TITLE: Relating to an appropriation of money from the economic stabilization fund to the Teacher Retirement System of Texas.

SUMMARY: Relating to an appropriation of money from the economic stabilization fund to the Teacher Retirement System of Texas.

FULL TEXT:
AN ACT relating to an appropriation of money from the economic stabilization fund to the Teacher Retirement System of Texas. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. In addition to other amounts appropriated to the Teacher Retirement System of Texas for the state fiscal biennium beginning September 1, 2019, the amount of: (1) $660 million is appropriated from the economic stabilization fund to the Teacher Retirement System of Texas for the state fiscal year ending August 31, 2020, for the purpose of making an additional state contribution to the retirement system; and (2) $440 million is appropriated from the economic stabilization fund to the retired school employees group insurance fund established under Section 1575.301, Insurance Code, for the state fiscal year ending August 31, 2020, for the purpose of maintaining the solvency of the fund. SECTION 2. (a) Subject to Subsection (b) of this section: (1) this Act takes effect immediately if it receives a vote of two-thirds of all the members elected to each house, as provided by Section 39, Article III, Texas Constitution; and (2) if this Act does not receive the vote necessary for immediate effect, this Act takes effect on the 91st day after the last day of the legislative session.