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)