FISCAL NOTE



FUND(S):

PERS 2510 and TRS 2601

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.


The bill provides technical clean up and clarifications impacting CPRB administration of the Plans. The primary provisions clarify and restate certain definitions. There is no increase in benefits to any members of PERS or TRS. There is no change in either the Normal Cost nor the Actuarial Accrued Liabilities.



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):


Changes are clarifications in nature. There are no changes in either the Normal Cost nor the Actuarial Accrued Liabilities.



Memorandum


The Bill provides clarifications necessary for the daily administration of the plans.



    Person submitting Fiscal Note: Harry W. Mandel, Board Actuary, MAAA, MSPA, EA
    Email Address: harry.w.mandel@wv,gov