Fiscal Note
HB0325 - Public Employees 25 Year Retirement
State Impact:
Enactment of this bill will cause retirement contribution rates to increase for all state and school employees covered by the noncontributory retirement plan. This will require an appropriation of approximately $43.6 million distributed among all state agencies, public education, and higher education.
| Funding Source | FY 2007 Approp. | FY 2008 Approp. | FY 2009 Approp. | FY 2007 Revenue | FY 2008 Revenue | FY 2009 Revenue |
| General Fund | $0 | $6,818,000 | $6,818,000 | $0 | $0 | $0 |
| Uniform School Fund | $0 | $29,593,400 | $29,593,400 | $0 | $0 | $0 |
| Transportation Fund | $0 | $962,300 | $962,300 | $0 | $0 | $0 |
| Federal Funds | $0 | $2,853,400 | $2,853,400 | $0 | $0 | $0 |
| Dedicated Credits | $0 | $1,626,600 | $1,626,600 | $0 | $0 | $0 |
| Restricted Funds | $0 | $772,900 | $772,900 | $0 | $0 | $0 |
| Other | $0 | $939,600 | $939,600 | $0 | $0 | $0 |
| Total | $0 | $43,566,200 | $43,566,200 | $0 | $0 | $0 |
Individual, Business and/or Local Impact:
Enactment of this bill will affect local governments, whose retirement rates for employees covered by the noncontributory retirement plan would increase. Such increases total approximately $14.4 million.
Employees covered by the Public Employee's Noncontributory Retirement System who retire after 25 years of service may receive a higher retirement allowance if this bill is enacted.
| 1/25/2007, 8:00:26 AM, Lead Analyst: Tennert, J. | Office of the Legislative Fiscal Analyst |