase insurance indemnifying the members of the board of trustees against personal loss or accountability from liability resulting from a member's act or omission as a member of the board of trustees.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 12. Officers, Employees, and Professionals › Section 12.01. Administrator and Employees

Sec. 12.01. ADMINISTRATOR AND EMPLOYEES.  The board of trustees shall appoint an administrator who shall administer the fund under the supervision and direction of the board of trustees.  The board of trustees shall employ such other employees as are required for the efficient administration of the fund.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 12. Officers, Employees, and Professionals › Section 12.02. Legal Counsel

Sec. 12.02. LEGAL COUNSEL.  The board of trustees shall retain legal counsel for matters affecting the operation of the fund.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 12. Officers, Employees, and Professionals › Section 12.03. Actuary

Sec. 12.03. ACTUARY.    (a)  The board of trustees shall employ an actuary who may be the consultant and technical advisor to the board of trustees regarding the operation of the fund and may perform such duties as may be required by the board.
(b) The actuary shall make a valuation at least once every two years of the assets and liabilities of the fund on the basis of assumptions and methods that are reasonable in the aggregate, considering the experience of the fund and reasonable expectations and that, in combination, offer the actuary's best estimate of anticipated experience under the fund.
(c) On the basis of the valuation, the actuary shall make recommendations to the board of trustees to ensure the actuarial soundness of the fund.  In making recommendations, the actuary shall define each actuarial term and enumerate and explain each actuarial assumption used in making the valuation.  This information must be included either in the actuarial study or in a separate report made available as a public record.
(d) The board of trustees shall file with the State Pension Review Board a copy of each actuarial study and each separate report made as required by law.
(e) An actuary employed under this section must be a fellow of the Society of Actuaries, a member of the American Academy of Actuaries, or an enrolled actuary under the federal Employee Retirement Income Security Act of 1974 (29 U.S.C. Section 1001 et seq.).
(f) The municipality may pay all or part of the cost of the actuarial services.  Any cost not paid directly by the municipality is payable from assets of the fund.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 12. Officers, Employees, and Professionals › Section 12.05. Medical Board

Sec. 12.05. MEDICAL BOARD.  The board of trustees may designate a medical board composed of three persons.  To be eligible to serve as a member of the medical board, a physician must be licensed to practice medicine in this state and be of good standing in the medical profession.  The board of trustees also may designate persons who are not physicians to serve on the medical board.  The medical board shall:
(1) review all medical examinations and reports required by this Act;
(2) investigate essential statements and certificates made by or on behalf of a member of the fund 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.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 12. Officers, Employees, and Professionals › Section 12.06. Retirement Counseling

Sec. 12.06. RETIREMENT COUNSELING.  The board of trustees may pay for the cost of counseling for members of the fund regarding retirement matters.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000 › Article 12. Officers, Employees, and Professionals › Section 12.07. Audits; Employment of Certified Public Accountants

Sec. 12.07. AUDITS;  EMPLOYMENT OF CERTIFIED PUBLIC ACCOUNTANTS.  The board of trustees shall employ a certified public accountant or firm of certified public accountants to perform an audit of the fund at least annually.  The municipality may pay the entire cost of an audit.  If not paid by the municipality, the cost may be paid from the assets of the fund.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.2(1). Firefighters' Relief and Retirement Fund in Municipalities of at Least 1,600,000 Population › Section 1A. Interpretation of Article

Sec. 1A.  INTERPRETATION OF ARTICLE.  This article, including Sections 2(p) and (p-1) of this article, does not and may not be interpreted to:
(1)  relieve the municipality, the board, or the fund of their respective obligations under Sections 13A through 13F of this article;
(2)  reduce or modify the rights of the municipality, the board, or the fund, including any officer or employee of the municipality, board, or fund, to enforce obligations described by Subdivision (1) of this section;
(3)  relieve the municipality, including any official or employee of the municipality, from:
(A)  paying or directing to pay required contributions to the fund under Section 13 or 13A of this article or carrying out the provisions of Sections 13A through 13F of this article; or
(B)  reducing or modifying the rights of the board and any officer or employee of the board or fund to enforce obligations described by Subdivision (1) of this section;
(4)  relieve the board or fund, including any officer or employee of the board or fund, from any obligation to implement a benefit change or carry out the provisions of Sections 13A through 13F of this article; or
(5)  reduce or modify the rights of the municipality and any officer or employee of the municipality to enforce an obligation described by Subdivision (4) of this section.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.2(1). Firefighters' Relief and Retirement Fund in Municipalities of at Least 1,600,000 Population › Section 1B. Fiscal Year

