Date Requested:March 02, 2005
Time Requested:12:56 PM
Agency: Consolidated Public Retirement Board
CBD Number: Version: Bill Number: Resolution Number:
2005R1228 Intro SB425
CBD Subject: Contributions Credited Service Clarified
FUND(S)
DSRS Fund - Account 2150
Sources of Revenue
General Fund
Legislation creates:
Neither Program nor Fund

Fiscal Note Summary

Effect this measure will have on costs and revenues of state government.

    Actuarial Note Regarding Pension Legislation
    
    The Bill clarifies certain provisions to correspond to the ongoing and regular administrative practices in DSRS administration by the CPRB. The Bill further clarifies provisions regarding the repurchase of prior PERS service for current DSRS members.

Fiscal Note Detail
Over-all effect
Effect of Proposal Fiscal Year
2005
Increase/Decrease
(use"-")
2006
Increase/Decrease
(use"-")
Fiscal Year
(Upon Full
Implementation)
1. Estmated Total Cost 0 0 0
Personal Services 0 0 0
Current Expenses 0 0 0
Repairs and Alterations 0 0 0
Assets 0 0 0
Other 0 0 0
2. Estimated Total Revenues 0 0 0
3. Explanation of above estimates (including long-range effect):
    The intent of the Bill is to clarify current provisions to correspond to CPRB administrative practices and interpretations for DSRS. There are no changes in benefit provisions nor entitlements under the Bill. There are no changes in Plan liabilities nor costs.
    
    Some savings might occur due to the elimination of future legal disputes regarding repurchase of prior PERS service in DSRS.


Memorandum
Person submitting Fiscal Note:
Amy Langenbrunner
Email Address:
ALangenbrunner@wvadmin.gov
    Bill is intended to close the door on a recent adverse court decisions regarding DSRS service purchase of prior PERS cashed out service.