FISCAL NOTE
Date Requested: February 12, 2016
Time Requested: 09:44 AM |
| Agency: |
Consolidated Public Retirement Board |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2612 |
Introduced |
HB4487 |
|
|---|
| CBD Subject: |
Retirement, State Personnel |
|---|
|
FUND(S):
PERS and TRS
Sources of Revenue:
Other Fund State, local and schools
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This bill is intended to provide technical corrections to certain provisions of SB529 which passed in the 2005 regular session. These include: 1) Nonmonetary remuneration excluded from pension benefit compensation; 2) Compensated Board members; 3) Reinstatement contribution and interest payement requirements; 4)Legislative employee PERS service purchases.
The technical changes do not impact the regular retirement benefits in either PERS nor TRS. There is no increase in either the Normal Cost nor the Actuarial Accrued Liabilities as a result of the technical corrections.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2016
Increase/Decrease
(use"-") |
2017
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):
SB529 which passed in the 2015 Regular Session contained certain errors due to drafting issues. This bill corrects the errors. All benefits remain unchanged from the original intent.
Memorandum
The Bill corrects certain drafting errors contained in SB 529.
Person submitting Fiscal Note: Harry W. Mandel, Board Actuary, MAAA, MSPA, EA
Email Address: harry.w.mandel@wv.gov