COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 1157-02
Bill No.: SB 456
Subject: Fire Protection; Retirement Systems and Benefits - General
Type: Original
Date: February 17, 2003
FISCAL SUMMARY
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Total Estimated
Net Effect on General Revenue Fund |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Total Estimated
Net Effect on Other State Funds |
$0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Local Government | $0 | $0 | $0 |
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 with the Department of Insurance and Local Government Employees Retirement System assume no fiscal impact to their agency.
Officials from the City of St. Louis and St. Louis Firefighters Retirement did not respond.
| FISCAL IMPACT - State Government | FY 2004
(10 Mo.) |
FY 2005 | FY 2006 |
| $0 | $0 | $0 | |
| FISCAL IMPACT - Local Government | FY 2004
(10 Mo.) |
FY 2005 | FY 2006 |
| $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 a self-directed deferred retirement plan program for the St. Louis Firefighters Retirement System. Currently, deferred retirement plan programs are required to accrue interest equal to the percentage rate of return on the system's portfolio. Self-directed programs shall not accrue interest at that rate of return, but would accrue interest based on the self-directed investments.
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
Local Government Employee Retirement System
Department of Insurance
NOT RESPONDING
St. Louis Firefighters Retirement System
City of St. Louis
Mickey Wilson, CPA
Director
February 17, 2003