TO: | Honorable Craig Eiland, Chair, House Committee on Pensions & Investments |
FROM: | John S. O'Brien, Deputy Director, Legislative Budget Board |
IN RE: | HB1595 by McClendon (Relating to retirement benefits for visiting judges.), As Introduced |
Fiscal Year | Probable Net Positive/(Negative) Impact to General Revenue Related Funds |
---|---|
2006 | ($300,000) |
2007 | ($400,000) |
2008 | ($300,000) |
2009 | ($400,000) |
2010 | ($400,000) |
Fiscal Year | Probable Revenue Gain/(Loss) from GENERAL REVENUE FUND 1 |
---|---|
2006 | ($300,000) |
2007 | ($400,000) |
2008 | ($300,000) |
2009 | ($400,000) |
2010 | ($400,000) |
The fiscal impact is shown as the estimated increase in annual annuity payments for JRS Plan I judges. Since the plan is not advance funded, but pay-as-you-go funded, the benefit increase is a cost to the General Revenue Fund. This impact would be greater if there were a separate increase in judicial salaries.
There is no fiscal impact shown for JRS II. The proposal would increase the actuarial normal cost, and decrease the actuarial net asset balance, but no direct fiscal impact would occur from the passage of this bill. In combination with other bills, or with a judicial pay raise, there could be a fiscal impact on JRS II resulting from this bill.
Source Agencies: | 327 Employees Retirement System
|
LBB Staff: | JOB, SR, WP, WM
|