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A JOINT RESOLUTION
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proposing a constitutional amendment authorizing the legislature |
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to provide cost-of-living adjustments or other benefit |
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enhancements to eligible annuitants of the Teacher Retirement |
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System of Texas and providing a one-time transfer of funds for |
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contributions, actuarially determined payments, and benefit |
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enhancements. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Article XVI, Texas Constitution, is amended by |
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adding Section 67-a to read as follows: |
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Sec. 67-a. (a) Only as authorized by this section, the |
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legislature by general law may provide one or more cost-of-living |
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adjustments or supplemental payments as benefit enhancements to |
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annuitants of the Teacher Retirement System of Texas who are |
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eligible for the enhancements, as determined by that law. |
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(b) The legislature may provide a benefit enhancement as |
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described by this section and direct the comptroller of public |
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accounts to transfer funds to the Teacher Retirement System of |
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Texas for the payment of the benefit enhancement only if: |
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(1) the retirement system is actuarially sound, as |
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determined by general law; and |
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(2) the legislature appropriates money in an amount |
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sufficient to fully pay for the benefit enhancement, as determined |
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by the board of trustees of the retirement system. |
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SECTION 2. The following temporary provision is added to |
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the Texas Constitution: |
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TEMPORARY PROVISION. (a) This temporary provision applies |
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to the constitutional amendment proposed by the 88th Legislature, |
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Regular Session, 2023, authorizing the legislature to provide |
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cost-of-living adjustments or other benefit enhancements to |
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eligible annuitants of the Teacher Retirement System of Texas and |
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providing a one-time transfer of funds for contributions, |
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actuarially determined payments, and benefit enhancements. |
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(b) As soon as practicable after the effective date of the |
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amendment to which this temporary provision applies, the |
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comptroller of public accounts shall transfer $3.45 billion from |
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the general revenue fund to the trust fund of the Teacher Retirement |
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System of Texas. Money transferred to the trust fund under this |
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temporary provision may be spent by the system only for the purposes |
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of providing contributions, actuarially determined payments, and |
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benefit enhancements to the system's annuitants, as provided by |
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general law. The transfer made under this temporary provision is |
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not an appropriation of state tax revenues for the purposes of |
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Section 22, Article VIII, of this constitution. |
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(c) This temporary provision expires January 1, 2056. |
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SECTION 3. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 7, 2023. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment authorizing the |
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legislature to provide cost-of-living adjustments or other benefit |
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enhancements to eligible annuitants of the Teacher Retirement |
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System of Texas and providing a one-time transfer of $3.45 billion |
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to the retirement system for contributions, actuarially determined |
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payments, and benefit enhancements." |