Fiscal Note
SB0039 - Public Safety Retirement Death Benefit Modifications
State Impact:
Enactment of this bill will cause retirement contribution rates to increase for all current employees covered by the public safety retirement plans. This will require an appropriation of approximately $1.1 million distributed to state agencies that employ individuals covered by these plans.
| Funding Source | FY 2007 Approp. | FY 2008 Approp. | FY 2009 Approp. | FY 2007 Revenue | FY 2008 Revenue | FY 2009 Revenue |
| General Fund | $0 | $959,400 | $959,400 | $0 | $0 | $0 |
| General Fund Restricted | $0 | $61,200 | $61,200 | $0 | $0 | $0 |
| Transportation Fund | $0 | $500 | $500 | $0 | $0 | $0 |
| Federal Funds | $0 | $6,500 | $6,500 | $0 | $0 | $0 |
| Dedicated Credits | $0 | $43,300 | $43,300 | $0 | $0 | $0 |
| Total | $0 | $1,070,900 | $1,070,900 | $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 public safety retirement plans would increase between 0.68 and 1.30 percentage points. Such increases total approximately $2 million. The individual impact on local employers and employees will vary based on whether or not employees pay a portion of their pension contributions.
Some spouses of deceased members of the public safety retirement plans will receive a higher allowance if this bill is enacted.
| 1/12/2007, 4:22:49 PM, Lead Analyst: Tennert, J. | Office of the Legislative Fiscal Analyst |