FISCAL NOTE
FUND(S):
2510
Sources of Revenue:
General Fund,Other Fund State and Local Govts
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 clarifications of administrative provisions. It does not increase the Normal Cost nor the Actuarial Accrued Liabilities of the Plan for current members.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2011
Increase/Decrease
(use"-") |
2012
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 Bill provides administrative clarifications only including:
1. Excludes lump sum compensation payments from contributions to PERS and from determining FAP.
2. Clarifies termination withdrawal and repayment provisions.
3. For new hires July 1, 2011 and after, requires at least 5 years of contributory service for vested retirement benefits.
4. Clean up of certain disability benefit administration provisions.
5. Clean up for corrections to certain contribution/benefit under payments and overpayments.
The is no change in the Normal Cost nor Actuarial Accrued Liabilities due to these changes.
Memorandum
CPRB administrative clarifications that do not increase any members benefit entitlements.
Person submitting Fiscal Note: Harry W. Mandel, Board Actuary, MAAA, MSPA, EA
Email Address: harry.w.mandel@wv.gov