Fiscal Note
HB0096 - Retired Teachers - Return to Work
State Impact:
Enactment of this bill will cause state retirement contribution rates to increase 0.19 percentage points for all current employees covered by the contributory and noncontributory retirement plans. This will require an appropriation of approximately $1.5 million distributed among all state agencies and higher education..
| Funding Source | FY 2008 Approp. | FY 2009 Approp. | FY 2010 Approp. | FY 2008 Revenue | FY 2009 Revenue | FY 2010 Revenue |
| General Fund | $0 | $734,100 | $734,100 | $0 | $0 | $0 |
| Uniform School Fund | $0 | $69,200 | $69,200 | $0 | $0 | $0 |
| Transportation Fund | $0 | $111,100 | $111,100 | $0 | $0 | $0 |
| Federal Funds | $0 | $295,000 | $295,000 | $0 | $0 | $0 |
| Dedicated Credits | $0 | $149,000 | $149,000 | $0 | $0 | $0 |
| Restricted Funds | $0 | $123,000 | $123,000 | $0 | $0 | $0 |
| Transfers | $0 | $54,000 | $54,000 | $0 | $0 | $0 |
| Total | $0 | $1,535,400 | $1,535,400 | $0 | $0 | $0 |
Individual, Business and/or Local Impact:
Enactment of this bill likely will not result in direct, measurable costs and/or benefits for businesses. Additionally, this bill will affect local education agencies whose retirement rates would increase by 0.19 percentage points for employees covered under the Contributory and Noncontributory Retirement Systems.
Some employees covered by the Utah Retirement Systems may be subject to different post-retirement employment restrictions and different contribution rates.
| 2/5/2008, 5:14:54 PM, Lead Analyst: Schoenfeld, J.D. | Office of the Legislative Fiscal Analyst |