Wyoming Retirement Act.

12LSO-0006.L5

                                                         

FISCAL NOTE

This bill contains an appropriation of $500,000 from the GENERAL FUND to the administrative account in the bill.  This appropriation is effective immediately.

 

This bill contains an appropriation of $100,000 from the GENERAL FUND to the Retirement System.  This appropriation is effective immediately.

 

DETAIL OF APPROPRIATION

Agency #:  072     Agency Name:  Retirement System

Unit:  (new) Defined contribution plan

 

EXPENDITURE BY SERIES AND YEAR       FY 2012         FY 2013         FY 2014

0900  Contractual Services Costs                       $600,000                

 

Total Expenditure Per Year:                            $600,000               

 

Grand Total Expenditure:              $600,000

Total Appropriated to Agency:         $600,000

Total Appropriated by Fund

GENERAL FUND             :            $600,000

 

Description of appropriation: The $500,000 appropriation will be used for the following consulting costs:

 

Record Keeping fees                                             $235,690

Contract for Counseling Services                                     $115,000

Contract for Consulting for Plan Documentation and IRS Filings  $ 47,500

Contract for comprehensive review, legal and other

financial implications dictated on page 38 of proposed bill          $101,810

Total amounts for the 0900                                      $500,000

 

The $100,000 appropriation will be used for the additional amount needed for comprehensive review, legal and other financial implications dictated on page 38 of the bill.

 

OTHER NON-ADMINISTRATIVE IMPACT

Although a detailed study has not been done due to time and budget constraints, there will be an impact on the required contribution rate for the Defined Benefit plan.  This will be a continuing cost and each biennium will have to be calculated and included in Wyoming Retirement System's biennial budget request.

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.

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

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

(Information provided by Harry Wales, WRS; 777-6109)