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.