TO: | Honorable Craig Eiland, Chair, House Committee on Pensions & Investments |
FROM: | John S. O'Brien, Deputy Director, Legislative Budget Board |
IN RE: | SB179 by Wentworth (Relating to retirement benefits for visiting judges.), As Engrossed |
Fiscal Year | Probable Net Positive/(Negative) Impact to General Revenue Related Funds |
---|---|
2006 | ($390,000) |
2007 | ($400,000) |
2008 | ($410,000) |
2009 | ($420,000) |
2010 | ($420,000) |
Fiscal Year | Probable (Cost) from GENERAL REVENUE FUND 1 |
---|---|
2006 | ($390,000) |
2007 | ($400,000) |
2008 | ($410,000) |
2009 | ($420,000) |
2010 | ($420,000) |
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 not increase the actuarial normal cost, though it would decrease the actuarial net asset balance slightly.
Source Agencies: | 327 Employees Retirement System
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LBB Staff: | JOB, SR, WP, WM
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