This bill requires State agencies to fund the purchase of retirement service credit up to $5,000 per year, up to a maximum of $25,000 from existing budgets. There are 658 individuals at the present time with 25 to 30 years of service. The cost if this entire group chose to purchase the maximum credit would be $10,255,000 spread throughout most State agencies. If 20 percent of the eligible individuals chose this option, the cost of the first year is estimated at $2,051,000 and would be redirected from other programs to fund the provisions of this bill.

Office of the Legislative Fiscal Analyst

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