Date Requested:February 18, 2011
Time Requested:02:30 PM
Agency: Insurance Commission
CBD Number: Version: Bill Number: Resolution Number:
2011R2799 Introduced SB544
CBD Subject: MUNICIPAL POLICEMEN'S/FIREMEN'S PENSION & RELIEF
FUND(S)
7155
Sources of Revenue
Special Fund
Legislation creates:
A New Fund

Fiscal Note Summary

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

    The Municipal Pensions Oversight Board can better address the overall costs and revenues of the proposal.
    
    
    This response is limited to the fiscal impact of the proposal redirecting the ten percent of the additional premium tax and surplus lines tax previously authorized to be paid to the Teachers Retirement System Reserve Fund to the Municipal Pensions Security Fund for three years beginning July 1, 2011.
    
    
    This proposal will redirect approximately $2.5 million in annual collections or approximately $7.5 million for the aggregate three years.
    

Fiscal Note Detail
Over-all effect
Effect of Proposal Fiscal Year
2011
Increase/Decrease
(use"-")
2012
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):
    


Memorandum
Person submitting Fiscal Note:
Michael D Riley
Email Address:
Michael.Riley@wvinsurance.gov