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 raises the limit on monthly supplemental payments for overtime from $236 to $400.
The Bill does not directly impact the benefits in State Police Plan A or Plan B, and therefore has no direct actuarial cost impact on either plan.
The amount of the increase is expected to result in additional overtime earning being within our Salary Scale expectation for both plans. No additional actuarial losses are expected.
This Actuarial Note covers pension costs only and does not address costs due to additional pay. Such costs should be requested from the State Police.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2012
Increase/Decrease
(use"-") |
2013
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 does not increase benefits in either Plan A nor Plan B. There is therefore no impact on the Normal Cost nor the Actuarial Accrued Liabilities.
The annual maximum increase would be within salary scale projections for each plan.
This Actuarial Note does not address “payroll costs”.
Memorandum
None.
Person submitting Fiscal Note: Harry W. Mandel, Board Actuary, MAAA, MSPA, EA
Email Address: harry.w.mandel@wv.gov