|Date Requested:February 17, 2005
Time Requested:12:44 PM
| FUND(S) |
DSRS fund - Account 2150
Sources of Revenue
Legislation creates:Neither Program nor Fund
Effect this measure will have on costs and revenues of state government.
| Actuarial Note Regarding Pension Legislation
This bill increases certain fees charged by sheriffs from $20 to $25 and provides that $2 of the $5 increase is deposited into the fund for the Deputy Sheriffs’ Retirement System. Approximately $54,200 will be raised in FY 2006, based on current population. The monies will go to reduce the unfunded actuarial accrued liability in the system and thus reduce the counties’ financial responsibilities for this systems.
This bill does not affect costs or revenues of state government.
|Effect of Proposal||Fiscal Year|
|1. Estmated Total Cost||0||0||0|
|Repairs and Alterations||0||0||0|
|2. Estimated Total Revenues||0||54,200||54,200|
3. Explanation of above estimates (including long-range effect):
The above estimates are based on a survey taken of all county sheriffs’ departments in West Virginia. Responses were limited and only actual dollars collected were taken into account. Based on an average of fees collected in the survey, approximately $54,200 would have been collected in Fiscal Year 2004 had this proposed bill been in effect. This amount is expected to remain level.
This note prices only dollars affecting the funds in the Deputy Sheriffs’ Retirement System. There will be no cost or revenue to state funds.