79S10276 DLF-D

By:  Escobar                                                      H.B. No. 63 


A BILL TO BE ENTITLED
AN ACT
relating to the appropriation for the state contribution for retirement for public education employees for fiscal years 2006 and 2007. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. The purpose of this Act is to maintain the actuarial soundness of the Teacher Retirement System of Texas with a funding period under 30.9 years. SECTION 2. In addition to the estimated amount appropriated for the following purpose by S.B. No. 1, Acts of the 79th Legislature, Regular Session, 2005, an amount is appropriated from the general revenue fund to the Teacher Retirement System of Texas for the state fiscal biennium beginning September 1, 2005, to fund the state's retirement contributions for public education employees during the fiscal biennium at the rate of seven percent of payroll. This section applies notwithstanding any other rate specified in S.B. No. 1, Acts of the 79th Legislature, Regular Session, 2005. SECTION 3. In addition to the estimated amount appropriated for the following purpose by S.B. No. 1, Acts of the 79th Legislature, Regular Session, 2005, an amount is appropriated from the general revenue fund to the Teacher Retirement System of Texas for the state fiscal biennium beginning September 1, 2006, to fund the state's retirement contributions for public education employees during the fiscal biennium at the rate of eight percent of payroll. This section applies notwithstanding any other rate specified in S.B. No. 1, Acts of the 79th Legislature, Regular Session, 2005. SECTION 4. This Act takes effect immediately if it receives a vote of two-thirds of all the members elected to each house, as provided by Section 39, Article III, Texas Constitution. If this Act does not receive the vote necessary for immediate effect, this Act takes effect on the 91st day after the last day of the legislative session.