Deferred compensation program-state contribution.

12LSO-0174.L2

FISCAL NOTE

This bill contains an appropriation of $17,300,000 from the GENERAL FUND to the State Auditor.

DETAIL OF APPROPRIATION

Agency #:  003     Agency Name:  State Auditor

Unit:  new - Deferred Compensation state contribution

EXPENDITURE BY SERIES AND YEAR       FY 2012         FY 2013         FY 2014

0100  Personnel/Benefit Costs                        $8,650,000       $8,650,000

Total Expenditure Per Year:                          $8,650,000       $8,650,000

Grand Total Expenditure:           $17,300,000

Total Appropriated to Agency:      $17,300,000

Total Appropriated by Fund

GENERAL FUND             :         $17,300,000

Description of appropriation:

Funds will be transferred to the Wyoming deferred compensation program based on actual employee participation in the deferred compensation plan up to the proposed 2 percent state match on eligible monthly salary.

The appropriation above reflects the estimated increase in the General Fund share of the maximum 2 percent match for the executive, judicial, and legislative branches, including the University of Wyoming and the seven community colleges.

The amount appropriated in the bill is estimated to fund the increase in the state match up to the proposed maximum 2 percent level. The appropriation assumes that all eligible employees would increase their contribution to the deferred compensation plan up to the proposed maximum 2 percent match.

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

(Information provided by Joyce Hefenieder, Dept. of A&I; 777-3335:

Don Richards, UW; (307)766-2238: Matt Petry, Community College Comm.; 777-5859:

Joann Odendahl, Supreme Court; 777-7581, Tom Rowe, SAO; 777-6650)