FISCAL NOTE
FUND(S):
PERS 2510 and Plan B 2162
Sources of Revenue:
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.
This bill eliminates the requirement that CPRB adopt a legislative rule when setting the employer contribution rate for the Public Employees Retirement System and State Police Plan B. Such rates shall be set upon adoption of the rate by the Board.
The bill further provides clarification of the member contribution rate for State Police Plan B based on funding percentage as reported in latest actuarial valuatiion for Plan B.
The bill does not increase any benefits otherwise provided under either plan. There is no increase in either Normal Cost nor Actuarial Accrued Liability.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2014 Increase/Decrease (use"-") |
2015 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 change benefits provided under either CPRB administered plan. There is no increase in either Normal Cost nor Actuarial Accrued Liabilities for PERS or State Police Plan B.
The bill does not change the basis for determining the employer contribution rate for PERS and State Police Plan B as set by the CPRB Board upon recommendation of the Board Actuary.
Memorandum
The bill eliminates duplication of clerical and rule making efforts in setting the employer contribution rate for PERS and State Police Plan B.
Person submitting Fiscal Note: Harry W. Mandel, Board Actuary, MAAA, MSPA, EA
Email Address: harry.w.mandel@wv.gov