| Date Requested:February 20, 2013 Time Requested:12:23 PM |
| |||||||||||||||
| Retirement Systems Impacted by Legislation: Public Employees Retirement System |
|||
|---|---|---|---|
| FUND(S) PERS 2510 |
|||
Sources of Revenue You must select Revenue Source(s)! | |||
| Other Fund State and Local Govts | |||
Does the proposed legislation create:
Neither Program nor Fund You must make a selection(s)! | |||
| The bill extends current police officer tax exemptions from WV State income tax to certain DNR police officers retired under PERS.
There are no changes in PERS retirement benefits and therefore no pension costs. Tax exemption reduces WV State tax collections. A fiscal note should additionally be requested from tax and revenue. |
| Impact On | Following Full Implementation | ||
|---|---|---|---|
| Increase in Unfunded Actuarial Accrued Liability | Initial Impact on Annual Contribution Requirement of System(s) | Contribution Increase as a Percentage of Annual Payroll | |
| Total Annual Costs | $0.00 | $0.00 | 0.00 % |
| Normal Cost of System | N/A | $0.00 | 0.00 % |
| Past Service Liabilities | $0.00 | $0.00 | 0.00 % |
| Fiscal Year Past Service Amortization Period Ends |
N/A | N/A | N/A |
Explanation of above estimates |
|---|
| The bill does not increase current or future PERS retirement benefits. As a result there are no pension costs resulting from the bill. |
Analysis of Impact on Public Pension Policy |
| The bill provides retired DNR police officer PERS benefits tax exemption. |
Explain in a clear and concise manner what effect this measure will have on costs and revenues of state government.
| The bill extends current police officer tax exemptions from WV State income tax to certain DNR police officers retired under PERS.
There are no changes in PERS retirement benefits and therefore no pension costs. Tax exemption reduces WV State tax collections. A fiscal note should additionally be requested from tax and revenue. |
| Show over-all effect in Item 1 and 2 and, in Item 3, give an explanation of Breakdown by fiscal year, including long-range effect. |
| Effect of Proposal | Fiscal Year | ||
|---|---|---|---|
| 2013 Increase/Decrease (use"-") |
2014 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) | |
| 1. Estmated Total Cost | 0 | 0 | 0 |
| Personal Services | |||
| Current Expenses | |||
| Repairs and Alterations | |||
| Assets | |||
| Other | |||
| 2. Estimated Total Revenues | |||
|
3. Explanation of above estimates (including long-range effect):
The bill does not increase current or future PERS retirement benefits. As a result there are no pension costs resulting from the bill. |
| The bill provides retired DNR police officer PERS benefits tax exemption. |
| Person Submitting Fiscal Note |
|---|
| Harry W. Mandel, MAAA, MSPA, EA, Board Actuary |
| harry.w.mandel@wv.gov |