86R10121 KFF-D
 
  By: Perry S.J.R. No. 55
 
 
 
A JOINT RESOLUTION
  proposing a constitutional amendment providing for periodic
  transfers of money from the economic stabilization fund to fully
  fund the Employees Retirement System of Texas and the Teacher
  Retirement System of Texas.
         BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 49-g, Article III, Texas Constitution,
  is amended by adding Subsections (p) and (q) to read as follows:
         (p)  For purposes of this subsection, "state retirement
  systems stabilization set-aside" is an amount of money equal to 50
  percent of the amount by which the unencumbered balance of the
  economic stabilization fund on the first day of a state fiscal
  biennium exceeds 7.5 percent of the amount of money estimated to be
  available for general purpose spending during that state fiscal
  biennium, as identified in the statement prepared by the
  comptroller of public accounts in advance of each regular
  legislative session as required by Section 49a(a) of this article.
  Not later than January 1 of each even-numbered year, the
  comptroller shall determine the amount of the state retirement
  systems stabilization set-aside for the state fiscal biennium and
  transfer an amount equal to the state retirement systems
  stabilization set-aside from the economic stabilization fund to the
  Teacher Retirement System of Texas and the Employees Retirement
  System of Texas established under Section 67(b), Article XVI, of
  this constitution. Money transferred to those systems under this
  subsection shall be used to reduce or eliminate the unfunded
  actuarial liabilities of each system and may be allocated between
  the systems in the manner determined by the comptroller. The
  comptroller is not required to make a transfer under this
  subsection in a state fiscal biennium for which the comptroller
  determines that both of the systems are fully funded and may reduce
  the amount of a transfer if the comptroller, after consulting with
  the boards of trustees of the systems, determines that the full
  amount available for transfer exceeds the amount required to fully
  fund both systems. A transfer made under this subsection is not an
  appropriation of state tax revenues for the purposes of Section 22,
  Article VIII, of this constitution, and may not be considered for
  purposes of computing the state contribution limits to the systems
  prescribed by Section 67(b)(3), Article XVI, of this constitution,
  or any other law. A transfer of money under this subsection is
  separate from and in addition to the amount required to be
  contributed by the state under Section 67(b)(3), Article XVI, of
  this constitution, or any other law established under authority of
  that article. This subsection and Subsection (q) of this section
  expire September 1, 2047.
         (q)  For purposes of Subsection (p) of this section, the
  Teacher Retirement System of Texas or the Employees Retirement
  System of Texas, as applicable, is fully funded if, according to the
  most recent valuation of the system's assets and liabilities as
  required by law, the actuarial value of the system's assets equals
  or exceeds the system's actuarial accrued liabilities.
         SECTION 2.  This proposed constitutional amendment shall be
  submitted to the voters at an election to be held November 5, 2019.
  The ballot shall be printed to permit voting for or against the
  proposition: "The constitutional amendment providing for periodic
  transfers of money from the economic stabilization fund to fully
  fund the Employees Retirement System of Texas and the Teacher
  Retirement System of Texas."