Date Requested: January 28, 2015
Time Requested: 03:55 PM
Agency: Consolidated Public Retirement Board
CBD Number: Version: Bill Number: Resolution Number:
2600 Introduced HB2505
CBD Subject: Retirement


FUND(S):

DSRS, EMSRS and MPFRS

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.


    This Bill provides for administrative guidence for members of DSRS, EMSRS or MPFRS who subsequently work in dual employment with another CPRB administered plan The bill clarifies the dual employment provisions and does not increase benefits payable from any plan.



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):


    The bill is administrative in nature and does not increase any benefits under any plan administered by the CPRB. There is no increase in either Normal Cost nor Actuarial Accrued Liabillities under any plan.
    



Memorandum


    Bill prevents multiple service credits under any plan due to dual employment after first being a member of DSRS, EMSRS or MPFRS.



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