Texas Government Code Title 8, Chapter 855 - Administration

SUBCHAPTER A BOARD OF TRUSTEES

• Texas Section 855.001 - Composition Of Board Of Trustees
  The board of trustees is composed of six trustees. Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981. Renumbered from...
• Texas Section 855.002 - Appointment
  The governor, with the advice and consent of the senate, shall appoint three executive trustees and three employee trustees. Acts 1981, 67th Leg., p. 1876,...
• Texas Section 855.003 - Eligibility
  (a) To be eligible to serve as an executive trustee a person must be a chief executive officer, chief finance officer, or other officer, executive,...
• Texas Section 855.004 - Term Of Office
  (a) The trustees hold office for staggered terms of six years, with the terms of two trustees expiring February 1 of each odd-numbered year. (b)...
• Texas Section 855.005 - Oath Of Office
  Before taking office as a trustee, a person shall present to the board of trustees a certified copy of an oath of office subscribed before...
• Texas Section 855.007 - Meetings
  (a) The board of trustees shall hold regular meetings in March, June, September, and December of each year and special meetings when called by the...
• Texas Section 855.008 - Compensation; Expenses
  Each trustee serves without compensation but is entitled to: (1) reimbursement for reasonable traveling expenses incurred in attending board meetings and authorized committee and association...

SUBCHAPTER B POWERS AND DUTIES OF BOARD OF TRUSTEES

• Texas Section 855.009 - Voting
  (a) Each trustee is entitled to one vote. (b) At any meeting of the board, four or more concurring votes are necessary for a decision...
• Texas Section 855.101 - Administration
  (a) The retirement system is a trust. (b) The board of trustees is responsible for the administration of the retirement system. Acts 1981, 67th Leg.,...
• Texas Section 855.102 - Rulemaking
  (a) The board of trustees shall adopt rules and perform reasonable activities it finds necessary or desirable for efficient administration of the system. (b) The...
• Texas Section 855.103 - Administering System Assets
  (a) The board of trustees may sell, assign, exchange, or trade and transfer any security in which the retirement system's assets are invested. The board...
• Texas Section 855.104 - Accepting Gift, Grant, Or Bequest
  The board of trustees shall accept a gift, grant, or bequest of money or securities: (1) for the purpose designated by the grantor if the...
• Texas Section 855.105 - Indebtedness; Payment
  (a) The board of trustees may: (1) incur indebtedness; (2) on the credit of the retirement system, borrow money to pay expenses incident to the...
• Texas Section 855.106 - Grants And Payment Of Benefits
  The board of trustees, in accordance with this subtitle, shall consider all applications for annuities and benefits and shall decide whether to grant the annuities...
• Texas Section 855.107 - Audit
  Annually, or more often, the board of trustees shall have the accounts of the retirement system audited by a certified public accountant. Acts 1981, 67th...
• Texas Section 855.108 - Designation Of Authority To Sign Vouchers
  The board of trustees by resolution shall designate one or more representatives who have authority to sign vouchers for payments from the assets of the...
• Texas Section 855.109 - Depositories
  The board of trustees shall designate financial institutions to qualify and serve the retirement system as depositories. Acts 1981, 67th Leg., p. 1876, ch. 453,...
• Texas Section 855.110 - Adopting Rates And Tables
  (a) The board of trustees shall adopt rates and tables that the board considers necessary for the retirement system after considering the results of the...
• Texas Section 855.111 - Certification Of Rates
  (a) The board of trustees shall certify all current service contribution rates and all prior service contribution rates. (b) The board shall notify each participating...
• Texas Section 855.112 - Records Of Board Of Trustees
  (a) The board of trustees shall keep, in convenient form, data necessary for required computations and valuations by the actuary. (b) The board shall keep...
• Texas Section 855.113 - Office
  (a) The board of trustees shall establish an office in Austin or in one of the participating municipalities. (b) The board shall keep the books...
• Texas Section 855.114 - Obtaining Information
  The board of trustees shall obtain from members or participating municipalities information necessary for the proper operation of the retirement system. Acts 1981, 67th Leg.,...
• Texas Section 855.115 - Confidentiality Of Information About Members, Retirees, Annuitants, Or Beneficiaries
  (a) Information contained in records that are in the custody of the retirement system concerning an individual member, retiree, annuitant, or beneficiary is confidential under...

