86R15735 LED-D
By: Menéndez S.J.R. No. 60
A JOINT RESOLUTION
proposing a constitutional amendment to increase the amount that
the state may contribute to the Employees Retirement System of
Texas.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 67(b)(3), Article XVI, Texas
Constitution, is amended to read as follows:
(3) The amount contributed by a person participating
in the Employees Retirement System of Texas or the Teacher
Retirement System of Texas shall be established by the legislature
but may not be less than six percent of current compensation. The
amount contributed by the state to the Employees Retirement System
of Texas may not be less than six percent nor more than 11 percent of
the aggregate compensation paid to individuals participating in the
system. The amount contributed by the state to the Teacher
Retirement System of Texas may not be less than six percent nor more
than 10 percent of the aggregate compensation paid to individuals
participating in the system. In an emergency, as determined by the
governor, the legislature may appropriate such additional sums as
are actuarially determined to be required to fund benefits
authorized by law.
SECTION 2. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 5, 2019.
The ballot shall be printed to permit voting for or against the
proposition: "The constitutional amendment to improve the
actuarial soundness of the Employees Retirement System of Texas by
authorizing an increase in the maximum amount of the state's annual
contribution to the Employees Retirement System of Texas to 11
percent of the total compensation paid to individuals participating
in the system."