TO: | Honorable Vicki Truitt, Chair, House Committee on Pensions & Investments |
FROM: | John S. O'Brien, Director, Legislative Budget Board |
IN RE: | HB3330 by Haggerty (Relating to eligibility for custodial officer service in the Employees Retirement System of Texas by certain juvenile correctional officers employed by the Texas Youth Commission.), As Introduced |
Fiscal Year | Probable Net Positive/(Negative) Impact to General Revenue Related Funds |
---|---|
2008 | ($1,083,040) |
2009 | ($1,126,361) |
2010 | ($1,171,416) |
2011 | ($1,218,272) |
2012 | ($1,267,003) |
Fiscal Year | Probable (Cost) from GENERAL REVENUE FUND 1 |
Probable (Cost) from OTHER SPECIAL STATE FUNDS 998 |
Probable (Cost) from FEDERAL FUNDS 555 |
Probable (Cost) from STATE HIGHWAY FUND 6 |
---|---|---|---|---|
2008 | ($1,083,040) | ($13,135) | ($3,582) | ($94,333) |
2009 | ($1,126,361) | ($13,660) | ($3,726) | ($98,106) |
2010 | ($1,171,416) | ($14,207) | ($3,875) | ($102,031) |
2011 | ($1,218,272) | ($14,775) | ($4,030) | ($106,112) |
2012 | ($1,267,003) | ($15,366) | ($4,191) | ($110,356) |
The bill would provide for benefit provisions under the Law Enforcement and Custodial Officers Supplemental (LECOS) Retirement plan to include certain juvenile correctional officers employed at the Texas Youth Commission.
The bill would take effect September 1, 2007 and would not apply to juvenile correctional officers employed by the Texas Youth Commission who retired prior to September 1, 2007.
The costs included in the tables above assume an increase in the number of employees covered by LECOS by 2,402 and increases in the projected fiscal year 2008 valuation payroll of LECOS for these employees by $75.1 million. The calculation reflects 1.59 percent of the $75.1 million payroll.
Assuming the state would fund the contribution rate required to achieve the 31-year funding period, the cost is estimated at $20.7 million in General Revenue in fiscal year 2008 and $21.5 million in General Revenue in fiscal year 2009. Enactment of the bill without sufficient funding to achieve the 31-year funding period would violate statutory funding requirements.
Source Agencies: | 327 Employees Retirement System
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LBB Staff: | JOB, KJG, MS, JW
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