FISCAL NOTE
Date Requested: January 26, 2015 Time Requested: 09:44 AM |
Agency: |
Consolidated Public Retirement Board |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
2569 |
Introduced |
SB301 |
|
CBD Subject: |
Retirement |
---|
|
FUND(S):
Local Governments
Sources of Revenue:
Other Fund Local Governments
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The bill is administrative in nature and provides provisions for entering the MPFRS from previous employment with a different local plan. There is no impact on either the Normal Cost nor Actuarial Accrued Liabilities.
It is noted the MPFRS will not recognize any prior serive wilth any local governmental plan. Any recognitiion of prior service with incur actuarial costs.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2015 Increase/Decrease (use"-") |
2016 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):
MPFRS is a local governmental plan and is not sponsored by the State of West Virginia.
Memorandum
Administrative clarification for a new member who had previous employment with a different local governmental police or fire plan.
Person submitting Fiscal Note: Harry W. Mandel, Board Actuary, MAAA, MSPA, EA
Email Address: harry.w.mandel@wv,gov