FISCAL NOTE
FUND(S):
2610
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This bill clarifies that the total years of service (except years of service withdrawn and not repaid) shall be used to determine eligibility to retire whether or not the member chooses to purchase the 25% TDC service. The bill also extends the deadline for CPRB's receipt of transfer forms to May 20, 2008, and those members whose forms came to CPRB in the extended period shall be transferred August 1, 2008. The bill contains a technical clarification to specify that the 1 1/2% must be paid no later than June 30, 2009. If the member intends to retire during calendar year 2008 of an intent to retire. The QDRO section was clarified concerning the repayment of the 1 1/2% contribution in order to receive full service credit.
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 |
999,999 |
999,999 |
999,999 |
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 except for the eligibility revision which allows a limited number of members to retire earlier based on total years of service. As of September 1, 2008, there are only twelve TDC members who may have transferred who would be eligible. In succeeding years, there will be some additional members who will qualify.
Until we determine who are the individuals in the extended deadline group permitted to transfer, actual costs can not be determined but it is expected to be de minimus in the overall transfer to TRS costs.
Memorandum
Clarification should reduce the possibility of future litigation.
Person submitting Fiscal Note: Anne Werum Lambright
Email Address: Anne.W.Lambright@wv.gov