Bill Text: TX HJR2 | 2023-2024 | 88th Legislature | Comm Sub
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-Comm_Sub.html
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-Comm_Sub.html
By: Bonnen, et al. (Senate Sponsor - Huffman) | H.J.R. No. 2 | |
(In the Senate - Received from the House May 1, 2023; | ||
May 2, 2023, read first time and referred to Committee on Finance; | ||
May 19, 2023, reported adversely, with favorable Committee | ||
Substitute by the following vote: Yeas 17, Nays 0; May 19, 2023, | ||
sent to printer.) | ||
COMMITTEE SUBSTITUTE FOR H.J.R. No. 2 | By: Huffman |
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proposing a constitutional amendment limiting the authority of the | ||
legislature to provide cost-of-living adjustments or other benefit | ||
enhancements to certain annuitants of the Teacher Retirement System | ||
of Texas and providing a one-time transfer of funds to the | ||
retirement system to provide a cost-of-living adjustment. | ||
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Article XVI, Texas Constitution, is amended by | ||
adding Section 67-a to read as follows: | ||
Sec. 67-a. (a) Only as authorized by this section, the | ||
legislature by general law may provide one or more cost-of-living | ||
adjustments or supplemental payments as benefit enhancements to | ||
annuitants of the Teacher Retirement System of Texas who are | ||
eligible for the enhancements, as determined by that law. | ||
(b) The legislature may provide a benefit enhancement as | ||
described by this section and, as necessary, direct the comptroller | ||
of public accounts to transfer funds to the Teacher Retirement | ||
System of Texas for the payment of the benefit enhancement only if: | ||
(1) the retirement system is actuarially sound, as | ||
determined by general law; and | ||
(2) subject to Subsection (c) of this section, the | ||
legislature appropriates money in an amount sufficient to ensure | ||
that providing the benefit enhancement does not increase the | ||
unfunded actuarial liabilities of the retirement system, as | ||
determined by the board of trustees of the retirement system. | ||
(c) In determining the amount that is sufficient to ensure | ||
that providing a benefit enhancement does not increase the unfunded | ||
actuarial liabilities of the Teacher Retirement System of Texas | ||
under Subsection (b)(2) of this section, the board of trustees of | ||
the retirement system shall reduce that amount by the amount by | ||
which the actuarial value of the retirement system's assets exceeds | ||
the actuarial accrued liability of 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, limiting the authority of the legislature to | ||
provide cost-of-living adjustments or other benefit enhancements | ||
to certain annuitants of the Teacher Retirement System of Texas and | ||
providing a one-time transfer of funds to the retirement system to | ||
provide a cost-of-living adjustment. | ||
(b) As soon as practicable after the effective date of the | ||
amendment to which this temporary provision applies, the | ||
comptroller of public accounts shall transfer $3.323 billion from | ||
the general revenue fund to an account in the trust fund of the | ||
Teacher Retirement System of Texas established for that purpose. | ||
Money transferred to an account under this temporary provision may | ||
be spent by the retirement system only for the purpose of providing | ||
a cost-of-living adjustment of not less than two percent and not | ||
more than four percent of each eligible annuitant's annuity, as | ||
provided by general law. The transfer made under this temporary | ||
provision is not: | ||
(1) an appropriation of state tax revenues for the | ||
purposes of Section 22, Article VIII, of this constitution; or | ||
(2) a contribution by the state to the retirement | ||
system under Section 67(b)(3), Article XVI, of this constitution, | ||
or any other law. | ||
(c) This temporary provision expires on the earlier of: | ||
(1) the date all money transferred to an account in the | ||
trust fund of the Teacher Retirement System of Texas under this | ||
temporary provision has been expended; or | ||
(2) the date on which: | ||
(A) no annuitants who are eligible for the | ||
cost-of-living adjustment authorized under this temporary | ||
provision remain; and | ||
(B) any unexpended balance has been transferred | ||
to the general revenue fund under Subsection (d) of this temporary | ||
provision. | ||
(d) If no annuitants who are eligible for the cost-of-living | ||
adjustment authorized under this temporary provision remain, the | ||
board of trustees of the Teacher Retirement System of Texas shall | ||
notify the comptroller and the comptroller shall transfer any | ||
unexpended money to the general revenue fund. | ||
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 limiting the authority | ||
of the legislature to provide cost-of-living adjustments or other | ||
benefit enhancements to certain annuitants of the Teacher | ||
Retirement System of Texas and providing a one-time transfer of | ||
funds to the retirement system to provide a cost-of-living | ||
adjustment." | ||
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