Sec. 11.01. MODIFICATION OF BENEFITS, MEMBERSHIP QUALIFICATIONS, ELIGIBILITY REQUIREMENTS, AND CONTRIBUTIONS. (a) Subject to Section 2.10 of this Act and except as otherwise provided by this section, the board, with the approval of at least six board members, may modify:

(1) benefits provided by this Act, including the multiplier by which a pension benefit amount provided under Article 7 of this Act is calculated, except that any increase in benefits is subject to Subsection (b) of this section;

(2) future membership qualifications;

(3) eligibility requirements for pensions or benefits, including the age at which a member is eligible to retire; or

(4) subject to Subsection (b) of this section, the contribution rates provided by Sections 6.01 and 6.03 of this Act.

(b) Notwithstanding any other provision of this Act, the board of trustees may not modify the contribution rates expressly provided by Sections 6.01 and 6.03 of this Act before January 1, 2025. If, on or after January 1, 2025, the fund's most recent actuarial valuation recommends an actuarially determined contribution rate that exceeds the aggregate contribution rates provided by Sections 6.01 and 6.03 of this Act, as modified under this section, if applicable, the board shall:

(1) calculate the difference between the actuarially determined contribution rate and the aggregate contribution rates; and

(2) by rule, increase the contribution rates applicable under Sections 6.01 and 6.03 of this Act by 50 percent of the difference calculated under Subdivision (1) of this subsection.

(b-1) An increase in contribution rates under Subsection (b) of this section may not take effect before:

(1) the January 1 following the date on which the board of trustees approved the applicable actuarial valuation, if the approval occurred at least three months before the first day of the municipality's fiscal year; or

(2) the first day of the municipality's fiscal year that begins more than three months after the date the board approved the applicable actuarial valuation, if the approval occurred less than three months before the first day of the municipality's next fiscal year.

(c) Notwithstanding any other provision of this Act, the board, with the approval of at least five board members, may provide for refunds, in whole or in part, with or without interest, of accumulated contributions made to the fund by members who leave the municipality's service before qualifying for a pension.

(d) Actions authorized under this section may not be made unless first reviewed by a qualified actuary selected by the board. To qualify, an actuary who is an individual must be a Fellow of the Society of Actuaries or a member of the American Academy of Actuaries. The basis for the actuary's approval or disapproval of a board action is not subject to judicial review.

Acts 1997, 75th Leg., ch. 325, eff. May 26, 1997.

Amended by:

Acts 2019, 86th Leg., R.S., Ch. 1138 (H.B. 2763), Sec. 1, eff. June 14, 2019.

Acts 2019, 86th Leg., R.S., Ch. 1138 (H.B. 2763), Sec. 2, eff. June 14, 2019.

Acts 2019, 86th Leg., R.S., Ch. 1138 (H.B. 2763), Sec. 3, eff. June 14, 2019.

Acts 2019, 86th Leg., R.S., Ch. 1138 (H.B. 2763), Sec. 4, eff. June 14, 2019.

Acts 2019, 86th Leg., R.S., Ch. 1138 (H.B. 2763), Sec. 5, eff. June 14, 2019.

Acts 2019, 86th Leg., R.S., Ch. 1138 (H.B. 2763), Sec. 6, eff. June 14, 2019.

Acts 2019, 86th Leg., R.S., Ch. 1138 (H.B. 2763), Sec. 7, eff. June 14, 2019.

Acts 2019, 86th Leg., R.S., Ch. 1138 (H.B. 2763), Sec. 8, eff. June 14, 2019.

Acts 2019, 86th Leg., R.S., Ch. 1138 (H.B. 2763), Sec. 9, eff. June 14, 2019.