By: Bonnen H.J.R. No. 2
A JOINT RESOLUTION
proposing a constitutional amendment authorizing the legislature
to provide one-time or ongoing benefit enhancements to eligible
annuitants of the Teacher Retirement System of Texas, including a
one-time transfer of funds for that purpose.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Article III, Texas Constitution, is amended by
adding Section 51-h to read as follows:
Sec. 51-h. (a) The legislature by general law may provide
for a one-time or ongoing benefit enhancement to eligible
annuitants of the Teacher Retirement System of Texas only as
authorized by this section.
(b) The legislature may enact a general law to provide a
one-time or ongoing benefit enhancement as described in Subsection
(a) and direct the comptroller of public accounts to transfer funds
to the Teacher Retirement System of Texas for the payment of any
benefit enhancement only if the retirement system is actuarially
sound as defined by general law.
(c) The legislature may not provide a one-time or ongoing
benefit enhancement to eligible annuitants of the Teacher
Retirement of Texas without an accompanying appropriation of funds
that is sufficient to fully pay for the benefit enhancement, as
determined by 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, adding Section 51-h to Article III of this
constitution.
(b) As soon as practicable after the effective date of the
amendment adding Section 51-h to Article III of this constitution,
the comptroller of public accounts shall transfer from the general
revenue fund the amount of $3.45 billion to the Teacher Retirement
System of Texas for the two-year period beginning September 1, 2023
for the purpose of providing one-time contributions, legacy
payments, and benefit enhancements to the system's annuitants as
provided by the enabling legislation enacted in anticipation of the
adoption of the proposed constitutional amendment and only if the
amortization period of the system's unfunded actuarial liabilities
complies with any period prescribed by law, including any enabling
legislation. The transfer made under this temporary provision is
not an appropriation of state tax revenues for the purposes of
Section 22, Article VIII, of this constitution.
(c) The funds described in Subsection (b) are deemed
available to the system as of September 1, 2023, regardless of the
date the comptroller actually transfers the funds to the system.
(d) This temporary provision expires January 1, 2025.
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 authorizing the
legislature to provide one-time or ongoing benefit enhancements to
eligible annuitants of the Teacher Retirement System of Texas,
including a one-time transfer of $3.45 billion to the retirement
system for that purpose."