FISCAL NOTE
FUND(S):
0585-2004-0622-010-016
Sources of Revenue:
General Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
An increase in the cost of matching retirement funds in the amount of $5,065 would occur for FY2004. The cost differential between the two retirement systems (PERS and DSRP) is two(2%)percent with the Deputy Sheriffs Retirement Plan being the higher of the two.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2003
Increase/Decrease
(use"-") |
2004
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
5,065 |
5,065 |
| Personal Services |
0 |
5,065 |
5,065 |
| 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):
An increase in the cost of matching retirement funds in the amount of $5,065 would occur for FY2004. Ten (10) positions within the Division of Protective Services would be currently effected by this change. This change could impact future years as older members of the Division of Protective Services' staff retire and are replaced by younger officers that would like to participate in the Deputy Sheriffs Retirement Plan. The cost, which is only two (2%) percent higher than PERS contributions, would be increased each time this type of change occurs.
Memorandum
The purpose of H. B. 3073 is for retention and recruitment of law enforcement officers for the Division of Protective Services.
Person submitting Fiscal Note: C. R. "Jay" Smithers, Deputy Director
Email Address: jsmithers@state.wv.us