Bill Text: TX HJR2 | 2023-2024 | 88th Legislature | Comm Sub

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Proposing a constitutional amendment authorizing the 88th Legislature to provide a cost-of-living adjustment to certain annuitants of the Teacher Retirement System of Texas.

Spectrum: Slight Partisan Bill (Republican 16-6)

Status: (Passed) 2023-05-30 - Filed with the Secretary of State [HJR2 Detail]

Download: Texas-2023-HJR2-Comm_Sub.html

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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."