This Fiscal Note is not an official copy and should not be quoted or cited.
This Fiscal Note is not an official copy and should not be quoted or cited.
Fiscal Note - SB 0872 - Allows transfers between certain funds of the St. Louis Police Retirement System
COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO. 3777-01
SUBJECT: Retirement: Local Police
TYPE: Original
DATE: February 12, 1998
FISCAL SUMMARY
ESTIMATED NET EFFECT ON STATE FUNDS Net Effect on All State Funds
FUND AFFECTED
FY 1999
FY 2000
FY 2001 None
$0
$0
$0
Total Estimated
$0
$0
$0
|
ESTIMATED NET EFFECT ON FEDERAL FUNDS | |||
| FUND AFFECTED | FY 1999 | FY 2000 | FY 2001 |
| None | $0 | $0 | $0 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
|
ESTIMATED NET EFFECT ON LOCAL FUNDS | |||
| FUND AFFECTED | FY 1999 | FY 2000 | FY 2001 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses
This fiscal note contains 3 pages.
FISCAL ANALYSIS
ASSUMPTION
The Joint Committee on Public Employee Retirement has reviewed this proposal and has determined it does not represent a "substantial proposed change" in future plan benefits as defined in section 105.660(5), RSMo.
Officials of the Office of Administration assume that the proposal would have no fiscal impact.
Officials of the Police Retirement System of St. Louis assumed the proposal would have no fiscal impact on their system.
City of St. Louis officials assume that the legislation could reduce the surplus of the Police Retirement System and potentially increase the required contributions by the City to the system. The amount of such increased contributions, if any, cannot be reasonable estimated.
Oversight assumes that since the legislation only establishes a new fund into which existing assets could be transferred, there would be no fiscal impact to the system or to the City.
| FISCAL IMPACT - State Government | FY 1999 | FY 2000 | FY 2001 |
| (10 Mo.) | |||
| 0 | 0 | 0 | |
| FISCAL IMPACT - Local Government | FY 1999 | FY 2000 | FY 2001 |
| (10 Mo.) | |||
| 0 | 0 | 0 | |
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
The legislation would establish a fifth fund, the benefit increase fund, to which assets of the Police Retirement System of St. Louis could be credited upon approval of the board of trustees.
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.
SOURCES OF INFORMATION
Joint Committee on Public Employee Retirement
Office of Administration
Police Retirement System of St. Louis
City of St. Louis
Jeanne Jarrett, CPA
Director
February 12, 1998