|
State Impact:
Allowing members of the Public Safety Contributory System to transfer to the Public Safety Noncontributory System would require a small increase in the
contribution rates, paid by employers, to the Utah Retirement System. For the State, as an employer, the cost would be $11,100. Some local governments
would also see a small increase in their contributions rates.
| Funding Source |
FY 03
Approp. |
FY 04
Approp. |
FY 03
Revenue |
FY 04
Revenue |
|
General Fund
|
$10,000
|
$10,000
|
$0
|
$0
|
|
Federal Funds
|
$100
|
$100
|
$0
|
$0
|
|
Dedicated Credits Revenue
|
$500
|
$500
|
$0
|
$0
|
|
Restricted Funds
|
$500
|
$500
|
$0
|
$0
|
| TOTAL |
$11,100
|
$11,100
|
$0
|
$0
|
Individual and Business Impact:
Some individuals would be able to draw his/her retirement benefit while continuing to serve as chief of police. Others could benefit from increases in
retirement benefits should they transger to the Public Safety Noncontributory System.
Office of the Legislative Fiscal Analyst
1/30/2002 3:36:56 PM
|
