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proposing a constitutional amendment to increase the minimum amount |
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that the state may contribute to the Employees Retirement System of |
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Texas and the Teacher Retirement System of Texas. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 67(b)(3), Article XVI, Texas |
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Constitution, is amended to read as follows: |
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(3) The amount contributed by a person participating |
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in the Employees Retirement System of Texas or the Teacher |
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Retirement System of Texas shall be established by the legislature |
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but may not be less than six percent of current compensation. The |
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amount contributed by the state may not be less than seven [six] |
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percent nor more than 10 percent of the aggregate compensation paid |
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to individuals participating in the system. In an emergency, as |
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determined by the governor, the legislature may appropriate such |
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additional sums as are actuarially determined to be required to |
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fund benefits authorized by law. |
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SECTION 2. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 3, 2015. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment to improve the |
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actuarial soundness of the Employees Retirement System of Texas and |
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the Teacher Retirement System of Texas by authorizing an increase |
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in the minimum amount of the state's annual contribution to the |
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Employees Retirement System of Texas and the Teacher Retirement |
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System of Texas from six to seven percent of the total compensation |
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paid to individuals participating in the system." |