Chapter 424B — Application of Chapter 424a

424B.001 Application of Chapter 424a This section says that Chapter 424B must be read together with Chapter 424A. The definitions and rules from Chapter 424A … 424B.01 Definitions This section defines key terms used throughout Chapter 424B, which covers the consolidation of volunteer firefighter … 424B.02 Consolidation Authorized This section allows two or more firefighter relief associations serving neighboring fire districts to merge into one. … 424B.03 Subsequent Relief Association When firefighter relief associations merge, the combined group can either be a brand-new organization or one of the … 424B.04 Governance of Consolidated Firefighters Relief Association This section sets the rules for how a merged firefighter relief association is governed. The board of trustees must have … 424B.05 Special and General Funds A merged firefighter relief association must have two separate funds: a special fund for pension benefits and a general … 424B.06 Transfers On the date the merger takes effect, all records, money, investments, and debts of the old relief associations transfer … 424B.07 Dissolution of Prior General Fund Balances Before the merger date, each old relief association must pay off its bills from its general fund and liquidate any … 424B.08 Termination of Prior Relief Associations After all records, money, and debts have been transferred to the new combined association, the old relief associations … 424B.09 Administrative Expenses The merged firefighter relief association pays its authorized administrative costs from the special fund, following … 424B.10 Consolidation; Benefits; Funding When all merging relief associations are defined benefit plans, the combined association must also be a defined benefit … 424B.11 Consolidating Defined Contribution Relief Associations; Individual Accounts; Funding When all merging relief associations are defined contribution plans, the combined association must also be a defined … 424B.12 Mixed Consolidating Relief Associations; Benefit Plan; Funding This section applies when some merging relief associations have defined benefit plans and others have defined … 424B.13 Conversion of Relief Association Defined Benefit Plan to Defined Contribution Plan This section allows a firefighter relief association to convert its defined benefit plan to a defined contribution plan. … 424B.20 This section number was created by the 2020 legislature but does not contain substantive statutory text. It serves as a … 424B.21 This section number was created by the 2020 legislature but does not contain substantive statutory text. It serves as a … 424B.22 Relief Association Dissolution and Retirement Plan Termination This section covers how a firefighter relief association can dissolve and how its retirement plan is terminated. …