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A BILL TO BE ENTITLED
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AN ACT
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relating to required state contributions to the Teacher Retirement |
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System of Texas; making an appropriation. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1575.202(a), Insurance Code, as |
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effective September 1, 2017, is amended to read as follows: |
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(a) Each state fiscal year, the state shall contribute to |
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the fund an amount equal to a percentage [1.25 percent] of the |
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salary of each active employee as follows: |
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(1) for the 2018 and 2019 fiscal years, two percent; |
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(2) for the 2020 and 2021 fiscal years, 2.5 percent; |
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(3) for the 2022 and 2023 fiscal years, three percent; |
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(4) for the 2024 and 2025 fiscal years, 3.5 percent; |
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(5) for the 2026 and 2027 fiscal years, four percent; |
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(6) for the 2028 and 2029 fiscal years, 4.5 percent; |
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(7) for the 2030 and 2031 fiscal years, five percent; |
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(8) for the 2032 and 2033 fiscal years, 5.5 percent; |
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and |
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(9) for the 2034 fiscal year, and each subsequent |
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fiscal year, six percent. |
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SECTION 2. In addition to amounts previously appropriated |
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in S.B. 1, Acts of the 85th Legislature, Regular Session, 2017 (the |
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General Appropriations Act), to the Teacher Retirement System of |
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Texas for the state fiscal biennium ending August 31, 2019, for |
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Strategy A.2.1, Retiree Health - Statutory Funds, the amount of |
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$485.7 million is appropriated from the economic stabilization fund |
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to the Teacher Retirement System of Texas for the state fiscal year |
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ending August 31, 2018, for the purpose of making the state |
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contribution required by Section 1575.202, Insurance Code, as |
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amended by this Act, for that fiscal year. |
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SECTION 3. (a) Subject to Subsection (b) of this section: |
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(1) this Act takes effect immediately if it receives a |
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vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution; and |
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(2) if this Act does not receive the vote necessary for |
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immediate effect, this Act takes effect on the 91st day after the |
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last day of the legislative session. |
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(b) This Act takes effect only if it receives a vote of |
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two-thirds of the members present in each house of the legislature, |
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as provided by Section 49-g(m), Article III, Texas Constitution. |