COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO.: 3027-01
BILL NO.: SB 863
SUBJECT: Retirement: Conservation Agents
TYPE: Original
DATE: February 10, 2000
FISCAL SUMMARY
| FUND AFFECTED | FY 2001 | FY 2002 | FY 2003 |
| All State Funds | ($651,896) | ($782,276) | ($782,276) |
| Total Estimated
Net Effect on All State Funds |
($651,896) | ($782,276) | ($782,276) |
| FUND AFFECTED | FY 2001 | FY 2002 | FY 2003 |
| None | $0 | $0 | $0 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2001 | FY 2002 | FY 2003 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
ASSUMPTION
Officials of the Joint Committee on Public Employee Retirement have reviewed this proposal and have determined that it represents a "substantial proposed change" in future plan benefits as defined in section 105.660(5), RSMo. Therefore, an actuarial cost statement must be provided prior to final action on this legislation by either legislative body or committee thereof.
Officials of the Office of Administration assume fiscal impact will be determined by the Missouri State Employees' Retirement System.
Missouri State Employees' Retirement System (MOSERS) officials assume the proposal would provide uniformed conservation agents (both active and terminated vested employees), retirees, and survivors with an additional 33.3% retirement benefit. This would increase the benefit multiplier from 1.6% to 2.13% of average compensation times years of credited service for these members. Based on an actuarial analysis obtained by MOSERS, the proposal would result in an increase in the state's contribution rate for the general employee plan from 11.59% to 11.64%. Based on a covered payroll as of June 30, 1999 of $1,564,551,532, the annual increase in contributions to MOSERS would approximate $782,276. In addition, MOSERS officials note their concern that the proposal could result in equal protection lawsuits which in the past have resulted in significant costs to MOSERS and the state.
|
FISCAL IMPACT - State Government |
FY 2001
(10 Mo.) |
FY 2002 | FY 2003 |
|
ALL STATE FUNDS |
|||
| Costs - increased contributions to MOSERS | ($651,896) | ($782,276) | ($782,276) |
|
FISCAL IMPACT - Local Government |
FY 2001
(10 Mo.) |
FY 2002 | FY 2003 |
| $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 proposal would provide uniformed conservation agents with an additional 33.3% retirement benefit.
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
Missouri State Employees' Retirement System
Jeanne Jarrett, CPA
Director
February 10, 2000