FISCAL NOTE
FUND(S):
MPFRS
Sources of Revenue:
Other Fund 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 the allowance of Roth IRA rollovers directly from the retirement system. The change is administrative in nature and does not change either the Normal Cost nor the Actuarial Accrued Liabilities of MPFRS.
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 modifies the distribution provisions of the System to allow direct rollover into Roth IRS’s. Provision is necessary for IRC compliance.
There is no cost impact for this change.
Memorandum
CPRB recommended administrative changes for continued qualification compliance.
Person submitting Fiscal Note: Harry W. Mandel, Board Actuary, MAAA, MSPA, EA
Email Address: harry.w.mandel@wv.gov