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 0733 - Modifies certain provisions of Public School Retirement System and Non-Teachers Retirement System
COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO. 3306-01
BILL NO. Truly Agreed to and Finally Passed SB 733
SUBJECT: Retirement: Schools
TYPE: Original
DATE: April 30, 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
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 would not be required.
Officials of the Office of Administration assumes that any fiscal impact would be determined by the Public School Retirement System.
Public School Retirement System officials indicate that the provisions in the proposal do not appear to create a "substantial proposed change" in benefits.
| 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 to be received as a result of this proposal.
DESCRIPTION
The proposal modifies several provisions affecting both the teachers' and nonteachers' retirement systems within the Public School Retirement System. It would specify that independent contractors are not employees for retirement purposes, as well as modify reinstatement provisions, purchasing membership service provisions, military service purchase provisions, and provisions governing purchase of service between the two systems when service credit was forfeited. For the teachers' system only, it would remove a provision allowing certificated employees to purchase credit for service on a pro rata basis. For the nonteachers' system only, it would provide a level income option.
DESCRIPTION (continued)
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
April 30, 1998