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A JOINT RESOLUTION
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proposing a constitutional amendment authorizing the legislature |
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to make certain appropriations to the Employees Retirement System |
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of Texas and the Teacher 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 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 may not be less than six percent nor |
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more than 10 percent of the aggregate compensation paid to |
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individuals participating in the system. The legislature may |
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appropriate sums in excess of 10 percent of the aggregate |
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compensation paid to individuals participating in the system for |
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the purpose of reducing the unfunded liability of the Employees |
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Retirement System of Texas or the Teacher Retirement System of |
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Texas. In an emergency, as determined by the governor, the |
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legislature may appropriate such additional sums as are actuarially |
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determined to be required to fund benefits 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 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 permitting the |
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legislature to make appropriations to certain state retirement |
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systems to reduce the unfunded liability of the systems." |