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HOUSE JOINT RESOLUTION
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proposing a constitutional amendment limiting the authority of the |
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legislature to provide cost-of-living adjustments or other benefit |
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enhancements to certain annuitants of the Teacher Retirement System |
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of Texas and providing a one-time transfer of funds to the |
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retirement system to provide a cost-of-living adjustment. |
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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, as necessary, direct the comptroller |
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of public accounts to transfer funds to the Teacher Retirement |
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System of 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) subject to Subsection (c) of this section, the |
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legislature appropriates money in an amount sufficient to ensure |
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that providing the benefit enhancement does not increase the |
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unfunded actuarial liabilities of the retirement system, as |
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determined by the board of trustees of the retirement system. |
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(c) In determining the amount that is sufficient to ensure |
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that providing a benefit enhancement does not increase the unfunded |
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actuarial liabilities of the Teacher Retirement System of Texas |
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under Subsection (b)(2) of this section, the board of trustees of |
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the retirement system shall reduce that amount by the amount by |
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which the actuarial value of the retirement system's assets exceeds |
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the actuarial accrued liability 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, limiting the authority of the legislature to |
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provide cost-of-living adjustments or other benefit enhancements |
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to certain annuitants of the Teacher Retirement System of Texas and |
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providing a one-time transfer of funds to the retirement system to |
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provide a cost-of-living adjustment. |
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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 $3.323 billion from |
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the general revenue fund to an account in the trust fund of the |
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Teacher Retirement System of Texas established for that purpose. |
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Money transferred to an account under this temporary provision may |
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be spent by the retirement system only for the purpose of providing |
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a cost-of-living adjustment of not less than two percent and not |
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more than four percent of each eligible annuitant's annuity, as |
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provided by general law. The transfer made under this temporary |
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provision is not: |
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(1) an appropriation of state tax revenues for the |
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purposes of Section 22, Article VIII, of this constitution; or |
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(2) a contribution by the state to the retirement |
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system under Section 67(b)(3), Article XVI, of this constitution, |
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or any other law. |
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(c) This temporary provision expires on the earlier of: |
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(1) the date all money transferred to an account in the |
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trust fund of the Teacher Retirement System of Texas under this |
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temporary provision has been expended; or |
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(2) the date on which: |
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(A) no annuitants who are eligible for the |
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cost-of-living adjustment authorized under this temporary |
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provision remain; and |
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(B) any unexpended balance has been transferred |
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to the general revenue fund under Subsection (d) of this temporary |
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provision. |
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(d) If no annuitants who are eligible for the cost-of-living |
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adjustment authorized under this temporary provision remain, the |
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board of trustees of the Teacher Retirement System of Texas shall |
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notify the comptroller and the comptroller shall transfer any |
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unexpended money to the general revenue fund. |
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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 limiting the authority |
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of the legislature to provide cost-of-living adjustments or other |
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benefit enhancements to certain annuitants of the Teacher |
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Retirement System of Texas and providing a one-time transfer of |
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funds to the retirement system to provide a cost-of-living |
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adjustment." |
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