Sec. 1B.  FISCAL YEAR.  If either the fund or the municipality changes its respective fiscal year, the fund and the municipality may enter into a written agreement to change the fiscal year for purposes of this article.  If the fund and municipality enter into an agreement described by this section, the parties shall, in the agreement, adjust the provisions of Sections 13A through 13F of this article to reflect that change.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.2(1). Firefighters' Relief and Retirement Fund in Municipalities of at Least 1,600,000 Population › Section 1C. Alternative Retirement Plans

Sec. 1C.  ALTERNATIVE RETIREMENT PLANS.  (a)  In this section, "salary-based benefit plan" means a retirement plan provided by the fund under this article that provides member benefits calculated in accordance with a formula that is based on multiple factors, one of which is the member's salary at the time of the member's retirement.
(b)  Notwithstanding any other law, including Section 13G of this article, the board and the municipality may enter into a written agreement to offer an alternative retirement plan or plans, including a cash balance retirement plan or plans, if both parties consider it appropriate.
(c)  Notwithstanding any other law, including Section 13G of this article, if, beginning with the final risk sharing valuation study prepared under Section 13B of this article on or after July 1, 2021, either the funded ratio of the fund is less than 65 percent as determined in the final risk sharing valuation study without making any adjustments under Section 13E or 13F of this article, or the funded ratio of the fund is less than 65 percent as determined in a revised and restated risk sharing valuation study prepared under Section 13B(a)(7) of this article, the board and the municipality shall, as soon as practicable but not later than the 60th day after the date the determination is made:
(1)  enter into a written agreement to establish a cash balance retirement plan that complies with Section 1D of this article; and
(2)  require each firefighter first hired by the municipality on or after the 90th day after the date the cash balance retirement plan is established to participate in the cash balance retirement plan established under this subsection instead of participating in the salary-based benefit plan, provided the firefighter would have otherwise been eligible to participate in the salary-based benefit plan.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.2(1). Firefighters' Relief and Retirement Fund in Municipalities of at Least 1,600,000 Population › Section 1E. Conflict of Law

Sec. 1E.  CONFLICT OF LAW.  To the extent of a conflict between this article and any other law, this article prevails.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.2(1). Firefighters' Relief and Retirement Fund in Municipalities of at Least 1,600,000 Population › Section 2A. Qualifications of Municipal Actuary

Sec. 2A.  QUALIFICATIONS OF MUNICIPAL ACTUARY.  (a)  An actuary hired by the municipality for purposes of this article must be an actuary from a professional service firm who:
(1)  is not already engaged by the fund or any other pension system authorized under Article 6243g-4, Revised Statutes, or Chapter 88 (H.B. 1573), Acts of the 77th Legislature, Regular Session, 2001 (Article 6243h, Vernon's Texas Civil Statutes), to provide actuarial services to the fund or pension system, as applicable;
(2)  has a minimum of 10 years of professional actuarial experience; and
(3)  is a fellow of the Society of Actuaries or a member of the American Academy of Actuaries and who, in carrying out duties for the municipality, has met the applicable requirements to issue statements of actuarial opinion.
(b)  Notwithstanding Subsection (a) of this section, the municipal actuary does not need to meet any greater qualifications than those required by the board for the fund actuary.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.2(1). Firefighters' Relief and Retirement Fund in Municipalities of at Least 1,600,000 Population › Section 2B. Report on Investments by Independent Investment Consultant

