FISCAL NOTE
Date Requested: February 18, 2015 Time Requested: 12:50 PM |
Agency: |
Municipal Pensions Oversight Board |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
2968 |
Introduced |
SB514 |
|
CBD Subject: |
Retirement |
---|
|
FUND(S):
Sources of Revenue:
Other Fund Fund 9076 Dept 0946
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The bill as proposed does not increase or decrease the costs or revenues of state government. The bill requires the Municipal Pensions Oversight Board to monitor the investment performance of each of the 31 municipal policemen's and 23 municipal firemen's pension and relief funds. If the trustees of of any of these plans fail to follow the investment provisions in 8-22-22a for 3 consecutive years, the Oversight Board may require the local trustees to move their investments to the WV Investment Management Board within a specified time period. Should the local trustees fail to do so, the allocation that had been made to the local pension will be forfeited and reallocated to all other plans that have drawn down 100% of their allocations.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2015 Increase/Decrease (use"-") |
2016 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 |
Explanation of above estimates (including long-range effect):
The Oversight Board already reviews investment performance and therefore there is not any additional administrative cost to the implementation of the bill.
Memorandum
The Oversight Board already reviews investment performance and therefore there is not any additional administrative cost to the implementation of the bill.
Person submitting Fiscal Note: Blair M Taylor
Email Address: Blair.M.Taylor@wv.gov