FISCAL NOTE
Date Requested: January 28, 2015
Time Requested: 03:55 PM |
| Agency: |
Consolidated Public Retirement Board |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2601 |
Introduced |
HB2507 |
|
|---|
| 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 pror service with any local governmental plan. Any recognition of prior service will incure 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