Sec. 2B.  REPORT ON INVESTMENTS BY INDEPENDENT INVESTMENT CONSULTANT.  At least once every three years, the board shall hire an independent investment consultant to conduct a review of fund investments and submit a report to the board and the municipality concerning the review or demonstrate in the fund's annual financial report that the review was conducted.  The independent investment consultant shall review and report on at least the following:
(1)  the fund's compliance with its investment policy statement, ethics policies, including policies concerning the acceptance of gifts, and policies concerning insider trading;
(2)  the fund's asset allocation, including a review and discussion of the various risks, objectives, and expected future cash flows;
(3)  the fund's portfolio structure, including the fund's need for liquidity, cash income, real return, and inflation protection and the active, passive, or index approaches for different portions of the portfolio;
(4)  investment manager performance reviews and an evaluation of the processes used to retain and evaluate managers;
(5)  benchmarks used for each asset class and individual manager;
(6)  an evaluation of fees and trading costs;
(7)  an evaluation of any leverage, foreign exchange, or other hedging transaction; and
(8)  an evaluation of investment-related disclosures in the fund's annual reports.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.2(1). Firefighters' Relief and Retirement Fund in Municipalities of at Least 1,600,000 Population › Section 3A. Certain Alterations by Local Agreement

Sec. 3A.  CERTAIN ALTERATIONS BY LOCAL AGREEMENT.  (a)  Except as provided by Subsection (b) of this section, the board is authorized, on behalf of the members or beneficiaries of the fund, to alter benefit types or amounts, the means of determining contribution rates, or the contribution rates provided under this article if the alteration is included in a written agreement between the board and the municipality.  An agreement entered into under this section:
(1)  must:
(A)  if the agreement concerns benefit increases, other than benefit increases that are the result of Section 13E of this article, adhere to the processes and standards set forth in Section 10 of this article; and
(B)  operate prospectively only; and
(2)  may not, except as provided by Sections 13A through 13F of this article, have the effect or result of increasing the unfunded liability of the fund.
(b)  In a written agreement entered into between the municipality and the board under this section, the parties may not:
(1)  alter Sections 13A through 13F of this article, except and only to the extent necessary to comply with federal law;
(2)  increase the assumed rate of return to more than seven percent per year;
(3)  extend the amortization period of a liability layer to more than 30 years from the first day of the fiscal year beginning 12 months after the date of the risk sharing valuation study in which the liability layer is first recognized; or
(4)  allow a municipal contribution rate in any year that is less than or greater than the municipal contribution rate required under Section 13E or 13F of this article, as applicable.
(c)  If the board is directed or authorized in Sections 13A through 13F of this article to effect an increase or decrease to benefits or contributions, this article delegates the authority to alter provisions concerning benefits and contributions otherwise stated in this article in accordance with the direction or authorization only to the extent the alteration is set forth in an order or other written instrument and is consistent with this section, the code, and other applicable federal law and regulations.  The order or other written instrument must be included in each applicable risk sharing valuation study under Section 13B or 13C of this article, as applicable, adopted by the board, and published in a manner that makes the order or other written instrument accessible to the members.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.2(1). Firefighters' Relief and Retirement Fund in Municipalities of at Least 1,600,000 Population › Section 8. Deferred Pension at Age 50; Refund of Contributions

