LEGISLATIVE BUDGET BOARD
                                   Austin, Texas
         
                                   FISCAL NOTE
                               75th Regular Session
         
                                  February 26, 1997
         
         
      TO: Honorable Barry Telford, Chair            IN RE:  House Bill No. 724
          Committee on Pensions and Investments                              By: Serna
          House
          Austin, Texas
         
         
         
         
         FROM:  John Keel, Director    
         
In response to your request for a Fiscal Note on HB724 ( Relating 
to transfers of contributions to the optional retirement program 
for faculty members of institutions of higher education.) this 
office has detemined the following:
         
         Biennial Net Impact to General Revenue Funds by HB724-As Introduced
         
No significant fiscal implication to the State is anticipated.
         

         
 
This bill would amend Section 830.202 of the Government Code 
by adding new subsections that would require electronic funds 
transfer of Optional Retirement Program contributions to those 
vendors capable of receiving electronic funds transfers.  The 
bill would also require that all funds are disbursed within 
three days after the funds become legally available.

The 
three-day requirement would require adjustments to disbursements 
by paper check to meet the time limit.  At certain institutions, 
the change might require additional one-time programming costs 
to shift to electronic funds transfer.

          
No fiscal implication to units of local government is anticipated.
          
   Source:            Agencies:   701   Texas Education Agency - Administration
                                         781   Higher Education Coordinating Board
                                         304   Comptroller of Public Accounts
                                         
                      LBB Staff:   JK ,PE ,SC