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A BILL TO BE ENTITLED
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AN ACT
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relating to the amounts to be appropriated for the state |
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contribution to the teacher retirement program for fiscal years |
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2008 and 2009. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. (a) The amount of $1,289,584,990 is appropriated |
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out of the general revenue fund to the Teacher Retirement System of |
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Texas for the fiscal year ending August 31, 2008, for the purpose of |
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making the state contribution to the teacher retirement system |
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pension fund for public education employees and maintaining the |
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actuarial soundness of the system, with a funding period under 30.9 |
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years. The appropriated amount is an estimate. |
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(b) The amount of $1,532,763,875 is appropriated out of the |
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general revenue fund to the Teacher Retirement System of Texas for |
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the fiscal year ending August 31, 2009, for the purpose of making |
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the state contribution to the teacher retirement system pension |
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fund for public education employees and maintaining the actuarial |
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soundness of the system, with a funding period under 30.9 years. |
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The appropriated amount is an estimate. |
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(c) The amount of $370,739,022 is appropriated to the |
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Teacher Retirement System of Texas for the fiscal year ending |
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August 31, 2008, for the purpose of making the state contribution to |
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the teacher retirement system pension fund for higher education |
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employees and maintaining the actuarial soundness of the system, |
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with a funding period under 30.9 years. The appropriated amount is |
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an estimate. Of the total amount appropriated, $285,469,047 is |
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appropriated from the general revenue fund and $85,269,975 is |
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appropriated from general revenue-dedicated (other educational and |
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general income). |
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(d) The amount of $444,886,825 is appropriated to the |
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Teacher Retirement System of Texas for the fiscal year ending |
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August 31, 2009, for the purpose of making the state contribution to |
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the teacher retirement system pension fund for higher education |
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employees and maintaining the actuarial soundness of the system, |
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with a funding period under 30.9 years. The appropriated amount is |
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an estimate. Of the total amount appropriated, $338,113,987 is |
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appropriated from the general revenue fund and $106,772,838 is |
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appropriated from general revenue-dedicated (other educational and |
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general income). |
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SECTION 2. (a) The total amounts appropriated under this |
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Act from the general revenue fund are $1,575,054,037 for the fiscal |
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year ending August 31, 2008, and $1,870,877,862 for the fiscal year |
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ending August 31, 2009. |
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(b) The total amounts appropriated under this Act from |
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general revenue-dedicated (other educational and general income) |
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are $85,269,975 for the fiscal year ending August 31, 2008, and |
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$106,772,838 for the fiscal year ending August 31, 2009. |
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SECTION 3. (a) The amounts specified in Sections 1(a) and |
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(c) of this Act are based on state contributions to the Teacher |
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Retirement System of Texas at a rate of seven percent of payroll for |
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the fiscal year ending August 31, 2008, estimated. |
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(b) The amounts specified in Sections 1(b) and (d) of this |
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Act are based on state contributions to the Teacher Retirement |
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System of Texas at a rate of eight percent of payroll for the fiscal |
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year ending August 31, 2009, estimated. |
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SECTION 4. This Act takes effect September 1, 2007. |