Sec. 5.05. QUALIFIED ACTUARY; ACTUARIAL ASSUMPTIONS. (a) The board of trustees may employ a qualified actuary.
(b) To be a qualified actuary, an actuary must be:
(1) a fellow of the Society of Actuaries; or
(2) a member of the American Academy of Actuaries.
(c) At least 30 days before the date the board of trustees adopts actuarial assumptions to be used by the public retirement system, the board must submit to the governing body a detailed report regarding the proposed actuarial assumptions. The report must include the fiscal impact of the proposed actuarial assumptions on the public retirement system.
Structure Texas Statutes
Article 6243i. Unitary Retirement System for Certain Municipalities
Section 5.01. Composition of Board of Trustees
Section 5.02. Board Powers and Duties
Section 5.05. Qualified Actuary; Actuarial Assumptions
Section 5.06. Rule Amendments Adopted by Board of Trustees
Section 5.07. Amendments Concerning Contributions by Municipality
Section 5.08. Amendments by Governing Body in Event of Fiscal Emergency
Section 5.09. Amendments Increasing Contributions by Members
Section 5.10. Emergency, Routine, or Statutorily Required Amendments by Board
Section 5.11. Semiannual Meeting of Board and Governing Body