OFFICE OF FISCAL ANALYSIS

Legislative Office Building,  Room 5200

Hartford,  CT 06106  (860)  240-0200

http: //www.cga.ct.gov/ofa

HB-5106

AN ACT CONCERNING ADDITIONAL RETIREMENT CREDIT FOR JUDICIAL MARSHALS.

AMENDMENT

LCO No.:  5861

File Copy No.:  483

House Calendar No.:  285

OFA Fiscal Note

FISCAL IMPACT,  See Below

The amendment gives additional former full-time special deputy sheriffs the ability to purchase additional credit in the State Employees Retirement System (SERS) . This would result in an increased liability to SERS and an increase in the state's contribution to SERS that must be calculated by the SERS actuary and is not available at this time.

The amendment provides a mechanism to stagger the implementation of the additional credited service provided in the underlying bill. The gradual implementation is based upon the amount of funding the General Assembly appropriates for the state's liability and the member's seniority.

The amendment requires that the state cost be developed for each individual member applying for credit and allows for gradual implementation based on the seniority of the members. The comptroller's office will be required to support this administratively complex provision which will necessitate additional actuarial services. While the cost of these requirements cannot be determined at this time,  they could be significant.

Additionally,  the amendment permits a member to pay the required contribution as part of a three year payroll deduction plan established by the State Employee Retirement Commission.

The preceding Fiscal Impact statement is prepared for the benefit of the members of the General Assembly,  solely for the purposes of information,  summarization and explanation and does not represent the intent of the General Assembly or either chamber thereof for any purpose.