FISCAL NOTE
Date Requested: February 17, 2015 Time Requested: 01:33 PM |
Agency: |
Consolidated Public Retirement Board |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
3164 |
Introduced |
HB2812 |
|
CBD Subject: |
Retirement |
---|
|
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 defines certain subsistance allowance payments for DNR officers as PERS pension inclome if paid prior to July 1, 2015. Such amounts have been included in current PERS actuarial valuations and does not increase plan benefits.
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 clarifies the inclusion of certain subsistence allowance payments in PERS compension for DNR officers for payments before July 1, 2015. Such payments were included in compensation for actuarial valulation purposes and therefore do not change either the Normal Cost nor Actuarial Accrued Liabilities amounts. This change shall have a minor impact on a limited number of retirees FAP at retirement.
Memorandum
Lines up DNR officers income for subsistence allowance with other public safety officers.
Person submitting Fiscal Note: Harry W. Mandel, Board Actuary, MAAA, MSPA, EA
Email Address: harry.w.mandel@wv.gov