TO: | Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services |
FROM: | John S O'Brien, Director, Legislative Budget Board |
IN RE: | HB3373 by Murphy (Relating to state contribution to the cost of certain dependents' participation in the group benefits program for state employees and their dependents.), As Introduced |
Fiscal Year | Probable Net Positive/(Negative) Impact to General Revenue Related Funds |
---|---|
2012 | $1,893,496 |
2013 | $2,044,975 |
2014 | $2,188,123 |
2015 | $2,319,411 |
2016 | $2,446,978 |
Fiscal Year | Probable Savings/(Cost) from General Revenue Fund 1 |
Probable Savings/(Cost) from GR Dedicated Accounts 994 |
Probable Savings/(Cost) from State Highway Fund 6 |
Probable Savings/(Cost) from Federal Funds 555 |
---|---|---|---|---|
2012 | $1,893,496 | $81,180 | $432,270 | $454,704 |
2013 | $2,044,975 | $87,675 | $466,851 | $491,080 |
2014 | $2,188,123 | $93,812 | $499,531 | $525,456 |
2015 | $2,319,411 | $99,441 | $529,503 | $556,983 |
2016 | $2,446,978 | $104,910 | $558,626 | $587,617 |
Fiscal Year | Probable Savings/(Cost) from Other Funds 997 |
---|---|
2012 | $381,255 |
2013 | $411,756 |
2014 | $440,578 |
2015 | $467,013 |
2016 | $492,699 |
The bill affects those enrolled in coverage in the plan year beginning on or after September 1, 2011.
ERS estimates that 15 percent or 11,145 of the spouses enrolled in ERS group insurance program in fiscal year 2011 have another option to obtain health coverage. The state contribution for health insurance for dependent spouses in fiscal year 2011 is $236.34. The state contribution would decrease by 10 percent or $23.63 a month. The annual savings of $283.61 would increase by 8 percent in fiscal years 2012 and 2013, 7 percent in 2014, 6 percent in 2015, and 5.5 percent in 2016 as cost increased. The annual savings would be achieved by the state paying less for its share of the health insurance premium for approximately 10,587 dependent spouses each year.
Source Agencies: | 327 Employees Retirement System
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LBB Staff: | JOB, AG, JI, DH
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