TO: | Honorable Robert Duncan, Chair, Senate Committee on State Affairs |
FROM: | John S. O'Brien, Director, Legislative Budget Board |
IN RE: | SB1847 by Duncan (Relating to Employees Retirement System of Texas collection of member contributions.), As Introduced |
Fiscal Year | Probable Net Positive/(Negative) Impact to General Revenue Related Funds |
---|---|
2008 | $0 |
2009 | $0 |
2010 | $0 |
2011 | $0 |
2012 | $0 |
Fiscal Year | Probable Revenue Gain from S.E.R.S. Trust Account 955 |
---|---|
2008 | $17,700,000 |
2009 | $18,400,000 |
2010 | $19,100,000 |
2011 | $19,900,000 |
2012 | $20,600,000 |
The provisions of the bill would increase the member retirement contribution rate to the Employees Retirement System Trust Fund from 6.0 percent to 6.4 percent for each payroll period. The bill does not change the current state retirement contribution rate of 6.45 percent.
The bill would become effective September 1, 2007.
Source Agencies: | 327 Employees Retirement System
|
LBB Staff: | JOB, KJG, MS, JW
|