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

NOTE: There are more recent revisions of this legislation. Read Latest Draft
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-Introduced.html
 
 
  By: Bonnen H.J.R. No. 2
 
 
 
A JOINT RESOLUTION
  proposing a constitutional amendment authorizing the legislature
  to provide one-time or ongoing benefit enhancements to eligible
  annuitants of the Teacher Retirement System of Texas, including a
  one-time transfer of funds for that purpose.
         BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Article III, Texas Constitution, is amended by
  adding Section 51-h to read as follows:
         Sec. 51-h.  (a) The legislature by general law may provide
  for a one-time or ongoing benefit enhancement to eligible
  annuitants of the Teacher Retirement System of Texas only as
  authorized by this section.
         (b)  The legislature may enact a general law to provide a
  one-time or ongoing benefit enhancement as described in Subsection
  (a) and direct the comptroller of public accounts to transfer funds
  to the Teacher Retirement System of Texas for the payment of any
  benefit enhancement only if the retirement system is actuarially
  sound as defined by general law.
         (c)  The legislature may not provide a one-time or ongoing
  benefit enhancement to eligible annuitants of the Teacher
  Retirement of Texas without an accompanying appropriation of funds
  that is sufficient to fully pay for the benefit enhancement, as
  determined by 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, adding Section 51-h to Article III of this
  constitution.
         (b)  As soon as practicable after the effective date of the
  amendment adding Section 51-h to Article III of this constitution,
  the comptroller of public accounts shall transfer from the general
  revenue fund the amount of $3.45 billion to the Teacher Retirement
  System of Texas for the two-year period beginning September 1, 2023
  for the purpose of providing one-time contributions, legacy
  payments, and benefit enhancements to the system's annuitants as
  provided by the enabling legislation enacted in anticipation of the
  adoption of the proposed constitutional amendment and only if the
  amortization period of the system's unfunded actuarial liabilities
  complies with any period prescribed by law, including any enabling
  legislation. 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)  The funds described in Subsection (b) are deemed
  available to the system as of September 1, 2023, regardless of the
  date the comptroller actually transfers the funds to the system.
         (d)  This temporary provision expires January 1, 2025.
         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 one-time or ongoing benefit enhancements to
  eligible annuitants of the Teacher Retirement System of Texas,
  including a one-time transfer of $3.45 billion to the retirement
  system for that purpose."
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