Fiscal Note

SB0018 - 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 require an appropriation of approximately $1.3 million distributed to state agencies that employ individuals covered by these plans.

Funding SourceFY 2008
Approp.
FY 2009
Approp.
FY 2010
Approp.
FY 2008
Revenue
FY 2009
Revenue
FY 2010
Revenue
General Fund$0$1,215,500$1,215,500$0$0$0
Transportation Fund$0$500$500$0$0$0
Federal Funds$0$7,500$7,500$0$0$0
Dedicated Credits$0$28,600$28,600$0$0$0
Restricted Funds$0$67,000$67,000$0$0$0
   Total
$0

$1,319,100

$1,319,100

$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 0.75 and 1.30 percentage points. 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.

1/9/2008, 11:12:04 AM, Lead Analyst: Schoenfeld, J.D.Office of the Legislative Fiscal Analyst