| |
| |
|
|
A JOINT RESOLUTION
|
|
|
proposing a constitutional amendment authorizing the legislature |
|
|
to provide one-time or ongoing benefit enhancements to eligible |
|
|
annuitants of the Teacher Retirement System of Texas, including a |
|
|
one-time transfer of funds for that purpose. |
|
|
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Article III, Texas Constitution, is amended by |
|
|
adding Section 51-h to read as follows: |
|
|
Sec. 51-h. (a) The legislature by general law may provide |
|
|
for a one-time or ongoing benefit enhancement to eligible |
|
|
annuitants of the Teacher Retirement System of Texas only as |
|
|
authorized by this section. |
|
|
(b) The legislature may enact a general law to provide a |
|
|
one-time or ongoing benefit enhancement as described in Subsection |
|
|
(a) and direct the comptroller of public accounts to transfer funds |
|
|
to the Teacher Retirement System of Texas for the payment of any |
|
|
benefit enhancement only if the retirement system is actuarially |
|
|
sound as defined by general law. |
|
|
(c) The legislature may not provide a one-time or ongoing |
|
|
benefit enhancement to eligible annuitants of the Teacher |
|
|
Retirement of Texas without an accompanying appropriation of funds |
|
|
that is sufficient to fully pay for the benefit enhancement, as |
|
|
determined by the retirement system. |
|
|
SECTION 2. The following temporary provision is added to |
|
|
the Texas Constitution: |
|
|
TEMPORARY PROVISION. (a) This temporary provision applies |
|
|
to the constitutional amendment proposed by the 88th Legislature, |
|
|
Regular Session, 2023, adding Section 51-h to Article III of this |
|
|
constitution. |
|
|
(b) As soon as practicable after the effective date of the |
|
|
amendment adding Section 51-h to Article III of this constitution, |
|
|
the comptroller of public accounts shall transfer from the general |
|
|
revenue fund the amount of $3.45 billion to the Teacher Retirement |
|
|
System of Texas for the two-year period beginning September 1, 2023 |
|
|
for the purpose of providing one-time contributions, legacy |
|
|
payments, and benefit enhancements to the system's annuitants as |
|
|
provided by the enabling legislation enacted in anticipation of the |
|
|
adoption of the proposed constitutional amendment and only if the |
|
|
amortization period of the system's unfunded actuarial liabilities |
|
|
complies with any period prescribed by law, including any enabling |
|
|
legislation. The transfer made under this temporary provision is |
|
|
not an appropriation of state tax revenues for the purposes of |
|
|
Section 22, Article VIII, of this constitution. |
|
|
(c) The funds described in Subsection (b) are deemed |
|
|
available to the system as of September 1, 2023, regardless of the |
|
|
date the comptroller actually transfers the funds to the system. |
|
|
(d) This temporary provision expires January 1, 2025. |
|
|
SECTION 3. This proposed constitutional amendment shall be |
|
|
submitted to the voters at an election to be held November 7, 2023. |
|
|
The ballot shall be printed to permit voting for or against the |
|
|
proposition: "The constitutional amendment authorizing the |
|
|
legislature to provide one-time or ongoing benefit enhancements to |
|
|
eligible annuitants of the Teacher Retirement System of Texas, |
|
|
including a one-time transfer of $3.45 billion to the retirement |
|
|
system for that purpose." |