Law enforcement retirement-state parks.

04LSO-0068.C1

                                                         

FISCAL NOTE (HB0047)

 

This bill contains an appropriation of $350,000 from the GENERAL FUND.

 

	FY 2005	FY 2006	FY 2007
NON-ADMINISTRATIVE IMPACT
Anticipated Expenditure Increase:
GENERAL FUND	40,000	40,000	40,000

 

Source of expenditure increase:

 

Increase in the retirement contribution for 19 agency employees that would enter the Law Enforcement Retirement System.

 

Assumptions:

 

The contribution amount was calculated on existing salaries as of September, 2003.

 

The $350,000 appropriation contained in the bill would go to the retirement system as a one-time cost for years of service prior to the date of entry into the law enforcement retirement program. $350,000 is needed to pay the difference between the actuarial accrued liability in the Law Enforcement Retirement Program and that accrued in the regular public employees retirement program.

 

The increase in the contributions required for these employees entering the Law Enforcement Retirement System is estimated at $40,000 per year.

 

 

 

 

 

 

 

 

 

 

 

 

Prepared by:   Dean Temte, LSO    Phone:   777-7881

(Information provided by John Sedgwick, State Parks; phone 777-6538:

Tom Mann, WRS; phone 777-6115)