FISCAL NOTE

Date Requested: February 27, 2017
Time Requested: 10:10 AM
Agency: Consolidated Public Retirement Board
CBD Number: Version: Bill Number: Resolution Number:
2450 Introduced SB392
CBD Subject: Municipalities, 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