FISCAL NOTE
Date Requested: March 02, 2017 Time Requested: 09:31 AM |
Agency: |
Consolidated Public Retirement Board |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
1756 |
Amendment |
HB2637 |
|
CBD Subject: |
Education (K12) |
---|
|
FUND(S):
TRS 2600
Sources of Revenue:
Other Fund N/A
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The changes proposed by HB2637, if enacted, would not cause any increase in the Unfunded Actuarial Accrued Liability or Normal Cost of TRS. There would be no impact on the contribution required to the plan.
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 |
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 changes proposed by HB2637, if enacted, would not cause any increase in the Unfunded Actuarial Accrued Liability or Normal Cost of TRS. There would be no impact on the contribution required to the plan.
The House Education committee amendment of 2/29/2017 primarily changes some of the provisions related to the posting and filling of positions, and allows a one-time financial incentive for recruiting of professional personnel to areas of critical need. Such one-time payments are not pensionable, and so have no effect no on the retirement plan.
Memorandum
As far as concerns TRS, this bill is a continuation of current policy which allows very limited reemployment of retired teachers only in areas of critical need that might exist throughout the state. As such, there are no anticipated costs to the plan.
Person submitting Fiscal Note: Melody Bailey, Actuarial Analyst, WVCPRB
Email Address: melody.j.bailey@wv.gov