Sec. 861.005. NO DIVERSION OF ASSETS. The fund must be maintained for the exclusive benefit of members, retirees, and their beneficiaries. At no time before the termination of the fund and the satisfaction of all liabilities with respect to members, retirees, and their beneficiaries may any part of the principal of or interest from fund assets be used for or diverted to a purpose other than the exclusive benefit of the members, retirees, and their beneficiaries.
Added by Acts 2005, 79th Leg., Ch. 803 (S.B. 522), Sec. 1, eff. September 1, 2005.
Structure Texas Statutes
Title 8 - Public Retirement Systems
Subtitle H - Texas Emergency Services Retirement System
Chapter 861 - General Provisions
Section 861.002. Pension System
Section 861.003. Powers and Privileges
Section 861.004. Exemption From Execution
Section 861.005. No Diversion of Assets
Section 861.006. Plan Qualification and Distributions
Section 861.007. Forfeiture Not to Increase Benefits