If approved by voters on Nov. 7, the proposal would allocate $3.3 billion to the Teacher Retirement System of Texas, increasing pensions between 2% and 6%.

At a senate committee hearing in Marshall, Texas Republican lawmakers accused investment firms of pulling back on fossil fuels, running afoul of a 2021 law that prohibits the state from contracting with or investing in companies that “boycott” oil, natural gas and coal companies.