FISCAL NOTE
Date Requested: March 08, 2017
Time Requested: 01:09 PM |
| Agency: |
Consolidated Public Retirement Board |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2588 |
Introduced |
HB2854 |
|
|---|
| CBD Subject: |
Retirement |
|---|
|
FUND(S):
DSRS 2150
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.
The DSRS plan is funded entirely by member and employer contributions, and so the provisions of this bill would not result in any increase in cost to State government.
There would be a potential administrative cost of $13,700 in implementing the annual COLA into the Pension Administration Computer System utilized by CPRB.
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 |
13,700 |
0 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
13,700 |
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 DSRS plan is funded entirely by member and employer contributions, and so the provisions of this bill would not result in any increase in cost to State government.
There would be a potential administrative cost of $13,700 in implementing the annual COLA into the Pension Administration Computer System utilized by CPRB.
Memorandum
The DSRS plan is funded entirely by member and employer contributions, and so the provisions of this bill would not result in any increase in cost to State government.
There would be a potential administrative cost of $13,700 in implementing the annual COLA into the Pension Administration Computer System utilized by CPRB.
This Actuarial/Fiscal Note is being submitted by the Consolidated Public Retirement Board. It has been reviewed by a qualified actuary, and who is available for for questions upon request.
Person submitting Fiscal Note: Melody Bailey, Actuarial Analyst, WVCPRB
Email Address: melody.j.bailey@wv.gov