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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. |
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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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system 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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system stabilization set-aside for the state fiscal biennium and |
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transfer an amount equal to the state retirement system |
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stabilization set-aside from the economic stabilization fund to the |
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Employees Retirement System of Texas established under Section |
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67(b)(2), Article XVI, of this constitution. Money transferred to |
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that system under this subsection shall be used to reduce or |
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eliminate the unfunded actuarial liabilities of the system. 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 the system is fully funded and may reduce the amount |
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of a transfer if the comptroller, after consulting with the board of |
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trustees of the system, determines that the full amount available |
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for transfer exceeds the amount required to fully fund the system. |
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A transfer made under this subsection is not an appropriation of |
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state tax revenues for the purposes of Section 22, Article VIII, of |
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this constitution, and may not be considered for purposes of |
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computing the state contribution limits to the system prescribed by |
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Section 67(b)(3), Article XVI, of this constitution, or any other |
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law. A transfer of money under this subsection is separate from and |
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in addition to the amount required to be contributed by the state |
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under Section 67(b)(3), Article XVI, of this constitution, or any |
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other law established under authority of that article. This |
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subsection and Subsection (q) of this section expire September 1, |
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2051. |
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(q) For purposes of Subsection (p) of this section, the |
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Employees Retirement System of Texas is fully funded if, according |
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to the most recent valuation of the system's assets and liabilities |
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as required by law, the actuarial value of the system's assets |
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equals 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 2, 2021. |
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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." |