Texas Vernon's Civil Statutes

§ 6243n-1 — POLICE OFFICERS RETIREMENT SYSTEM IN MUNICIPALITIES OF 460,000 TO 500,000

CV § 6243n-1Title 109. PENSIONS

Statute text

ARTICLE I Sec. 1.01. APPLICABILITY AND DEFINITIONS. This Act applies only to a municipality having a population of more than 950,000 and less than 1,050,000. Sec. 1.02. 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 police retirement system or to the predecessor system. Accumulated deposits also include interest that is credited annually to the account of a vested member at a rate of five percent or the rate determined by the board and that is credited as of December 31 to amounts standing to the credit of the member on January 1 of the same calendar year. Accumulated deposits also include interest credited to the account of a member before September 1, 2007, without regard to whether the member is vested at the time the interest is credited to the member's account. (1-a) "Actuarial accrued liability" means the portion of the actuarial present value of projected benefits of the police retirement system attributed to past periods of member service based on the cost method used in the risk sharing valuation study prepared under Section 8.03 or 8.04 of this Act, as applicable.

(2)"Actuarial equivalent" means any benefit of equal present value to a standard benefit when computed as specified by this Act, based on the actuarial assumptions adopted by the police retirement board for that purpose. (2-a) "Actuarial value of assets" means the value of the police retirement system's investments as calculated using the asset smoothing method used in the risk sharing valuation study prepared under Section 8.03 or 8.04 of this Act, as applicable.

(3)"Actuary" means a technical advisor of the police retirement board regarding the operations which are based on mortality, service, and compensation experience who makes periodic valuations of the assets and liabilities of the funds and other evaluations as requested by the board. (3-a) "Amortization period" means:

(A)the period necessary to fully pay a liability layer; or

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Legislative history

Acts 2007, 80th Leg., R.S., Ch. 1413 (H.B. 1318), Sec. 1, eff. September 1, 2007. Acts 2007, 80th Leg., R.S., Ch. 1413 (H.B. 1318), Sec. 2, eff. September 1, 2007. Acts 2007, 80th Leg., R.S., Ch. 1413 (H.B. 1318), Sec. 3, eff. September 1, 2007. Acts 2007, 80th Leg., R.S., Ch. 1413 (H.B. 1318), Sec. 4, eff. September 1, 2007. Acts 2007, 80th Leg., R.S., Ch. 1413 (H.B. 1318), Sec. 5, eff. September 1, 2007. Acts 2007, 80th Leg., R.S., Ch. 1413 (H.B. 1318), Sec. 6, eff. September 1, 2007. Acts 2007, 80th Leg., R.S., Ch. 1413 (H.B. 1318), Sec. 7, eff. September 1, 2007. Acts 2007, 80th Leg., R.S., Ch. 1413 (H.B. 1318), Sec. 8, eff. September 1, 2007. Acts 2007, 80th Leg., R.S., Ch. 1413 (H.B. 1318), Sec. 9, eff. September 1, 2007. Acts 2007, 80th Leg., R.S., Ch. 1413 (H.B. 1318), Sec. 10, eff. September 1, 2007. Acts 2009, 81st Leg., R.S., Ch. 700 (H.B. 2796), Sec. 1, eff. September 1, 2009. Acts 2009, 81st Leg., R.S., Ch. 700 (H.B. 2796), Sec. 2, eff. September 1, 2009. Acts 2009, 81st Leg., R.S., Ch. 700 (H.B. 2796), Sec. 3, eff. September 1, 2009. Acts 2009, 81st Leg., R.S., Ch. 700 (H.B. 2796), Sec. 4, eff. September 1, 2009. Acts 2011, 82nd Leg., R.S., Ch. 1163 (H.B. 2702), Sec. 195, eff. September 1, 2011. Acts 2011, 82nd Leg., R.S., Ch. 1353 (S.B. 1285), Sec. 1, eff. September 1, 2011. Acts 2021, 87th Leg., R.S., Ch. 738 (H.B. 4368), Sec. 1, eff. September 1, 2021. Acts 2021, 87th Leg., R.S., Ch. 738 (H.B. 4368), Sec. 2, eff. September 1, 2021. Acts 2021, 87th Leg., R.S., Ch. 738 (H.B. 4368), Sec. 3, eff. September 1, 2021. Acts 2021, 87th Leg., R.S., Ch. 738 (H.B. 4368), Sec. 4, eff. September 1, 2021. Acts 2021, 87th Leg., R.S., Ch. 738 (H.B. 4368), Sec. 5, eff. September 1, 2021. Acts 2021, 87th Leg., R.S., Ch. 738 (H.B. 4368), Sec. 6, eff. September 1, 2021. Acts 2021, 87th Leg., R.S., Ch. 738 (H.B. 4368), Sec. 7, eff. September 1, 2021. Acts 2021, 87th Leg., R.S., Ch. 738 (H.B. 4368), Sec. 8, eff. September 1, 2021. Acts 2021, 87th Leg., R.S., Ch. 738 (H.B. 4368), Sec. 9, eff. September 1, 2021. Acts 2021, 87th Leg., R.S., Ch. 738 (H.B. 4368), Sec. 10, eff. September 1, 2021. Acts 2021, 87th Leg., R.S., Ch. 738 (H.B. 4368), Sec. 11, eff. September 1, 2021. Acts 2021, 87th Leg., R.S., Ch. 738 (H.B. 4368), Sec. 12, eff. September 1, 2021. Acts 2021, 87th Leg., R.S., Ch. 738 (H.B. 4368), Sec. 13, eff. September 1, 2021. Acts 2021, 87th Leg., R.S., Ch. 738 (H.B. 4368), Sec. 14, eff. September 1, 2021. Acts 2021, 87th Leg., R.S., Ch. 738 (H.B. 4368), Sec. 15, eff. September 1, 2021. Acts 2021, 87th Leg., R.S., Ch. 738 (H.B. 4368), Sec. 16, eff. September 1, 2021. Acts 2023, 88th Leg., R.S., Ch. 644 (H.B. 4559), Sec. 292, eff. September 1, 2023.