Bill Text: TX HJR56 | 2021-2022 | 87th 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.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2021-03-11 - Referred to Appropriations [HJR56 Detail]

Download: Texas-2021-HJR56-Introduced.html

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87R2587 KFF-F
By: Gates H.J.R. No. 56

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.
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
system 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
system stabilization set-aside for the state fiscal biennium and
transfer an amount equal to the state retirement system
stabilization set-aside from the economic stabilization fund to the
Employees Retirement System of Texas established under Section
67(b)(2), Article XVI, of this constitution. Money transferred to
that system under this subsection shall be used to reduce or
eliminate the unfunded actuarial liabilities of the system. The
comptroller is not required to make a transfer under this
subsection in a state fiscal biennium for which the comptroller
determines that the system is fully funded and may reduce the amount
of a transfer if the comptroller, after consulting with the board of
trustees of the system, determines that the full amount available
for transfer exceeds the amount required to fully fund the system.
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 system 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,
2051.
(q) For purposes of Subsection (p) of this section, the
Employees Retirement System of Texas 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 2, 2021.
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."