Fiscal Note
HB0058 - Additional State Retirement Benefit
State Impact:
This bill increases the service factor for all retirees for all years of service to "at least 2 percent." Such an increase will cause retirement rates (as a percentage of salary) to rise for all current employees covered by the contributory and noncontributory retirement plans. Assuming the 2 percent level, the cost is estimated at $5.6 million, distributed among all state agencies and public education. The bill would also affect local governments, whose retirement rates (as a percentage of salary) would increase by 0.11 percent, funded from local revenues.
| Funding Source | FY 2007 Approp. | FY 2008 Approp. | FY 2007 Revenue | FY 2008 Revenue |
| General Fund | $921,200 | $921,200 | $0 | $0 |
| Uniform School Fund | $3,704,700 | $3,704,700 | $0 | $0 |
| Transportation Fund | $122,600 | $122,600 | $0 | $0 |
| Federal Funds | $383,800 | $383,800 | $0 | $0 |
| Dedicated Credits | $218,500 | $218,500 | $0 | $0 |
| Transfers | $81,400 | $81,400 | $0 | $0 |
| Federal Mineral Lease | $3,700 | $3,700 | $0 | $0 |
| Restricted Funds | $106,300 | $106,300 | $0 | $0 |
| Other | $40,400 | $40,400 | $0 | $0 |
| Total | $5,582,600 | $5,582,600 | $0 | $0 |
Individual and Business Impact:
This bill could increase the retirement benefit for some public sector retirees.
Office of the Legislative Fiscal Analyst
1/18/2006, 8:57:21 AM