Texas 2017 - 85th Regular

Texas Senate Bill SJR24 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	85R1009 JJT-D
2	2	By: Taylor of Collin S.J.R. No. 24
3	3
4	4
5	5	A JOINT RESOLUTION
6	6	proposing a constitutional amendment providing for certain excess
7	7	revenue to be dedicated toward contributions to state retirement
8	8	systems, the health benefit plan for retired education employees
9	9	and their dependents, the Texas tomorrow fund, the permanent school
10	10	fund, and the permanent university fund.
11	11	BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
12	12	SECTION 1. Section 49-g, Article III, Texas Constitution,
13	13	is amended by adding Subsections (p), (q), (r), and (s) to read as
14	14	follows:
15	15	(p) When the comptroller acts to prevent the amount in the
16	16	economic stabilization fund from exceeding the limit in effect for
17	17	a biennium under Subsection (g) of this section by reducing an
18	18	amount transferred to the fund from general revenue as provided by
19	19	Subsection (b) or (c) of this section or by crediting to general
20	20	revenue interest due to the economic stabilization fund as provided
21	21	by Subsection (i) of this section, the comptroller shall credit to
22	22	an account in the general revenue fund of the state treasury:
23	23	(1) if the comptroller reduces the amount transferred
24	24	under Subsection (b) of this section, an amount of general revenue
25	25	equal to the difference between the amount transferred to the
26	26	economic stabilization fund under Subsection (b) of this section
27	27	and the amount that would have been transferred under that
28	28	subsection but for the limit in effect under Subsection (g) of this
29	29	section;
30	30	(2) if the comptroller reduces the amount transferred
31	31	under Subsection (c) of this section, an amount of general revenue
32	32	equal to the difference between the amount transferred to the
33	33	economic stabilization fund under Subsection (c) of this section
34	34	and the amount that would have been transferred under that
35	35	subsection but for the limit in effect under Subsection (g) of this
36	36	section; and
37	37	(3) if the comptroller reduces the amount credited to
38	38	the economic stabilization fund under Subsection (i) of this
39	39	section, an amount of general revenue equal to the amount credited
40	40	to general revenue under that subsection.
41	41	(q) General revenue credited to the account of the general
42	42	revenue fund in the state treasury as provided by Subsection (p) of
43	43	this section, and the interest or other earnings on the balance of
44	44	that account, may be appropriated only for the following purposes:
45	45	(1) making an additional contribution to the Employees
46	46	Retirement System of Texas created under Section 67(b), Article
47	47	XVI, of this constitution, subject to Subsection (r) of this
48	48	section;
49	49	(2) making an additional contribution to the Teacher
50	50	Retirement System of Texas created under Section 67(b), Article
51	51	XVI, of this constitution, or to the health benefit plan created for
52	52	the retired members of the Teacher Retirement System of Texas and
53	53	their dependents; and
54	54	(3) making an additional contribution to the Texas
55	55	tomorrow fund created under Section 19, Article VII, of this
56	56	constitution.
57	57	(r) The legislature may appropriate general revenue for the
58	58	purpose of a contribution described by Subsection (q)(1) of this
59	59	section only if the legislature first adopts a resolution finding
60	60	that both the Legislative Budget Board, or that board's successor
61	61	in function, and the comptroller have determined that the Employees
62	62	Retirement System of Texas has not been, for at least three of the
63	63	preceding five years, actuarially sound because the system's total
64	64	contribution rate has not been sufficient to cover the system's
65	65	normal cost and administrative expenses and to amortize the
66	66	system's unfunded accrued actuarial liability for a period of 31
67	67	years.
68	68	(s) On the last day of the state fiscal biennium during
69	69	which the money was credited to the account of the general revenue
70	70	fund in the state treasury as provided by Subsection (p) of this
71	71	section, the comptroller shall transfer the remaining
72	72	unappropriated and unobligated balance of that account to the
73	73	credit of the permanent school fund and the permanent university
74	74	fund in equal amounts.
75	75	SECTION 2. This proposed constitutional amendment shall be
76	76	submitted to the voters at an election to be held November 7, 2017.
77	77	The ballot shall be printed to provide for voting for or against the
78	78	proposition: "The constitutional amendment providing for certain
79	79	excess revenue to be dedicated toward contributions to state
80	80	retirement systems, the health benefit plan for retired education
81	81	employees and their dependents, the Texas tomorrow fund, the
82	82	permanent school fund, and the permanent university fund."