FISCAL NOTE
Date Requested: January 11, 2024
Time Requested: 08:21 PM |
| Agency: |
State Police, WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1823 |
Introduced |
HB4264 |
|
|---|
| CBD Subject: |
Retirement |
|---|
|
FUND(S):
General
Sources of Revenue:
General Fund
Legislation creates:
Increases Revenue From Existing Sources, Creates New Expense
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
Summarize in a clear and concise manner what impact this measure will have on costs and revenues of state government.
This piece of legislation lowers the age of the 1% annual annuity adjustment for retirees and surviving spouses under the West Virginia State Police Retirement System from 63 to 55 years of age. The financial impact would be determined by the Consolidated Public Retirement Board Actuary.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2024
Increase/Decrease
(use"-") |
2025
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):
Please explain increases and decreases in personal services, current expenses, repairs and alterations, assets, other costs and revenues, including assumptions and data sources and delineation between start-up and ongoing costs. Please also include a long-range schedule of costs and revenues if fiscal impact is expected to vary in future years.
Memorandum
Please identify any areas of vagueness, technical defects, reasons a bill would not have a fiscal impact, and/or any special issues not captured elsewhere on this form.
Person submitting Fiscal Note: Connie E Gundy, Comptroller
Email Address: connie.e.gundy@wvsp.gov