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A JOINT RESOLUTION
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proposing a constitutional amendment to increase the amount that |
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the state may contribute to the Employees Retirement System of |
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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 to the Employees Retirement System |
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of Texas may not be less than six percent nor more than 11 percent of |
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the aggregate compensation paid to individuals participating in the |
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system. The amount contributed by the state to the Teacher |
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Retirement System of Texas may not be less than six percent nor more |
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than 10 percent of the aggregate compensation paid to individuals |
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participating in the system. In an emergency, as determined by the |
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governor, the legislature may appropriate such additional sums as |
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are actuarially determined to be required to fund benefits |
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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 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 to improve the |
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actuarial soundness of the Employees Retirement System of Texas by |
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authorizing an increase in the maximum amount of the state's annual |
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contribution to the Employees Retirement System of Texas to 11 |
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percent of the total compensation paid to individuals participating |
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in the system." |