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Analysis of HB 1574PROJECTED 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
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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.
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