State elected officials retirement.

08LSO-0051.L1

FISCAL NOTE

	FY 2009	FY 2010	FY 2011
NON-ADMINISTRATIVE IMPACT
Anticipated Expenditure Increase:
GENERAL FUND	0	0	123,000

Source of expenditure increase: The required employer contribution and the remainder of the normal cost for liabilities as they are created.

Assumptions:

The proposed state elected officials retirement plan is estimated to cost $246,000 per fiscal year (roughly 52% of elected officials salary). This estimate does not include the required employee contribution.

This plan would apply beginning with state officials whose terms begin after the 2010 general election, and therefore would be in effect for one-half of FY 2011.

The above estimates assume all officials are elected at age 52 and retire age 60, and assume the population is 70% male and 30% female. The estimates are based on the current salary levels, with no future salary increases.

Prepared by:   Tom Mann, WRS Phone: 777-5994

NOTICE-AGENCY ESTIMATE OF ADMINISTRATIVE IMPACT REQUESTED

This bill has administrative impact that appears to increase (or decrease) duties or responsibilities of one or more state agencies and may impact agency spending or staffing requirements. As introduced, the bill does not modify any state agency budget or current personnel authorizations.

The following state agencies will be asked to provide their estimate of the administrative fiscal impact prior to the first committee meeting held to consider the bill:

Wyoming Retirement System