These one-time costs would be passed through to plan participants. Oversight assumes that the system's UAAL would increase under the proposal, but notes that the contributions to CERF by counties are fixed and are dependent on the collection of certain county taxes, penalties and fees. Consequently, the calculated required contribution does not in actuality represent contributions to CERF by counties. Oversight assumes that the contributions made to CERF from current funding sources would not be sufficient to meet the benefit obligations. Officials with the County of Boone did not respond to our request for a fiscal note response.
Oversight assumes no fiscal impact to the county.
No direct fiscal impact to small businesses would be expected as a result of this proposal. This act expands coverage under the County Employees' Retirement Fund to include any circuit court-appointed officer or employee who is hired and fired and controlled by the Boone County Circuit Court. This act allows counties to make matching contributions to the County Employees' Retirement Fund for members employed by the county. Currently, only the Board may make matching contributions. This act also allows proceeds from a forfeiture acquired from a county's matching contribution to continue to be used toward that county's matching contributions.