88R19532 JCG-F
 
  By: Bonnen, Capriglione, Burns, et al. H.J.R. No. 2
 
  Substitute the following for H.J.R. No. 2:
 
  By:  Capriglione C.S.H.J.R. No. 2
 
 
 
A JOINT RESOLUTION
  proposing a constitutional amendment authorizing the legislature
  to provide cost-of-living adjustments or other benefit
  enhancements to eligible annuitants of the Teacher Retirement
  System of Texas and providing a one-time transfer of funds for
  contributions, actuarially determined payments, and benefit
  enhancements.
         BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Article XVI, Texas Constitution, is amended by
  adding Section 67-a to read as follows:
         Sec. 67-a.  (a) Only as authorized by this section, the
  legislature by general law may provide one or more cost-of-living
  adjustments or supplemental payments as benefit enhancements to
  annuitants of the Teacher Retirement System of Texas who are
  eligible for the enhancements, as determined by that law.
         (b)  The legislature may provide a benefit enhancement as
  described by this section and direct the comptroller of public
  accounts to transfer funds to the Teacher Retirement System of
  Texas for the payment of the benefit enhancement only if:
               (1)  the retirement system is actuarially sound, as
  determined by general law; and
               (2)  the legislature appropriates money in an amount
  sufficient to fully pay for the benefit enhancement, as determined
  by the board of trustees of the retirement system.
         SECTION 2.  The following temporary provision is added to
  the Texas Constitution:
         TEMPORARY PROVISION. (a) This temporary provision applies
  to the constitutional amendment proposed by the 88th Legislature,
  Regular Session, 2023, authorizing the legislature to provide
  cost-of-living adjustments or other benefit enhancements to
  eligible annuitants of the Teacher Retirement System of Texas and
  providing a one-time transfer of funds for contributions,
  actuarially determined payments, and benefit enhancements.
         (b)  As soon as practicable after the effective date of the
  amendment to which this temporary provision applies, the
  comptroller of public accounts shall transfer $3.45 billion from
  the general revenue fund to the trust fund of the Teacher Retirement
  System of Texas. Money transferred to the trust fund under this
  temporary provision may be spent by the system only for the purposes
  of providing contributions, actuarially determined payments, and
  benefit enhancements to the system's annuitants, as provided by
  general law. The transfer made under this temporary provision is
  not an appropriation of state tax revenues for the purposes of
  Section 22, Article VIII, of this constitution.
         (c)  This temporary provision expires January 1, 2056.
         SECTION 3.  This proposed constitutional amendment shall be
  submitted to the voters at an election to be held November 7, 2023.
  The ballot shall be printed to permit voting for or against the
  proposition: "The constitutional amendment authorizing the
  legislature to provide cost-of-living adjustments or other benefit
  enhancements to eligible annuitants of the Teacher Retirement
  System of Texas and providing a one-time transfer of $3.45 billion
  to the retirement system for contributions, actuarially determined
  payments, and benefit enhancements."