Sec. 2C. QUALIFICATIONS OF CITY ACTUARY. (a) An actuary hired by the city for purposes of this Act must be an actuary from a professional service firm who:
(1) is not already engaged by the pension system or any other pension system or fund authorized under Article 6243e.2(1) or 6243g-4, Revised Statutes, to provide actuarial services to the pension system or fund, 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 city, has met the applicable requirements to issue statements of actuarial opinion.
(b) Notwithstanding Subsection (a) of this section, the city actuary must at least meet the qualifications required by the board for the pension system actuary. The city actuary is not required to have greater qualifications than those of the pension system actuary.
Structure Texas Statutes
Article 6243h. Municipal Pension System in Cities of 1,500,000 or More
Section 1A. Interpretation of Act
Section 1C. Alternative Retirement Plans
Section 1D. Requirements for Certain Cash Balance Retirement Plans
Section 2A. Conflicts of Interest
Section 2B. Pension System Actuary; Actuarial Valuations
Section 2C. Qualifications of City Actuary
Section 2D. Report on Investments by Independent Investment Consultant
Section 3. Additional Powers of Pension Board
Section 4. Ineligible Individuals
Section 5. Individuals Eligible for Membership
Section 6. Group C Membership, Service Requirements, and Benefits
Section 7. Service; Credited Service
Section 8. Member Contributions
Section 8A. City Contributions
Section 8B. Risk Sharing Valuation Studies
Section 8C. Initial Risk Sharing Valuation Studies; Corridor Midpoint and City Contribution Amounts
Section 8D. Actuarial Experience Studies
Section 8H. Unilateral Decisions and Actions Prohibited
Section 8I. State Pension Review Board; Report
Section 9. Contribution Refunds
Section 10. Normal Retirement Pension
Section 10A. Group D Member Hybrid Component
Section 11. Option-Eligible Participants
Section 12. Deferred Retirement Option Plan
Section 13. Disability Pensions
Section 14. Surviving Spouse and Dependent Child Monthly Allowance
Section 15. Increase in Benefits
Section 16. Lump-Sum Benefit Payment
Section 17. Termination of Employment; Death; Reemployment
Section 20. Service for Formerly Ineligible Employees
Section 21. Reduction of Benefits; Dissolution of System
Section 22. Exemption From Execution, Attachment, or Other Writ
Section 24. Excess Benefit Plan
Section 25. Employees on Retirement When Act Takes Effect
Section 26. Confidential Information
Section 28. Proportionate Retirement Program With Participating Retirement Systems