Amend CSHJR 2 (house committee printing) as follows:
(1) Add the following appropriately numbered SECTION to the resolution:
SECTION ____. 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 nor for a person participating in the Teacher Retirement System of Texas more than nine percent of current compensation. The amount contributed by the state 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.
(2) On page 1, line 16, between "and" and "direct", insert ", as necessary,".
(3) One page 1, line 21, between "(2)" and "the", insert "except as provided by Subsection (c) of this section and subject to Subsection (d) of this section,".
(4) On page 1, between lines 23 and 24, insert the following:
(c) Subsection (b)(2) of this section does not apply to a continuing cost-of-living adjustment that is:
(1) authorized by general law; and
(2) payable only:
(A) if the return on the investment of the assets of the Teacher Retirement System of Texas meets or exceeds a minimum threshold prescribed by general law; and
(B) out of the return.
(d) In determining the amount that is sufficient to fully pay for the benefit enhancement under Subsection (b)(2) of this section, the board of trustees of the Teacher Retirement System of Texas shall reduce that amount by the amount by which the actuarial value of the system's assets exceeds the actuarial accrued liability of the system.
(5) On page 2, line 11, strike "3.45" and substitute "1.9".
(6) On page 2, line 27, strike "3.45" and substitute "1.9".
(7) On page 3, lines 1 and 2, strike "contributions, actuarially determined payments, and".
(8) On page 3, line 2, between "enhancements" and the period, insert "and for contributions and actuarially determined payments to eliminate the unfunded accrued actuarial liabilities of the retirement system".