FISCAL NOTE
Date Requested: February 22, 2017 Time Requested: 08:34 AM |
Agency: |
Consolidated Public Retirement Board |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
2630 |
Introduced |
HB2600 |
|
CBD Subject: |
Retirement |
---|
|
FUND(S):
MPFRS 2390
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.
MPFRS is a local government plan and does not cover any state employees. All funding for MPFRS is through member contributions of 8.50% and employer contributions of 8.50%.
MPFRS does not impact the costs nor revenues of state government.
Necessary changes to CPRB’s computer system would be required, with administrative costs estimated at approximately $5500.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2017 Increase/Decrease (use"-") |
2018 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) |
1. Estmated Total Cost |
0 |
5,500 |
0 |
Personal Services |
0 |
5,500 |
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):
MPFRS is a local government plan and does not cover any state employees. All funding for MPFRS is through member contributions of 8.50% and employer contributions of 8.50%.
MPFRS does not impact the costs nor revenues of state government.
Necessary changes to CPRB’s computer system would be required, with administrative costs estimated at approximately $5500.
Memorandum
MPFRS is a local government plan and does not cover any state employees. All funding for MPFRS is through member contributions of 8.50% and employer contributions of 8.50%.
MPFRS does not impact the costs nor revenues of state government.
Necessary changes to CPRB’s computer system would be required, with administrative costs estimated at approximately $5500.
This Actuarial/Fiscal Note is being submitted by the Consolidated Public Retirement Board. It has been reviewed by a qualified actuary, and a letter of certification is available from the CPRB upon request.
Person submitting Fiscal Note: Melody Bailey, Actuarial Analyst, WVCPRB
Email Address: melody.j.bailey@wv.gov