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| SPONSOR: | Stewart | DATE TYPED: | 02/22/99 | HB | 353 | ||
| SHORT TITLE: | Death During Reemployment | SB | |||||
| ANALYST: | Eaton | ||||||
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY99 | FY2000 | |||
| NFI | ||||
(Parentheses ( ) Indicate Revenue Decreases)
SOURCES OF INFORMATION
Education Retirement Board (ERB)
SUMMARY
Synopsis of Bill
This bill would Amend the Educational Retirement Act (ERA) by providing disbursement of retirement funds of a deceased member to their beneficiary. The amount to be disbursed is calculated as the member's contribution plus interest, less the amount received prior to the member's death. The interest rate is the five year average return of the fund. The current rate is calculated to be 9.21%.
FISCAL IMPLICATIONS
The Education Retirement Board reports that the number of persons this would affect is so small that the impact to the retirement fund would be insignificant.
JBE/gm