FISCAL NOTE
FUND(S):
PERS 2510
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.
This bill is a clarification bill for the administration of PERS. Changes include that no retirement contributions are made on lump sum leave payments, removeal of minimum $500 restriction on eligible rollover and change employee to member. Retirement benefits will not be impacted by the changes.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2008
Increase/Decrease
(use"-") |
2009
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):
There is no impact on the Normal Cost nor Actuarial Accrued Liabilities. Bill provides clarification changes only.
Memorandum
Changes should limit possibility of future litigation due to clarifications in definitions.
Person submitting Fiscal Note: Harry W. Mandel, MAAA, MSPA, EA, Board Actuary
Email Address: Harry.W.Mandel@wv.gov