Texas Vernon's Civil Statutes

§ 6243n — MUNICIPAL RETIREMENT SYSTEM IN MUNICIPALITIES OF 460,000 TO 500,000

CV § 6243nTitle 109. PENSIONS

Statute text

Sec. 1. SCOPE. (a) A retirement system is established by this Act for employees of each municipality having a population of more than 950,000 and less than 1,050,000.

(b)Any right or privilege accruing to any member of a retirement system established by this Act is a vested right according to the terms of this Act.

(c)This Act continues to apply to a municipality described by Subsection (a) and a retirement system established by this Act continues to operate regardless of any change in the municipality's population. Sec. 2. DEFINITIONS. The following words and phrases have the meanings assigned by this section unless a different meaning is plainly required by the context:

(1)"Accumulated deposits" means the amount standing to the credit of a member derived from the deposits required to be made by the member to the retirement system improved annually by interest credited at a rate determined by the retirement board from time to time upon the advice of the retirement board's actuary and credited as of December 31 to amounts standing to the credit of the member on January 1 of the same calendar year.

(2)"Actual retirement date" means the last day of the month during which a member retires. (2A) "Actuarial accrued liability" means the portion of the actuarial present value of projected benefits of the retirement system attributed to past periods of member service based on the cost method used in the risk sharing valuation study under Section 10B or 10C of this Act, as applicable.

(3)"Actuarial equivalent" means any benefit of equal present value when computed on the basis of actuarial tables adopted by the retirement board from time to time upon the advice of the retirement board's actuary. The actuarial tables adopted for this purpose shall be tables that are acceptable to the Internal Revenue Service and be clearly identified by resolution adopted by the retirement board. (3A) "Actuarial value of assets" means the value of the retirement system's assets as calculated using the asset smoothing method used in the risk sharing valuation study under Section 10B or 10C of this Act, as applicable.

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Legislative history

Acts 2009, 81st Leg., R.S., Ch. 1283 (H.B. 1979), Sec. 1, eff. June 19, 2009. Acts 2009, 81st Leg., R.S., Ch. 1283 (H.B. 1979), Sec. 2, eff. June 19, 2009. Acts 2011, 82nd Leg., R.S., Ch. 1352 (H.B. 3033), Sec. 1, eff. June 17, 2011. Acts 2011, 82nd Leg., R.S., Ch. 1352 (H.B. 3033), Sec. 2, eff. June 17, 2011. Acts 2011, 82nd Leg., R.S., Ch. 1352 (H.B. 3033), Sec. 3, eff. June 17, 2011. Acts 2011, 82nd Leg., R.S., Ch. 1352 (H.B. 3033), Sec. 4, eff. June 17, 2011. Acts 2011, 82nd Leg., R.S., Ch. 1352 (H.B. 3033), Sec. 5, eff. June 17, 2011. Acts 2011, 82nd Leg., R.S., Ch. 1352 (H.B. 3033), Sec. 6, eff. June 17, 2011. Acts 2011, 82nd Leg., R.S., Ch. 1352 (H.B. 3033), Sec. 7, eff. June 17, 2011. Acts 2011, 82nd Leg., R.S., Ch. 1352 (H.B. 3033), Sec. 8, eff. June 17, 2011. Acts 2011, 82nd Leg., R.S., Ch. 1352 (H.B. 3033), Sec. 9, eff. June 17, 2011. Acts 2011, 82nd Leg., R.S., Ch. 1352 (H.B. 3033), Sec. 10, eff. June 17, 2011. Acts 2023, 88th Leg., R.S., Ch. 287 (S.B. 1444), Sec. 1, eff. September 1, 2023. Acts 2023, 88th Leg., R.S., Ch. 287 (S.B. 1444), Sec. 2, eff. September 1, 2023. Acts 2023, 88th Leg., R.S., Ch. 287 (S.B. 1444), Sec. 3, eff. September 1, 2023. Acts 2023, 88th Leg., R.S., Ch. 287 (S.B. 1444), Sec. 4, eff. September 1, 2023. Acts 2023, 88th Leg., R.S., Ch. 287 (S.B. 1444), Sec. 5, eff. September 1, 2023. Acts 2023, 88th Leg., R.S., Ch. 287 (S.B. 1444), Sec. 6, eff. September 1, 2023. Acts 2023, 88th Leg., R.S., Ch. 287 (S.B. 1444), Sec. 7, eff. January 1, 2024. Acts 2023, 88th Leg., R.S., Ch. 287 (S.B. 1444), Sec. 8, eff. September 1, 2023. Acts 2023, 88th Leg., R.S., Ch. 287 (S.B. 1444), Sec. 9, eff. January 1, 2024. Acts 2023, 88th Leg., R.S., Ch. 287 (S.B. 1444), Sec. 10, eff. January 1, 2024. Acts 2023, 88th Leg., R.S., Ch. 287 (S.B. 1444), Sec. 11, eff. September 1, 2023. Acts 2023, 88th Leg., R.S., Ch. 287 (S.B. 1444), Sec. 12, eff. September 1, 2023. Acts 2023, 88th Leg., R.S., Ch. 287 (S.B. 1444), Sec. 13, eff. September 1, 2023. Acts 2023, 88th Leg., R.S., Ch. 644 (H.B. 4559), Sec. 291, eff. September 1, 2023.