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Public employee pension plans-contributions. |
14LSO-0072.C2 |
FISCAL NOTE
This bill contains appropriations totaling $6,530,000 from the GENERAL FUND to the State Auditor.
This bill contains an appropriation of $14,600,000 from the SCHOOL FOUNDATION FUND to the State Auditor.
DETAIL OF APPROPRIATION
Agency #: 003 Agency Name: State Auditor
Unit: 6101 Retirement System payroll contributions
EXPENDITURE BY SERIES AND YEAR FY 2014 FY 2015 FY 2016
0100 Personnel/Benefit Costs $937,500 $2,812,500
0600 Grant & Aid Payments (K-12) $3,700,000 $10,900,000
0600 Grant & Aid Payments (UW, colleges) $695,000 $2,085,000
Total Expenditure Per Year: $5,332,500 $15,797,500
Grand Total Expenditure: $21,130,000
Total Appropriated to Agency: $21,130,000
Total Appropriated by Fund
GENERAL FUND : $6,530,000
SCHOOL FOUNDATION FUND : $14,600,000
Description of appropriation:
Of the total General Fund appropriations, up to $3,750,000 will be expended for state executive, legislative and judicial branch retirement contributions, up to $780,000 will be expended for community college retirement contributions and up to $2,000,000 will be expended for University of Wyoming (UW) retirement contributions. Up to $14,600,000 will be expended from the School Foundation Program account for school district employee contributions. All of these appropriations may be expended until June 30, 2016.
For state employees whose retirement contributions are made from non-general fund sources there is appropriated from those accounts and funds amounts necessary to provide payment of the increased retirement contributions.
The appropriation for the executive, judicial, and legislative branches (including UW and the community colleges) does not include funding for advancing the impact of 2013 HB 250 by two months, from September 1, 2014 to July 1, 2014, as those amounts were embedded into the development of the standard budget for the 2015-16 biennium. The appropriation from the School Foundation Program does address this advancement for K-12.
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Source of expenditure increase:
Increase in retirement contributions for the Public Employee Retirement Plan (State Plan) and the Livestock Inspector Retirement Plan by 0.375 percent on July 1, 2014 and by an additional 0.75 percent on July 1, 2015.
Increase in retirement contributions for the Wyoming State Highway Patrol, Game and Fish Warden and Criminal Investigator Retirement Plan by 0.51 percent on July 1, 2014 and by an additional 1.02 percent on July 1, 2015.
Assumptions:
The above estimates reflect the anticipated expenditure increases in employer retirement contributions for state employees in the executive branch (including the University of Wyoming and the seven community colleges), judicial branch and legislative branch.
The above estimate also includes the anticipated expenditure increase from the School Foundation Program Account for increased employer contributions for school district employees.
Expenditure increases in FY 2015 and FY 2016 will be expended from the appropriations in the bill.
Prepared by: Don Richards, LSO Phone: 777-7881
(Information provided by Bret Jones, Budget Division; 777-6045:
Chris Boswell, UW; 307-766-2238: Larry Buchholtz, Comm. College Comm.;777-7068
Polly Scott, Wyoming Retirement System; 777-3326
Kristi Racines, Supreme Court; 777-7502)
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