FISCAL NOTE

Date Requested: February 18, 2016
Time Requested: 01:14 PM
Agency: Public Employees Insurance Agency (PEIA)
CBD Number: Version: Bill Number: Resolution Number:
1301 Introduced HB4187
CBD Subject: Retirement, State Personnel


FUND(S):



Sources of Revenue:

Special Fund

Legislation creates:

A New Fund



Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


The purpose of this bill is to create a special fund named “the Public Employee Health Insurance Fund;” to require that all savings realized from changes in retirement benefits enacted by 2015 Senate Bill No. 529 be deposited into the special fund, to require that the Consolidated Public Retirement Board present an actuarial valuation of savings to the Governor on an annual basis, to require the Governor to submit the amount of savings to the Legislature as part of the annual budget or in an executive message, and to require that all moneys deposited in the special fund be directed to fund health care benefits or to reduce insurance premiums for public employees. The fiscal impact of this bill on PEIA is dependent upon the savings generated from the 2015 Senate Bill No. 529. PEIA does not administer the retirement benefits upon which this bill impacts and therefore has no knowledge of the changes, or the estimate of the amount that will be saved. The fiscal impact to PEIA is indeterminate at this time.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2016
Increase/Decrease
(use"-")
2017
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):






Memorandum


The fiscal impact of this bill on PEIA is dependent upon the savings generated from the 2015 Senate Bill No. 529. PEIA does not administer the retirement benefits upon which this bill impacts and therefore has no knowledge of the changes, or the estimate of the amount that will be saved. The fiscal impact to PEIA is indeterminate at this time.



    Person submitting Fiscal Note: Jason Haught
    Email Address: jason.a.haught@wv.gov