FISCAL NOTE
FUND(S):
Plan A 2161; Plan B 2162
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 provides for penalties if fraudulent information is supplied in regards to applications for retirement benefits under either Plan A or Plan B. The bill also provides for the CPRB to attempt to recover any excess benefits that were paid due to the fraudulent information.
The provisions of this bill are administrative in nature and do not impact the regular benefits payable under either plan. Neither the Normal Cost nor the Actuarial Accrued Liabilities are impacted by the provisions of the bill for either plan.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2010 Increase/Decrease (use"-") |
2011 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 provisions of the bill are administrative to assure that proper benefits are paid and to eliminate fraudulent information from being supplied in an attempt to increase benefits above those provided by the plans.
There is no increase in either the Normal Cost nor the Actuarial Accrued Liabilities of either State Police Plan A or Plan B.
Memorandum
Provides for penalties for attempts to defraud either Plan A or Plan B.
Person submitting Fiscal Note: Harry W. Mandel, Board Actuary, MAAA, MSPA, EA
Email Address: harry.w.mandel@wv.gov