LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE
75th Regular Session
May 17, 1997
TO: Honorable Kenneth Armbrister, Chair IN RE: House Bill No. 724, Committee Report 2nd House, as amended
Committee on State Affairs By: Serna
Senate
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-Committee Report 2nd House, as amended
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 business 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 ,JD ,PE ,SC