COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO.: 4412-01
BILL NO.: SB 1013
SUBJECT: Retirement: Rules and Regulations
TYPE: Original
DATE: March 2, 2000
FISCAL SUMMARY
FUND AFFECTED | FY 2001 | FY 2002 | FY 2003 |
None | $0 | $0 | $0 |
Total Estimated
Net Effect on All State Funds |
$0 | $0 | $0 |
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 does not represent a "substantial proposed change" in future plan benefits as defined in section 105.660(5), RSMo. Therefore, an actuarial cost statement is not required.
Officials of the Office of Administration assume the proposal would have no fiscal impact.
Officials of the Public School Retirement System (PSRS) assume the proposal would allow for the promulgation of rules to recognize service credit in the four school retirement systems (PSRS, Non-Teacher School Employee Retirement System, St. Louis Public School Retirement System, and the Kansas City Public School Retirement System) to establish eligibility for retirement benefits. No credit or assets will be transferred to or from any of the systems. Therefore, PSRS officials note that the proposal does not appear to create a "substantial proposed change" as that term is defined in section 105.660, RSMo.
Oversight assumes the proposal would also have no fiscal impact on either the Kansas City Public School Retirement System or the St. Louis Public School Retirement System.
FISCAL IMPACT - State Government |
FY 2001
(10 Mo.) |
FY 2002 | FY 2003 |
$0 | $0 | $0 |
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
This proposal directs the four retirement systems serving teacher and nonteacher employees of public schools in Missouri to promulgate joint rules for the recognition of service toward retirement eligibility. It forbids transfer of creditable service or assets among the systems. A majority of a quorum of each board of the four systems is sufficient to approve or amend such rules.
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
Public School Retirement System
Jeanne Jarrett, CPA
Director
March 2, 2000