Bill Text: TX SJR12 | 2017 | 85th Legislature 1st Special Session | Introduced
Bill Title: Proposing a constitutional amendment providing for certain excess revenue to be dedicated toward contributions to state retirement systems, the health benefit plan for retired education employees and their dependents, the Texas tomorrow fund, the permanent school fund, and the permanent university fund.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-07-26 - Filed [SJR12 Detail]
Download: Texas-2017-SJR12-Introduced.html
| 85S11710 MK-D | ||
| By: Taylor of Collin | S.J.R. No. 12 | |
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| proposing a constitutional amendment providing for certain excess | ||
| revenue to be dedicated toward contributions to state retirement | ||
| systems, the health benefit plan for retired education employees | ||
| and their dependents, the Texas tomorrow fund, the permanent school | ||
| fund, and the permanent university fund. | ||
| 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), (q), (r), and (s) to read as | ||
| follows: | ||
| (p) When the comptroller acts to prevent the amount in the | ||
| economic stabilization fund from exceeding the limit in effect for | ||
| a biennium under Subsection (g) of this section by reducing an | ||
| amount transferred to the fund from general revenue as provided by | ||
| Subsection (b) or (c) of this section or by crediting to general | ||
| revenue interest due to the economic stabilization fund as provided | ||
| by Subsection (i) of this section, the comptroller shall credit to | ||
| an account in the general revenue fund of the state treasury: | ||
| (1) if the comptroller reduces the amount transferred | ||
| under Subsection (b) of this section, an amount of general revenue | ||
| equal to the difference between the amount transferred to the | ||
| economic stabilization fund under Subsection (b) of this section | ||
| and the amount that would have been transferred under that | ||
| subsection but for the limit in effect under Subsection (g) of this | ||
| section; | ||
| (2) if the comptroller reduces the amount transferred | ||
| under Subsection (c) of this section, an amount of general revenue | ||
| equal to the difference between the amount transferred to the | ||
| economic stabilization fund under Subsection (c) of this section | ||
| and the amount that would have been transferred under that | ||
| subsection but for the limit in effect under Subsection (g) of this | ||
| section; and | ||
| (3) if the comptroller reduces the amount credited to | ||
| the economic stabilization fund under Subsection (i) of this | ||
| section, an amount of general revenue equal to the amount credited | ||
| to general revenue under that subsection. | ||
| (q) General revenue credited to the account of the general | ||
| revenue fund in the state treasury as provided by Subsection (p) of | ||
| this section, and the interest or other earnings on the balance of | ||
| that account, may be appropriated only for the following purposes: | ||
| (1) making an additional contribution to the Employees | ||
| Retirement System of Texas created under Section 67(b), Article | ||
| XVI, of this constitution, subject to Subsection (r) of this | ||
| section; | ||
| (2) making an additional contribution to the Teacher | ||
| Retirement System of Texas created under Section 67(b), Article | ||
| XVI, of this constitution, or to the health benefit plan created for | ||
| the retired members of the Teacher Retirement System of Texas and | ||
| their dependents; and | ||
| (3) making an additional contribution to the Texas | ||
| tomorrow fund created under Section 19, Article VII, of this | ||
| constitution. | ||
| (r) The legislature may appropriate general revenue for the | ||
| purpose of a contribution described by Subsection (q)(1) of this | ||
| section only if the legislature first adopts a resolution finding | ||
| that both the Legislative Budget Board, or that board's successor | ||
| in function, and the comptroller have determined that the Employees | ||
| Retirement System of Texas has not been, for at least three of the | ||
| preceding five years, actuarially sound because the system's total | ||
| contribution rate has not been sufficient to cover the system's | ||
| normal cost and administrative expenses and to amortize the | ||
| system's unfunded accrued actuarial liability for a period of 31 | ||
| years. | ||
| (s) On the last day of the state fiscal biennium during | ||
| which the money was credited to the account of the general revenue | ||
| fund in the state treasury as provided by Subsection (p) of this | ||
| section, the comptroller shall transfer the remaining | ||
| unappropriated and unobligated balance of that account to the | ||
| credit of the permanent school fund and the permanent university | ||
| fund in equal amounts. | ||
| SECTION 2. This proposed constitutional amendment shall be | ||
| submitted to the voters at an election to be held November 7, 2017. | ||
| The ballot shall be printed to provide for voting for or against the | ||
| proposition: "The constitutional amendment providing for certain | ||
| excess revenue to be dedicated toward contributions to state | ||
| retirement systems, the health benefit plan for retired education | ||
| employees and their dependents, the Texas tomorrow fund, the | ||
| permanent school fund, and the permanent university fund." | ||
