Bill Text: TX HB2505 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Relating to an appropriation of money from the economic stabilization fund to the Teacher Retirement System of Texas.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2019-03-11 - Referred to Appropriations [HB2505 Detail]
Download: Texas-2019-HB2505-Introduced.html
By: Allison | H.B. No. 2505 |
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relating to an appropriation of money from the economic | ||
stabilization fund to the Teacher Retirement System of Texas. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. In addition to other amounts appropriated to the | ||
Teacher Retirement System of Texas for the state fiscal biennium | ||
beginning September 1, 2019, the amount of: | ||
(1) $660 million is appropriated from the economic | ||
stabilization fund to the Teacher Retirement System of Texas for | ||
the state fiscal year ending August 31, 2020, for the purpose of | ||
making an additional state contribution to the retirement system; | ||
and | ||
(2) $440 million is appropriated from the economic | ||
stabilization fund to the retired school employees group insurance | ||
fund established under Section 1575.301, Insurance Code, for the | ||
state fiscal year ending August 31, 2020, for the purpose of | ||
maintaining the solvency of the fund. | ||
SECTION 2. (a) Subject to Subsection (b) of this section: | ||
(1) this Act takes effect immediately if it receives a | ||
vote of two-thirds of all the members elected to each house, as | ||
provided by Section 39, Article III, Texas Constitution; and | ||
(2) if this Act does not receive the vote necessary for | ||
immediate effect, this Act takes effect on the 91st day after the | ||
last day of the legislative session. | ||
(b) This Act takes effect only if it receives a vote of | ||
two-thirds of the members present in each house of the legislature, | ||
as provided by Section 49-g(m), Article III, Texas Constitution. |