Sec. 8.  DEFERRED PENSION AT AGE 50; REFUND OF CONTRIBUTIONS.  (a)  On or after the year 2017 effective date, a member who is hired as a firefighter before the year 2017 effective date, including a member who was hired before the year 2017 effective date and who involuntarily separated from service but has been retroactively reinstated in accordance with an arbitration, civil service, or court ruling, terminates active service for any reason other than death with at least 10 years of participation, but less than 20 years of participation, is entitled to a monthly deferred pension benefit, beginning at age 50, in an amount equal to 1.7 percent of the member's average monthly salary multiplied by the amount of the member's years of participation.
(b)  In lieu of the deferred pension benefit provided under Subsection (a) of this section, a member who terminates active service for any reason other than death with at least 10 years of participation, but less than 20 years of participation, may elect to receive a lump-sum refund of the member's contributions to the fund with interest computed at five percent, not compounded, for the member's contributions to the fund made before the year 2017 effective date and without interest for the member's contributions to the fund made on or after the year 2017 effective date.  A member's election to receive a refund of contributions must be made on a form approved by the board.  The member's refund shall be paid as soon as administratively practicable after the member's election is received.
(c)  Except as provided by Subsection (a) of this section, a member who is hired or rehired as a firefighter on or after the year 2017 effective date or a member who terminates employment for any reason other than death before the member has completed 10 years of participation is entitled only to a refund of the member's contributions without interest and is not entitled to a deferred pension benefit under this section or to any other benefit under this article.  The member's refund shall be paid as soon as administratively practicable after the effective date of the member's termination of active service.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.2(1). Firefighters' Relief and Retirement Fund in Municipalities of at Least 1,600,000 Population › Section 9. Proof of Continued Disability

Sec. 9. PROOF OF CONTINUED DISABILITY.    (a)  The board may at any time require a person receiving a disability pension or receiving death benefits as a disabled child under this article to undergo a medical examination by a physician appointed or selected by the board for that purpose.
(b) A person retired for disability under Section 6(c) of this article or a person receiving death benefits as a disabled child under Section 7 of this article must file an annual report of employment activities and earnings with the board.  The board shall establish the form of the report and the time for filing the report.
(c) The result of the examination, the report by the physician, and the report of employment activities and earnings shall be considered by the board in determining whether the relief in the case shall be continued, increased if less than the maximum provided, decreased, or discontinued.  The board may reduce or entirely discontinue all benefits to a person receiving benefits under this article who, after notice from the board, fails to appear for a required medical examination or fails to file the report of employment activities and earnings.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.2(1). Firefighters' Relief and Retirement Fund in Municipalities of at Least 1,600,000 Population › Section 10. Nonstatutory Benefit Increases

Sec. 10. NONSTATUTORY BENEFIT INCREASES.  The benefits provided by this article may be increased if:
(1)  an actuary selected by the board who, if an individual, is a Fellow of the Society of Actuaries, a Fellow of the Conference of Actuaries in Public Practice, or a member of the American Academy of Actuaries determines that the increase cannot reasonably be viewed as posing a material risk of jeopardizing the fund's ability to pay any existing benefit;
(2)  a majority of the participating members of the fund vote for the increase by a secret ballot;
(3)  the increase does not deprive a member, without the member's written consent, of a right to receive benefits that have already become fully vested and matured in a member;  and
(4)  the State Pension Review Board approves the determination by the actuary selected by the board that the increase cannot reasonably be viewed as posing a material risk of jeopardizing the fund's ability to pay any existing benefit.
2023 Texas Statutes › Vernon's Civil Statutes › Title 109 - Pensions › Article 6243e.2(1). Firefighters' Relief and Retirement Fund in Municipalities of at Least 1,600,000 Population › Section 10B. Additional Lump-Sum Retirement or Death Benefit

Sec. 10B. ADDITIONAL LUMP-SUM RETIREMENT OR DEATH BENEFIT.    (a)  The board shall pay the following members a $5,000 lump-sum payment from the fund, in addition to any other benefits, as soon as administratively practicable after the date of the member's retirement:
(1)  each member who retires or retired after completing 20 years of service and is eligible to receive service pension benefits under Section 4 of this article;  and
(2)  each member who retires or retired and is eligible to receive disability benefits under Section 6 of this article.
(b) The board shall pay a $5,000 lump-sum payment from the fund, in addition to any other benefits, to an eligible survivor of a member:
(1)  who had not terminated active service;  and
(2)  who was eligible to receive service pension benefits under Section 4 of this article or disability benefits under Section 6 of this article.
(c) If more than one eligible survivor of one deceased member exists, the amount of each survivor's benefit is determined in the same manner as payment of death benefits is determined under Section 7(e) of this article.  The board shall make payments under Subsection (b) of this section as soon as administratively practicable after the date of death of the member of whom each recipient is an eligible survivor.