Bill Text: TX SJR55 | 2019-2020 | 86th Legislature | Introduced

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Bill Title: Proposing a constitutional amendment providing for periodic transfers of money from the economic stabilization fund to fully fund the Employees Retirement System of Texas and the Teacher Retirement System of Texas.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2019-03-14 - Referred to Finance [SJR55 Detail]

Download: Texas-2019-SJR55-Introduced.html

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86R10121 KFF-D
By: Perry S.J.R. No. 55

A JOINT RESOLUTION
proposing a constitutional amendment providing for periodic
transfers of money from the economic stabilization fund to fully
fund 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 49-g, Article III, Texas Constitution,
is amended by adding Subsections (p) and (q) to read as follows:
(p) For purposes of this subsection, "state retirement
systems stabilization set-aside" is an amount of money equal to 50
percent of the amount by which the unencumbered balance of the
economic stabilization fund on the first day of a state fiscal
biennium exceeds 7.5 percent of the amount of money estimated to be
available for general purpose spending during that state fiscal
biennium, as identified in the statement prepared by the
comptroller of public accounts in advance of each regular
legislative session as required by Section 49a(a) of this article.
Not later than January 1 of each even-numbered year, the
comptroller shall determine the amount of the state retirement
systems stabilization set-aside for the state fiscal biennium and
transfer an amount equal to the state retirement systems
stabilization set-aside from the economic stabilization fund to the
Teacher Retirement System of Texas and the Employees Retirement
System of Texas established under Section 67(b), Article XVI, of
this constitution. Money transferred to those systems under this
subsection shall be used to reduce or eliminate the unfunded
actuarial liabilities of each system and may be allocated between
the systems in the manner determined by the comptroller. The
comptroller is not required to make a transfer under this
subsection in a state fiscal biennium for which the comptroller
determines that both of the systems are fully funded and may reduce
the amount of a transfer if the comptroller, after consulting with
the boards of trustees of the systems, determines that the full
amount available for transfer exceeds the amount required to fully
fund both systems. A transfer made under this subsection is not an
appropriation of state tax revenues for the purposes of Section 22,
Article VIII, of this constitution, and may not be considered for
purposes of computing the state contribution limits to the systems
prescribed by Section 67(b)(3), Article XVI, of this constitution,
or any other law. A transfer of money under this subsection is
separate from and in addition to the amount required to be
contributed by the state under Section 67(b)(3), Article XVI, of
this constitution, or any other law established under authority of
that article. This subsection and Subsection (q) of this section
expire September 1, 2047.
(q) For purposes of Subsection (p) of this section, the
Teacher Retirement System of Texas or the Employees Retirement
System of Texas, as applicable, is fully funded if, according to the
most recent valuation of the system's assets and liabilities as
required by law, the actuarial value of the system's assets equals
or exceeds the system's actuarial accrued liabilities.
SECTION 2. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 5, 2019.
The ballot shall be printed to permit voting for or against the
proposition: "The constitutional amendment providing for periodic
transfers of money from the economic stabilization fund to fully
fund the Employees Retirement System of Texas and the Teacher
Retirement System of Texas."