SUBCHAPTER C OFFICERS AND EMPLOYEES OF BOARD OF TRUSTEES

• Texas Section 855.116 - Electronic Filing Of Certain Documents
  (a) In this section, "electronic filing" means the filing of data by the communication of information by facsimile or in the form of digital electronic...
• Texas Section 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...
• Texas Section 855.202 - Legal Adviser
  (a) The board of trustees shall appoint an attorney. (b) The attorney shall act as the legal adviser to the board and shall represent the...
• Texas Section 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...
• Texas Section 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....
• Texas Section 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...
• Texas Section 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...

SUBCHAPTER D MANAGEMENT OF ASSETS

• Texas Section 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,...
• Texas Section 855.301 - Investment Of Assets
  (a) The board of trustees shall invest and reinvest the assets of the retirement system without distinction as to their source in accordance with Section...
• Texas Section 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...
• Texas Section 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...
• Texas Section 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,...
• Texas Section 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...
• Texas Section 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...
• Texas Section 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...
• Texas Section 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...
• Texas Section 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...
• Texas Section 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...
• Texas Section 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....
• Texas Section 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...
• Texas Section 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...
• Texas Section 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...
• Texas Section 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,...
• Texas Section 855.317 - Annual Allocation Of Net Investment Income Or Loss From Interest Fund
  Sec. 855.317. ANNUAL ALLOCATION OF NET INVESTMENT INCOME OR LOSS FROM INTEREST FUND. (a) Effective as of December 31 of each year, the board of...

SUBCHAPTER E COLLECTION OF CONTRIBUTIONS

• Texas Section 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...
• Texas Section 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....
• Texas Section 855.402 - Collection Of Member Contributions
  (a) Each payroll period each participating municipality shall cause the contribution for the period to be deducted from the compensation of each member that it...
• Texas Section 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...
• Texas Section 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...
• Texas Section 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...
• Texas Section 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...
• Texas Section 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,...
• Texas Section 855.407 - Limitation On Municipality Contribution Rates
  (a) The combined rates of a municipality's normal contributions and prior service contributions may not exceed: (1) 9-1/2 percent of the total compensation paid by...
• Texas Section 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...

SUBCHAPTER F OPTIONAL PROGRAMS

• Texas Section 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...
• Texas Section 855.501 - Increased Current Service Annuities
  (a) A participating municipality may elect to provide for an increased current service annuity reserve on the retirement of each of its employees who are...

SUBCHAPTER G MISCELLANEOUS ADMINISTRATIVE PROCEDURES

• Texas Section 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...
• Texas Section 855.601 - Statement Of Amount In Account
  (a) As soon as possible after the end of each calendar year, the board of trustees shall send to the governing body of each municipality...
• Texas Section 855.602 - Interest In Assets
  A particular person, group of persons, municipality, or other entity has no right in a specific security, item of cash, or other property of the...
• Texas Section 855.603 - Forfeiture Of Contributions
  (a) If an application under Section 852.103 for the accumulated contributions of a person who has ceased to be employed by a participating department for...
• Texas Section 855.604 - Merger
  A pension system for municipal employees may merge into the retirement system only on conditions that the board of trustees in its sole discretion determines...
• Texas Section 855.605 - Participation Of Members Of Fire Department
  (a) If the employees of the fire department of a municipality, with the consent of the municipality, elect to become members of the retirement system,...
• Texas Section 855.606 - Appeal Of Administrative Decision
  A decision of the board of trustees denying or limiting membership, service credit, eligibility for or the amount of benefits payable by the retirement system,...
• Texas Section 855.607 - Plan Qualification
  It is intended that the provisions of this subtitle be construed and administered in a manner that the retirement system's benefit plan will be considered...
• Texas Section 855.608 - Full Benefit Arrangement
  (a) A separate fund for the payment of benefits under Section 415(m), Internal Revenue Code of 1986, and its subsequent amendments, is created outside the...

Last modified: September 28, 2016