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A BILL TO BE ENTITLED
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AN ACT
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relating to an appropriation of money from the economic |
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stabilization fund to the Teacher Retirement System of Texas. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. In addition to other amounts appropriated to the |
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Teacher Retirement System of Texas for the state fiscal biennium |
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beginning September 1, 2019, the amount of: |
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(1) $660 million is appropriated from the economic |
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stabilization fund to the Teacher Retirement System of Texas for |
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the state fiscal year ending August 31, 2020, for the purpose of |
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making an additional state contribution to the retirement system; |
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and |
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(2) $440 million is appropriated from the economic |
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stabilization fund to the retired school employees group insurance |
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fund established under Section 1575.301, Insurance Code, for the |
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state fiscal year ending August 31, 2020, for the purpose of |
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maintaining the solvency of the fund. |
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SECTION 2. (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. |