COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 2171-01
Bill No.: HB 875
Subject: Counties; Retirement - Local Government; Retirement Systems and Benefits - General
Type: Original
Date: February 28, 2007
Bill Summary: Allows disbursements from a defined contribution account upon a member's separation from service when the account balance is one thousand dollars or less.
FISCAL SUMMARY
ESTIMATED NET EFFECT ON GENERAL REVENUE FUND |
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FUND AFFECTED |
FY 2008 |
FY 2009 |
FY 2010 |
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Total Estimated Net Effect on General Revenue Fund |
$0 |
$0 |
$0 |
ESTIMATED NET EFFECT ON OTHER STATE FUNDS |
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FUND AFFECTED |
FY 2008 |
FY 2009 |
FY 2010 |
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Total Estimated Net Effect on Other State Funds |
$0 |
$0 |
$0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 4 pages.
ESTIMATED NET EFFECT ON FEDERAL FUNDS |
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FUND AFFECTED |
FY 2008 |
FY 2009 |
FY 2010 |
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Total Estimated Net Effect on All Federal Funds |
$0 |
$0 |
$0 |
ESTIMATED NET EFFECT ON FULL TIME EQUIVALENT (FTE) |
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FUND AFFECTED |
FY 2008 |
FY 2009 |
FY 2010 |
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Total Estimated Net Effect on FTE |
0 |
0 |
0 |
☐ Estimated Total Net Effect on All funds expected to exceed $100,000 savings or (cost).
☐ Estimated Net Effect on General Revenue Fund expected to exceed $100,000 (cost).
ESTIMATED NET EFFECT ON LOCAL FUNDS |
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FUND AFFECTED |
FY 2008 |
FY 2009 |
FY 2010 |
Local Government |
$0 |
$0 |
$0 |
FISCAL ANALYSIS
ASSUMPTION
The Joint Committee on Public Employee Retirement (JCPER) has reviewed this proposal and has determined an actuarial study is not needed under the provisions of section 105.660, subdivision (5).
Officials from the County Employees Retirement System assume no fiscal impact to their agency.
FISCAL IMPACT - State Government |
FY 2008 (10 Mo.) |
FY 2009 |
FY 2010 |
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$0 |
$0 |
$0 |
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FISCAL IMPACT - Local Government |
FY 2008 (10 Mo.) |
FY 2009 |
FY 2010 |
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|
|
|
|
$0 |
$0 |
$0 |
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
FISCAL DESCRIPTION
The proposed legislation appears to have no fiscal impact.
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
County Employees Retirement System
Mickey Wilson, CPA
Director
February 28, 2007