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A JOINT RESOLUTION
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proposing a constitutional amendment providing for periodic |
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transfers of money from the economic stabilization fund to fully |
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fund the Employees Retirement System of Texas and the Teacher |
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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 49-g, Article III, Texas Constitution, |
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is amended by adding Subsections (p) and (q) to read as follows: |
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(p) For purposes of this subsection, "state retirement |
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systems stabilization set-aside" is an amount of money equal to 50 |
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percent of the amount by which the unencumbered balance of the |
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economic stabilization fund on the first day of a state fiscal |
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biennium exceeds 7.5 percent of the amount of money estimated to be |
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available for general purpose spending during that state fiscal |
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biennium, as identified in the statement prepared by the |
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comptroller of public accounts in advance of each regular |
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legislative session as required by Section 49a(a) of this article. |
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Not later than January 1 of each even-numbered year, the |
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comptroller shall determine the amount of the state retirement |
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systems stabilization set-aside for the state fiscal biennium and |
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transfer an amount equal to the state retirement systems |
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stabilization set-aside from the economic stabilization fund to the |
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Teacher Retirement System of Texas and the Employees Retirement |
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System of Texas established under Section 67(b), Article XVI, of |
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this constitution. Money transferred to those systems under this |
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subsection shall be used to reduce or eliminate the unfunded |
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actuarial liabilities of each system and may be allocated between |
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the systems in the manner determined by the comptroller. The |
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comptroller is not required to make a transfer under this |
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subsection in a state fiscal biennium for which the comptroller |
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determines that both of the systems are fully funded and may reduce |
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the amount of a transfer if the comptroller, after consulting with |
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the boards of trustees of the systems, determines that the full |
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amount available for transfer exceeds the amount required to fully |
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fund both systems. A transfer made under this subsection is not an |
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appropriation of state tax revenues for the purposes of Section 22, |
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Article VIII, of this constitution, and may not be considered for |
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purposes of computing the state contribution limits to the systems |
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prescribed by Section 67(b)(3), Article XVI, of this constitution, |
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or any other law. A transfer of money under this subsection is |
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separate from and in addition to the amount required to be |
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contributed by the state under Section 67(b)(3), Article XVI, of |
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this constitution, or any other law established under authority of |
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that article. This subsection and Subsection (q) of this section |
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expire September 1, 2047. |
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(q) For purposes of Subsection (p) of this section, the |
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Teacher Retirement System of Texas or the Employees Retirement |
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System of Texas, as applicable, is fully funded if, according to the |
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most recent valuation of the system's assets and liabilities as |
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required by law, the actuarial value of the system's assets equals |
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or exceeds the system's actuarial accrued liabilities. |
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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 5, 2019. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment providing for periodic |
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transfers of money from the economic stabilization fund to fully |
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fund the Employees Retirement System of Texas and the Teacher |
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Retirement System of Texas." |