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79S30670 DLF-D
By: Eiland H.B. No. 73
A BILL TO BE ENTITLED
AN ACT
relating to public financing of public education employee
retirement; making an appropriation.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 825.404(a), Government Code, is amended
to read as follows:
(a) During each fiscal year, the state shall contribute to
the retirement system an amount sufficient to fund the liability of
the retirement system for service retirement benefits, disability
retirement benefits, and death benefits provided under this
subtitle for members, retirees, and beneficiaries during the fiscal
year in which the contribution is made. The amount must be equal to
at least six [and not more than 10] percent of the aggregate annual
compensation of all members of the retirement system during that
fiscal year, and may not be less than the amount necessary to
satisfy the requirement of this subsection.
SECTION 2. In addition to the estimated amounts
appropriated for the following purpose by S.B. No. 1, Acts of the
79th Legislature, Regular Session, 2005, the additional amount of
$300 million is appropriated out of the general revenue fund to the
Teacher Retirement System of Texas for the fiscal year beginning
September 1, 2006, for the purpose of making retirement
contributions for public education employees.
SECTION 3. Section 825.404(a), as amended by this Act,
applies beginning with the 2007–2008 fiscal year.
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.