| 1 | 1 | | By: Menéndez S.J.R. No. 4 |
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| 2 | 2 | | |
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| 3 | 3 | | |
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| 4 | 4 | | proposing a constitutional amendment to increase the minimum amount |
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| 5 | 5 | | that the state may contribute to the Employees Retirement System of |
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| 6 | 6 | | Texas and the Teacher Retirement System of Texas. |
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| 7 | 7 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 8 | 8 | | SECTION 1. Section 67(b)(3), Article XVI, Texas |
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| 9 | 9 | | Constitution, is amended to read as follows: |
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| 10 | 10 | | (3) The amount contributed by a person participating |
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| 11 | 11 | | in the Employees Retirement System of Texas or the Teacher |
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| 12 | 12 | | Retirement System of Texas shall be established by the legislature |
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| 13 | 13 | | but may not be less than six percent of current compensation. The |
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| 14 | 14 | | amount contributed by the state may not be less than seven [six] |
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| 15 | 15 | | percent nor more than 10 percent of the aggregate compensation paid |
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| 16 | 16 | | to individuals participating in the system. In an emergency, as |
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| 17 | 17 | | determined by the governor, the legislature may appropriate such |
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| 18 | 18 | | additional sums as are actuarially determined to be required to |
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| 19 | 19 | | fund benefits authorized by law. |
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| 20 | 20 | | SECTION 2. This proposed constitutional amendment shall be |
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| 21 | 21 | | submitted to the voters at an election to be held November 3, 2015. |
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| 22 | 22 | | The ballot shall be printed to permit voting for or against the |
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| 23 | 23 | | proposition: "The constitutional amendment to improve the |
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| 24 | 24 | | actuarial soundness of the Employees Retirement System of Texas and |
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| 25 | 25 | | the Teacher Retirement System of Texas by authorizing an increase |
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| 26 | 26 | | in the minimum amount of the state's annual contribution to the |
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| 27 | 27 | | Employees Retirement System of Texas and the Teacher Retirement |
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| 28 | 28 | | System of Texas from six to seven percent of the total compensation |
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| 29 | 29 | | paid to individuals participating in the system." |
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