Bill Text: TX HJR73 | 2021-2022 | 87th Legislature | Introduced
Bill Title: Proposing a constitutional amendment to increase the minimum amount that the state may contribute to the Employees Retirement System of Texas and the Teacher Retirement System of Texas.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2021-03-11 - Referred to Appropriations [HJR73 Detail]
Download: Texas-2021-HJR73-Introduced.html
87R2751 BDP-D | ||
By: Canales | H.J.R. No. 73 |
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proposing a constitutional amendment to increase the minimum amount | ||
that the state may contribute to the Employees Retirement System of | ||
Texas and the Teacher Retirement System of Texas. | ||
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. 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. The | ||
amount contributed by the state may not be less than seven [ |
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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. | ||
SECTION 2. This proposed constitutional amendment shall be | ||
submitted to the voters at an election to be held November 2, 2021. | ||
The ballot shall be printed to permit voting for or against the | ||
proposition: "The constitutional amendment to improve the | ||
actuarial soundness of the Employees Retirement System of Texas and | ||
the Teacher Retirement System of Texas by authorizing an increase | ||
in the minimum amount of the state's annual contribution to the | ||
Employees Retirement System of Texas and the Teacher Retirement | ||
System of Texas from six to seven percent of the total compensation | ||
paid to individuals participating in the system." |