COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 1209-01
Bill No.: SB 274
Subject: Boards, Commissions, Counties, Councils; Counties; County Government; County Officials; Retirement-Local Government; Retirement System and Benefits-General
Type: Original
Date: February 2, 2001
FISCAL SUMMARY
FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
None | $0 | $0 | $0 |
Total Estimated
Net Effect on All State Funds |
$0 | $0 | $0 |
FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
None | $0 | $0 | $0 |
Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
ASSUMPTION
Officials with the County Employees Retirement Fund (CERF) assume the proposal will have no fiscal impact to their system.
Officials with the Missouri Local Government Employees Retirement System assume the proposal will not have any fiscal affect on their system.
The Joint Committee on Public Employee Retirement indicates that the legislation proposed is not a "substantial proposed change" in future plan benefits, and that no actuarial cost statement is required. The Office of Administration assumes there would be no fiscal impact due to the proposal, but note that CERF would determine any possible cost.
Oversight notes that the legislation states "a county shall be entitled to make matching contributions to defined contribution accounts", but no requirement is created. Therefore, no fiscal impact is assumed.
FISCAL IMPACT - State Government | FY 2002
(10 Mo.) |
FY 2003 | FY 2004 |
$0 | $0 | $0 |
FISCAL IMPACT - Local Government | FY 2002
(10 Mo.) |
FY 2003 | FY 2004 |
$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 act allows counties to make matching contributions to the County Employees' Retirement Fund for members employed by such county. Currently, only the Board may make matching contributions.
This act also allows proceeds from a forfeiture acquired from a county's matching contribution to continue to be used toward that county's matching contributions. A forfeiture is the portion of a
DESCRIPTION (continued)
member's contribution account that is forfeited when a member of the County Employees' Retirement Fund has less than five years of creditable service and leaves employment.
This act has an effective date of January 1, 2002. 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
County Employees Retirement Fund
Missouri Local Government Employees Retirement System
Office of Administration
Joint Committee on Public Employee Retirement
Jeanne Jarrett, CPA
Director
February 2, 2001