FISCAL NOTE
FUND(S):
PERS 2510
Sources of Revenue:
Other Fund State & 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 clarifies provisions regarding retroactive service purchases in PERS. Clarifies initial purchase must commence withing 24 months of becoming a PERS member or within 24 months of commencing contributions. Provides a window through 12/31/2013 for retroactive service purchases for all current members.
There is no increase in Normal Cost nor Actuarial Accrued Liabilities attributable to the provisions of the bill at this time.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2013
Increase/Decrease
(use"-") |
2014
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 primarily provides clean up and clarifications to retroactive service purchases. The window is relatively short and is not expected to generate adverse experience. There is therefore no increase in Normal Cost nor Actuarial Accrued Liabilities attributable to the provisions of the bill at this time.
Memorandum
This bill primarily provides clean up and clarification provisions.
Person submitting Fiscal Note: Harry W. Mandel, MAAA, MSPA, EA, Board Actuary
Email Address: harry.w.mandel@wv.gov