Floor Packet Page No. 203                                                   



Proposed Text Change

Add Proposal to Increase State Contribution Rate to Teacher Retirement 
System to Article XI

Overview                                                               
	Add a proposal to Article XI that would increase the 
appropriation to Strategy A.1.1, TRS-Public Education Retirement, 
and Strategy A.1.2, TRS-Higher Education Retirement, to reflect an 
increase in the state contribution rate to the Teacher Retirement 
System pension fund from 6 percent of payroll to 7 percent of 
payroll beginning in fiscal year 2007.

Required Action                                                        
	Amend the page XI-16 of the Teacher Retirement System 
Proposals in Article XI as follows:

Teacher Retirement System
F
or the Years Ending                                                          Method of Financing                                                                                                                                                                                                                                        August 31, 2006            August 31, 2007            


General Revenue Fund                                                                                                                                                                                                                                     $21,850,424                $22,752,145                
                                                                                                                                                                                                                                                                                      $254,622,164               


GR-Dedicated-Estimated Other Educational and General Income Account No. 770                                                                                                                                                                              $869,177                   $913,635                   
                                                                                                                                                                                                                                                                                      $11,698,183                


Other Funds                                                                                                                                                                                                                                              $20,894                    $21,939                    
                                                                                                                                                                                                                                                                                      $265,307                   


Total, Method of Financing                                                                                                                                                                                                                               $22,740,495                $23,687,719                
                                                                                                                                                                                                                                                                                                                  $266,585,654               
Proposals:                                                                                                                                                                                                                                                 
   A.1.1.Strategy:TRS-Public Education Retirement.Eliminate the 90-day delay for eligibility for TRS membership, public education retirement.                                                                                                                 $19,080,017                $19,843,218                

   
A.1.2. Strategy:TRS-Higher Education Retirement.Eliminate the 90-day delay for eligibility for TRS membership, higher education retirement.                                                                                                              $3,660,478                 $3,843,501                 

                      
A.1.1.Strategy: TRS-Public Education Retirement.Increase the state contribution rate to 7.00 percent beginning in fiscal year 2007.                                                                                                                      $ -                        $197,492,310               

                       
A.1.2.Strategy: TRS-Higher Education Retirement.Increase the state contribution rate to 7.00 percent beginning in fiscal year 2007.                                                                                                                      $ -                        $45,406,626                


Grand Total, Teacher Retirement System                                                                                                                                                                                                                   $22,740,495                $23,686,719                
                                                                                                                                                                                                                                                                                    $-                         $266,585,655