FISCAL NOTE
FUND(S):
PERS 2510
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 as drafted provides a very specialized window for the repurchase of prior service under PERS. Member must be hired before February 1, 2004, have worked at least 10 years, attained age 68. Member must repay repurchase amount within 90 days fo tenth year of service.
Exposure is extremely limited anad expected to benefit one member. Actuarial cost for an average member estimated at $50,000 impacting long term actuarial experience.
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 |
50,000 |
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):
Cost is estimated on an average cost basis for special window. Actuarial Accrued Liability is estimated at $50,000 as a single one year cost increase.
Memorandum
Repurchase eligibility window provided very limited eligibility for the repurchase. One member is assumed for cost purposes.
Person submitting Fiscal Note: Harry W. Mandel, Board Actuary, MAAA, MSPA, EA
Email Address: harry.w.mandel@wv.gov