| 1 | 1 | | 87R9095 JCG-F |
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| 2 | 2 | | By: Bonnen H.J.R. No. 148 |
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| 4 | 4 | | |
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| 5 | 5 | | A JOINT RESOLUTION |
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| 6 | 6 | | proposing a constitutional amendment authorizing the legislature |
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| 7 | 7 | | to make certain appropriations to the Employees Retirement System |
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| 8 | 8 | | of Texas and the Teacher Retirement System of Texas. |
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| 9 | 9 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Section 67(b)(3), Article XVI, Texas |
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| 11 | 11 | | Constitution, is amended to read as follows: |
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| 12 | 12 | | (3) The amount contributed by a person participating |
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| 13 | 13 | | in the Employees Retirement System of Texas or the Teacher |
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| 14 | 14 | | Retirement System of Texas shall be established by the legislature |
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| 15 | 15 | | but may not be less than six percent of current compensation. The |
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| 16 | 16 | | amount contributed by the state may not be less than six percent nor |
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| 17 | 17 | | more than 10 percent of the aggregate compensation paid to |
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| 18 | 18 | | individuals participating in the system. The legislature may |
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| 19 | 19 | | appropriate sums in excess of 10 percent of the aggregate |
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| 20 | 20 | | compensation paid to individuals participating in the system for |
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| 21 | 21 | | the purpose of reducing the unfunded liability of the Employees |
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| 22 | 22 | | Retirement System of Texas or the Teacher Retirement System of |
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| 23 | 23 | | Texas. In an emergency, as determined by the governor, the |
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| 24 | 24 | | legislature may appropriate such additional sums as are actuarially |
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| 25 | 25 | | determined to be required to fund benefits authorized by law. |
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| 26 | 26 | | SECTION 2. This proposed constitutional amendment shall be |
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| 27 | 27 | | submitted to the voters at an election to be held November 2, 2021. |
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| 28 | 28 | | The ballot shall be printed to permit voting for or against the |
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| 29 | 29 | | proposition: "The constitutional amendment permitting the |
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| 30 | 30 | | legislature to make appropriations to certain state retirement |
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| 31 | 31 | | systems to reduce the unfunded liability of the systems." |
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