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Rep.Muñoz, Jr., Sergio

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REP. SERGIO MUNOZ, JR. STATEMENT ON SB 500, STATE’S SUPPLEMENTAL BUDGET BILL  print page

by: Rep. Muñoz, Jr., Sergio
05/27/2019

Austin, Texas - SB 500 outlines the supplemental appropriations needed to fund services for the remainder of Fiscal Year 2019. SB 500 spends $1.7 billion of General Revenue (GR), $2 million from the Coastal protection account, $2.1 billion of Federal Funds (FF), and $6.1 billion in Economic Stabilization Fund (ESF) for an All Funds total of $9.9 billion.

Funding highlights in the supplemental include:

• $589 million from the ESF for a one-time additional payment for retired educators, also known as a 13th check (SB 12).
• SB 12 is the first of its kind to move the fund in the right direction in making the fund actuarially sound.
• SB 12 would require TRS active employee members to contribute to TRS the following percentages of annual compensation per year: 7.7 percent for fiscal years 2020 and 2021, 8.0 percent for fiscal years 2022 and 2023, and 8.25 percent per year thereafter.
• The bill would require all public education employers to make an additional contribution to TRS. The districts contribution would be 1.5 percent for fiscal year 2020, 1.6 percent for fiscal year 2021, 1.7 percent for fiscal year 2022, 1.8 percent for fiscal year 2023, 1.9 percent for fiscal year 2024, and 2.0 percent per year thereafter.
• Finally, the bill would require the state to contribute to TRS the following percentages of aggregate annual compensation for all members during each fiscal year: 7 .5 percent for fiscal year 2020, 7 .5 percent for fiscal year 2021, 7.75 percent for fiscal year 2022, 8.0 percent for fiscal year 2023, and 8.25 percent per year thereafter.
• For both active employees and school districts, the conference committee included a section which would reduce the required contribution rates by 0.1 percent for each 0.1 percent the state reduces its contribution rate. This would keep a contribution gap from forming such as it has to many funds where the state slowly stops contributing historic amounts and others are made to pay for the lost amount in state contributions.

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Mission, TX 78572

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