FISCAL NOTE
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