Fiscal Note
HB0145 - Additional State Retirement Benefit
State Impact:
Enactment of this bill will cause retirement contribution rates to increase 0.15 percentage points for all current employees covered by the contributory and noncontributory retirement plans. This will require an appropriation of approximately $1.2 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 | $614,500 | $614,500 | $0 | $0 | $0 |
| Uniform School Fund | $0 | $56,700 | $56,700 | $0 | $0 | $0 |
| Transportation Fund | $0 | $90,900 | $90,900 | $0 | $0 | $0 |
| Federal Funds | $0 | $239,600 | $239,600 | $0 | $0 | $0 |
| Dedicated Credits | $0 | $127,000 | $127,000 | $0 | $0 | $0 |
| Restricted Funds | $0 | $101,100 | $101,100 | $0 | $0 | $0 |
| Transfers | $0 | $44,300 | $44,300 | $0 | $0 | $0 |
| Total | $0 | $1,274,100 | $1,274,100 | $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. Enactment of this bill will affect local governments, whose retirement rates would increase by 0.06 percentage points funded from local revenues. Local Education Agencies will also be affected whose retirements rates would increase by 0.15 percentage points. Some public sector retirees may receive higher retirement allowances.
| 1/24/2008, 2:59:11 PM, Lead Analyst: Schoenfeld, J.D. | Office of the Legislative Fiscal Analyst |