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