Fiscal Note
HB0012 - Additional State Retirement Benefit
State Impact:
Enactment of this bill will cause retirement contribution rates to increase 0.16 percentage points for all current employees covered by the contributory and noncontributory retirement plans. This will require an appropriation of approximately $3.7 million distributed among all state agencies, higher education, and public education.
| Funding Source | FY 2007 Approp. | FY 2008 Approp. | FY 2009 Approp. | FY 2007 Revenue | FY 2008 Revenue | FY 2009 Revenue |
| General Fund | $0 | $619,000 | $619,000 | $0 | $0 | $0 |
| Uniform School Fund | $0 | $2,455,000 | $2,455,000 | $0 | $0 | $0 |
| Education Fund | $0 | $2,000 | $2,000 | $0 | $0 | $0 |
| Transportation Fund | $0 | $88,000 | $88,000 | $0 | $0 | $0 |
| Federal Funds | $0 | $259,000 | $259,000 | $0 | $0 | $0 |
| Federal Mineral Lease | $0 | $3,000 | $3,000 | $0 | $0 | $0 |
| Dedicated Credits | $0 | $148,000 | $148,000 | $0 | $0 | $0 |
| Trust Funds | $0 | $27,000 | $27,000 | $0 | $0 | $0 |
| Transfers | $0 | $56,000 | $56,000 | $0 | $0 | $0 |
| Total | $0 | $3,657,000 | $3,657,000 | $0 | $0 | $0 |
Individual, Business and/or Local Impact:
Enactment of this bill will affect local governmnets, whose retirement rates would increase by 0.07 percentage points, approximately $564,000, funded from local revenues. Some public sector retirees may receive higher retirement allowances.
| 1/5/2007, 4:47:56 PM, Lead Analyst: Tennert, J. | Office of the Legislative Fiscal Analyst |