Analysis of HB 1574
PROJECTED CHANGE IN UAAL
Fiscal Year Beginning July 1
| 1998 Law General Revenue 4% Growth Rate
| 1999 Law Special Taxes 4% Growth Rate | 1998 Law General Revenue Higher Growth Rate
| 1999 Law Special Taxes Higher Growth Rate |
| 1998 | 4,806,209 | 4,806,209 | 4,806,209 | 4,806,209 |
| 1999 | 4,952,324 | 4,952,324 | 4,952,324 | 4,952,324 |
| 2000 | 5,146,590 | 5,146,781 | 5,146,590 | 5,146,781 |
| 2001 | 5,307,515 | 5,319,178 | 5,306,401 | 5,317,158 |
| 2002 | 5,438,160 | 5,462,671 | 5,434,579 | 5,456,260 |
| 2003 | 5,559,411 | 5,598,274 | 5,551,741 | 5,584,704 |
| 2004 | 5,677,810 | 5,732,669 | 5,664,126 | 5,708,729 |
| 2005 | 5,792,626 | 5,865,278
| 5,770,663 | 5,827,263 |
| 2006 | 5,903,052 | 5,995,455 | 5,870,161 | 5,939,112 |
| 2007 | 6,008,192
| 6,122,484 | 5,961,297 | 6,042,949 |
| 2008 | 6,107,059 | 6,245,571 | 6,042,604 | 6,137,300 |
| 2009 | 6,198,564 | 6,363,837 | 6,112,458 | 6,220,530 |
| 2010 | 6,281,507 | 6,476,309 | 6,169,063 | 6,290,833 |
| 2011 | 6,354,569 | 6,581,914 | 6,210,436 | 6,346,211 |
| 2012 | 6,416,297 | 6,679,466 | 6,234,388 | 6,384,453 |
| 2013 | 6,465,098 | 6,767,662 | 6,238,506 | 6,403,126 |
| 2014 | 6,499,223 | 6,845,068 | 6,220,132 | 6,399,546 |
| 2015 | 6,516,754 | 6,910,106 | 6,176,345 | 6,370,757 |
| 2016 | 6,515,591 | 6,961,044 | 6,103,928 | 6,313,507 |
| 2017 | 6,493,436 | 6,995,983 | 5,999,351
| 6,224,223 |
| 2018 | 6,447,771 | 7,012,839 | 5,858,736 | 6,098,978 |
| 2019 | 6,375,848 | 7,009,331 | 5,677,833 | 5,933,462 |
| 2020 | 6,274,662 | 6,982,960 | 5,451,978 | 5,722,949 |
| 2021 | 6,140,930 | 6,930,996 | 5,176,062 | 5,462,256 |
| 2022 | 5,971,071 | 6,850,450 | 4,844,492 | 5,145,706 |
| 2023 | 5,761,179 | 6,738,060 | 4,451,145 | 4,767,082 |
| 2024 | 5,506,992 | 6,590,262 | 3,989,325 | 4,319,582 |
| 2025 | 5,203,867 | 6,403,167 | 3,451,708 | 3,795,763 |
| 2026 | 4,846,744 | 6,172,529 | 2,830,290 | 3,187,489 |
| 2027 | 4,430,114
| 5,893,725 | 2,116,331 | 2,485,869 |
| 2028 | 3,947,978 | 5,561,713 | 1,300,285 | 1,681,193 |
| 2029 | 3,393,810 | 5,171,000 | 371,734 | 762,854 |
| 2030 | 2,760,508 | 4,715,603 | 0 | 0 |
| 2031 | 2,040,351 | 4,189,012 | 0 | 0 |
| 2032 | 1,224,941 | 3,584,141 | 0 | 0 |
| 2033 | 305,152 | 2,893,279 | 0 | 0 |
| 2034 | 0 | 2,108,044 | 0 | 0 |
| 2035 | 0 | 1,219,324 | 0 | 0 |
| 2036 | 0 | 217,211 | 0 | 0 |
Amortization Period
| 35.3 Years | 38.2 Years | 31.7 Years
| 31.4 Years
|
This table compares the amortization of TRS unfunded liabilities. In
1998, the Legislature enacted SB1037 which provided TRS with 3.5
percent of the state's General Revenue. In 1999, HB1574 changed the
revenue source to 3.54 percent of the state's income and sales tax
collections. The higher growth rate used in columns 3 and 4 is
approximately 5.4 percent per year. The effect of both the 1998 and
1999 laws will extend the amortization of TRS unfunded liabilities from
approximately 21 years, under a 1992 law, to over 30 years.
