LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 84TH LEGISLATIVE REGULAR SESSION May 5, 2015 TO: Honorable Joan Huffman, Chair, Senate Committee on State Affairs FROM: Ursula Parks, Director, Legislative Budget Board IN RE:HB2068 by Coleman (Relating to automatic employee participation in and administration of a deferred compensation plan provided by certain hospital districts.), As Engrossed No fiscal implication to the State is anticipated. The bill would amend the Government Code relating to certain hospital districts deferred compensation plans. The bill would permit a hospital district to elect to require automatic employee participation in a deferred compensation plan. The bill would establish an auto enrollment for employees of certain hospitals to enroll unless the employee elects to opt out of the plan. Under the provisions of the bill, hospital districts may transfer certain monies from an investment product to the trust fund of the compensation plan or to a qualified investment product. The district may contract for certain services connected with the deferred compensation plan. Local Government Impact There could be some administrative costs to a hospital district that elected to require automatic employee participation. However, it is assumed a hospital district would elect to require automatic employee participation only if sufficient funds were available or it would not result in a negative fiscal impact; therefore, no significant fiscal impact is anticipated. Source Agencies: LBB Staff: UP, AG, KVe, SD, EK
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 84TH LEGISLATIVE REGULAR SESSION
May 5, 2015
TO: Honorable Joan Huffman, Chair, Senate Committee on State Affairs FROM: Ursula Parks, Director, Legislative Budget Board IN RE:HB2068 by Coleman (Relating to automatic employee participation in and administration of a deferred compensation plan provided by certain hospital districts.), As Engrossed
TO: Honorable Joan Huffman, Chair, Senate Committee on State Affairs
FROM: Ursula Parks, Director, Legislative Budget Board
IN RE: HB2068 by Coleman (Relating to automatic employee participation in and administration of a deferred compensation plan provided by certain hospital districts.), As Engrossed
Honorable Joan Huffman, Chair, Senate Committee on State Affairs
Honorable Joan Huffman, Chair, Senate Committee on State Affairs
Ursula Parks, Director, Legislative Budget Board
Ursula Parks, Director, Legislative Budget Board
HB2068 by Coleman (Relating to automatic employee participation in and administration of a deferred compensation plan provided by certain hospital districts.), As Engrossed
HB2068 by Coleman (Relating to automatic employee participation in and administration of a deferred compensation plan provided by certain hospital districts.), As Engrossed
No fiscal implication to the State is anticipated.
No fiscal implication to the State is anticipated.
The bill would amend the Government Code relating to certain hospital districts deferred compensation plans. The bill would permit a hospital district to elect to require automatic employee participation in a deferred compensation plan. The bill would establish an auto enrollment for employees of certain hospitals to enroll unless the employee elects to opt out of the plan. Under the provisions of the bill, hospital districts may transfer certain monies from an investment product to the trust fund of the compensation plan or to a qualified investment product. The district may contract for certain services connected with the deferred compensation plan.
Local Government Impact
There could be some administrative costs to a hospital district that elected to require automatic employee participation. However, it is assumed a hospital district would elect to require automatic employee participation only if sufficient funds were available or it would not result in a negative fiscal impact; therefore, no significant fiscal impact is anticipated.
Source Agencies:
LBB Staff: UP, AG, KVe, SD, EK
UP, AG, KVe, SD, EK