TO: | Honorable Allan Ritter, Chair, House Committee on Pensions & Investments |
FROM: | John Keel, Director, Legislative Budget Board |
IN RE: | HB3026 by Martinez Fischer (Relating to contributions to, and benefits payable by, the Judicial Retirement System of Texas Plan One and the Judicial Retirement System of Texas Plan Two.), As Introduced |
Fiscal Year | Probable Net Positive/(Negative) Impact to General Revenue Related Funds |
---|---|
2004 | ($100,000) |
2005 | ($685,040) |
2006 | ($934,520) |
2007 | ($1,077,200) |
2008 | ($1,230,250) |
Fiscal Year | Probable Savings/(Cost) fromGENERAL REVENUE FUND 1 |
---|---|
2004 | ($100,000) |
2005 | ($685,040) |
2006 | ($934,520) |
2007 | ($1,077,200) |
2008 | ($1,230,250) |
This bill would require an increase in the state contribution rate for JRS II from 16.83 to 17.77 percent in fiscal year 2005, in order for the plan to remain actuarially sound. The additional cost to the General Revenue Fund associated with the contribution rate increase is $485,040 in fiscal year 2005; $634,420 in fiscal year 2006; $777,200 in fiscal year 2007; and $830,250 in fiscal year 2008.
Likewise, the bill would require an increase in appropriations for the JRS I plan, which operates on a pay-as-you-go basis. Additional appropriations out of the General Revenue Fund for JRS I benefit payments are estimated to be $100,000, $200,000, $300,000, $300,000 and $400,000 in fiscal years 2004 through 2008, respectively.
Source Agencies: | 304 Comptroller of Public Accounts, 327 Employees Retirement System
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LBB Staff: | JK, JO, RR, MS, ZS
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