86R15735 LED-D

By: Menéndez S.J.R. No. 60

A JOINT RESOLUTION

proposing a constitutional amendment to increase the amount that the state may contribute to the Employees Retirement System of Texas.

BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:

SECTION 1. Section 67(b)(3), Article XVI, Texas Constitution, is amended to read as follows:

(3) The amount contributed by a person participating in the Employees Retirement System of Texas or the Teacher Retirement System of Texas shall be established by the legislature but may not be less than six percent of current compensation. The amount contributed by the state to the Employees Retirement System of Texas may not be less than six percent nor more than 11 percent of the aggregate compensation paid to individuals participating in the system. The amount contributed by the state to the Teacher Retirement System of Texas may not be less than six percent nor more than 10 percent of the aggregate compensation paid to individuals participating in the system. In an emergency, as determined by the governor, the legislature may appropriate such additional sums as are actuarially determined to be required to fund benefits authorized by law.

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 to improve the actuarial soundness of the Employees Retirement System of Texas by authorizing an increase in the maximum amount of the state's annual contribution to the Employees Retirement System of Texas to 11 percent of the total compensation paid to individuals participating in the system."