Article 9, § 2 — Annual tax for state expenses; trust funds for industrial accidents, occupational diseases and public employees’ retirement system; administration of public employees’ retirement system

1. The legislature shall provide by law for an annual tax sufficient to defray the estimated expenses of the state for each fiscal year; and whenever the expenses of any year exceed the income, the legislature shall provide for levying a tax sufficient, with other sources of income, to pay the deficiency, as well as the estimated expenses of such ensuing year or two years. 2. Any money paid for the purpose of providing compensation for industrial accidents and occupational diseases, and for administrative expenses incidental thereto, and for the purpose of funding and administering a public employees’ retirement system, must be segregated in proper accounts in the state treasury, and such money must never be used for any other purposes, and they are hereby declared to be trust funds for the uses and purposes herein specified. 3. Any money paid for the purpose of funding and administering a public employees’ retirement system must not be loaned to the state or invested to purchase any obligations of the state. 4. The public employees’ retirement system must be governed by a public employees’ retirement board. The board shall employ an executive officer who serves at the pleasure of the board. In addition to any other employees authorized by the board, the board shall employ an independent actuary. The board shall adopt actuarial assumptions based upon the recommendations made by the independent actuary it employs.