Texas Special District Local Laws Code 1010.061 – Retirement, Disability, and Death Compensation Fund
Current as of: 2024 | Check for updates
|
Other versions
(a) The board may:
(1) provide for and administer a retirement, disability, and death compensation fund for district officers and employees; and
(2) adopt a plan to effectuate the purpose of this section, including the forms of insurance and annuities that the board considers advisable.
(b) The board may change a plan or rule after notice to the employees and a hearing.
Terms Used In Texas Special District Local Laws Code 1010.061
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
- Rule: includes regulation. See Texas Government Code 311.005
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) As the board considers advisable, the board may invest money provided:
(1) from the compensation of officers and employees participating in the fund and plan authorized by this section; and
(2) by the district for the retirement, disability, and death compensation fund after the money has been received by the district.
(d) The board may invest the money in:
(1) bonds of the United States, this state, or any political subdivision of this state;
(2) bonds issued by any agency of the United States if the payment of the principal and interest is guaranteed by the United States; and
(3) life insurance policies, endowment or annuity contracts, or interest-bearing certificates of legal reserve life insurance companies authorized to write the contracts in this state.
(e) A sufficient amount of money shall be kept on hand to meet the immediate payment of amounts likely to become due each year out of the fund as determined by the board.
(f) The recipients or beneficiaries of the fund are not eligible for any other pension, retirement fund, or direct aid from this state unless the fund created under this chapter is released to the state as a condition precedent to receiving the other pension or aid or the joining of any other system.
(g) The board may:
(1) include hospitalization and medical benefits to district officers and employees as part of the compensation currently paid to the officers and employees;
(2) adopt a plan or rule in connection with the benefits provided under Subdivision (1); or
(3) amend or change a plan or rule adopted under Subdivision (2) as the board determines.
(h) The board may contract with the state and federal governments as necessary to establish and continue a retirement program for the benefit of the district’s employees.