Date Requested: February 18, 2015
Time Requested: 12:50 PM
Agency: Municipal Pensions Oversight Board
CBD Number: Version: Bill Number: Resolution Number:
2968 Introduced SB514
CBD Subject: Retirement


FUND(S):



Sources of Revenue:

Other Fund Fund 9076 Dept 0946

Legislation creates:

Neither Program nor Fund



Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


    The bill as proposed does not increase or decrease the costs or revenues of state government. The bill requires the Municipal Pensions Oversight Board to monitor the investment performance of each of the 31 municipal policemen's and 23 municipal firemen's pension and relief funds. If the trustees of of any of these plans fail to follow the investment provisions in 8-22-22a for 3 consecutive years, the Oversight Board may require the local trustees to move their investments to the WV Investment Management Board within a specified time period. Should the local trustees fail to do so, the allocation that had been made to the local pension will be forfeited and reallocated to all other plans that have drawn down 100% of their allocations.
    
    



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 Oversight Board already reviews investment performance and therefore there is not any additional administrative cost to the implementation of the bill.



Memorandum


    The Oversight Board already reviews investment performance and therefore there is not any additional administrative cost to the implementation of the bill.



    Person submitting Fiscal Note: Blair M Taylor
    Email Address: Blair.M.Taylor@wv.gov