General and Special Laws of The State of Texas Passed By The Third Called Session of the Fifty-Seventh Legislature and the Regular Session of the Fifty-Eighth Legislature Page: 26
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58TH LEGISLATURE-REGULAR SESSION
the fund determines that such person is not of sound health. The appli-
cant shall pay the cost of any physical examination required in such in-
stance by the board of trustees.
"(d) Each person who is an active member of a Firemen's Relief and
Retirement Fund previously organized and existing under the laws of
this state at the effective date of this amendment shall continue as a
member of such fund and he shall retain and be allowed credit for all serv-
ice to which he was entitled in the fund of which he was a member imme-
diately prior to the effective date of this amendment.
"(e) In the event a fireman terminates, resigns, or leaves the active
full-time service of the fire department for any reason other than those for
which pension benefits will accrue, and before he receives his twenty (20)
year pension certificate not having completed twenty (20) years of active
full-time service in the city's fire department, he shall receive an amount
equal to the sum total of his monthly payments made while a participat-
ing member in the Firemen's Relief and Retirement Fund.
"(f) However, a fireman who terminates his full-time service from the
fire department having completed twenty (20) years of active full-time
service and having received his twenty (20) year pension certificate shall
make the following election:
"(1) To receive an amount equal to the sum total of his monthly pay-
ments made while a participating member in the Firemen's Relief and Re-
tirement Fund; or
"'(2) To continue to make his monthly payments into the Firemen's
Relief and Retirement Fund until he attains the age of fifty-five (55)
years at which time he shall be entitled to receive and participate in all
pension benefits which would have accrued to him as an active full-time
employee.
"(g) The provisions stated herein shall apply to all active full-time
members of the fire department at the time of the final passage of this Act,
and those persons who shall become members of the fire department at
any time in the future.
"(h) Whenever, in the opinion and judgment of said board of trustees,
there is on hand in the Firemen's Relief and Retirement Fund of any city
under this Act a surplus over and above a reasonable and safe amount to
take care of the current demands upon such fund, such surplus, or so
much of it as in the judgment of said board is deemed safe, may be in-
vested in federal, state, county or municipal bonds, or in shares or share
accounts of savings and loan associations, providing such shares or share
accounts are insured under and by the Federal Savings and Loan Insur-
ance Corporation, or in such securities in which the State Permanent
School Fund of Texas or the Permanent University Fund of The Universi-
ty of Texas may be invested under present laws. The interest and divi-
dends from such investments shall be deposited into said fund and become
a part of it.
"(i) The mayor shall appoint an investment advisory committee con-
sisting of not less than three (3) nor more than five (5) qualified persons
to be selected from the personnel of the banks of the city. Such ap-
pointees shall be experienced in the handling of such securities and in-
vestment matters and shall serve for a two (2) year term. The purpose
of this committee shall be to advise and make recommendations on invest-
ment procedure and policy, and to review the investments made by the
board. From such reviews and observations the committee shall make an
annual report to the Board of Pension Fund Trustees of such city within
ninety (90) days after the end of each calendar year."
Sec. 2. The urgent need for an adequate pension program for fire-
men in such cities creates an emergency and an imperative public neces-
26Ch. 19
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Texas. Legislature. General and Special Laws of The State of Texas Passed By The Third Called Session of the Fifty-Seventh Legislature and the Regular Session of the Fifty-Eighth Legislature, legislative document, 1963; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth221759/m1/362/?q=+date%3A1945-1972: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.