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