TREASURY (Program); SUPPLEMENTAL RETIREMENT PLANGovernor's Recommendations
2022-23
Current Year Budget
2021-22
Difference
DollarsPositionsDollarsPositionsDollarsPositions
$1,790,14513.00$1,790,14513.00$00.00
 

 
Policy Area:  GOVERNMENTAL OPERATIONS
Issue:            REAPPROVAL OF FIVE PERCENT TRANSFER WITHIN SUPPLEMENTAL RETIREMENT PLAN - DEDUCT

Justification
Governor's Recommendations 2022-23
The Governor's Budget Recommendation for Fiscal Year 2022-23 includes the reapproval of a five percent transfer budget amendment (EOG B7003) that was approved on July 15, 2021. The department transferred $50,000 in Treasury Administrative and Investment Trust Fund budget authority from the deferred compensation administrative services category to the salaries and benefits category. The deferred compensation administrative services category is a special category, which is used to operate the Bureau of Deferred Compensation. The Bureau of Deferred Compensation's staff of 13 is a highly specialized group responsible for the 457(b) tax-deferred retirement plan which has over 87,000 participants and over $5.6 billion in assets. The transfer allows the bureau to meet its needs by staying fully staffed with highly qualified employees. This issue corresponds with issue code 160F740. This issue was requested in the department's Legislative Budget Request.