|
State Impact:
This bill changes the multiplier from 1.1 perecnt to 1.25 percent for years of service prior to 1 July 1967. This will result in increased retirement rates for all
current employees covered by the contributory and noncontributory plans. The cost is estiamted at $752,000, distributed among all state agencies and public eduction.
The bill also affects local governments whose retirement rates will increase 0.02 percent, at a cost of approximately $250,000, to be paid from local revenues.
Passage of this bill will result in increased expenditures at the Utah Retirement Systems offices. In FY 2002, costs are expected at $185,000. In FY 2003, if a
contribution decrease was certified by the Board, costs for the Retirement Office would increase to $460,000. In subsequent years, the cost would be approximately
$250,000. Increased costs at the Retirement Office reduce the asset base of the Utah Retirement Systems.
| Funding Source |
FY 02
Approp. |
FY 03
Approp. |
FY 02
Revenue |
FY 03
Revenue |
|
General Fund
|
$135,300
|
$135,300
|
$0
|
$0
|
|
Uniform School Fund
|
$506,800
|
$506,800
|
$0
|
$0
|
|
Transportation Fund
|
$20,700
|
$20,700
|
$0
|
$0
|
|
Federal Funds
|
$47,500
|
$47,500
|
$0
|
$0
|
|
Dedicated Credits Revenue
|
$10,100
|
$10,100
|
$0
|
$0
|
|
Transfers
|
$12,100
|
$12,100
|
$0
|
$0
|
|
Restricted Funds
|
$19,500
|
$19,500
|
$0
|
$0
|
| TOTAL |
$752,000
|
$752,000
|
$0
|
$0
|
Individual and Business Impact:
This bill could result in the increase in some retirees' benefits.
Office of the Legislative Fiscal Analyst
2/20/2001 10:54:56 AM
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