FISCAL NOTE
FUND(S):
TRS 2601
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.
The bill primarily provides clarifications to plan provisions including:
1. Changes in fund name
2. Definition of employer error and correction procedures
3. Correct certain references
4. Eliminate $500 minimum for eligible rollovers
5. Clarify when new loan can be issued following repayment of prior loan
All changes are technical in nature and do not change actual retirement benefits payable to members. There are not changes in either the Normal Cost nor the Actuarial Accrued Liabilities of the Plan.
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):
All changes are clarifications and administrative procedures and do not modify the benefits payable by the Plan.
Memorandum
Clarifications should reduce the possibility of future litigation.
Person submitting Fiscal Note: Harry W. Mandel, MAAA, MSPA, EA, Board Actuary
Email Address: Harry.W.Mandel@wv.gov