Sec. 8.10. TERMINATION OR MODIFICATION OF DROP BY FUND. If the board's actuary, not sooner than January 1, 2000, certifies to the board that DROP participation is resulting in a significant actuarial loss to the fund, the board of trustees may:
(1) reduce the interest paid on DROP accounts or take other action that would reduce the future credits to DROP accounts, but only for all DROP accounts that are established after the effective date of the action by the board of trustees; or
(2) terminate the deferred retirement option plan for all members who have not at that time established a DROP account.
Structure Texas Statutes
Article 6243e.1. Firefighters Relief and Retirement Fund in Cities of 450,000 to 500,000
Article 8. Deferred Retirement Option Plan
Section 8.01. Member Remaining in Active Service
Section 8.02. Election to Participate in Drop
Section 8.03. Credits to Member's Drop Account
Section 8.04. Amount of Credits to Member's Drop Account
Section 8.05. Distributions From Member's Drop Account
Section 8.06. Establishment of Drop Account at Retirement
Section 8.07. Payments From Drop Account at Member's Death
Section 8.08. Subsequent Disability of Drop Participant
Section 8.09. Retirement Benefit Payable to Drop Participant