FISCAL NOTE
Date Requested: January 20, 2020
Time Requested: 02:05 PM |
| Agency: |
Tax & Revenue Department, WV State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2028 |
Introduced |
HB4363 |
|
|---|
| CBD Subject: |
Retirement |
|---|
|
FUND(S):
General Revenue Fund
Sources of Revenue:
General Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The stated purpose of this bill is to establish the West Virginia Division of Natural Resources Police Officer Retirement System.
As written, this bill would establish a new retirement fund, the West Virginia Division of Natural Resources Police Officer Retirement System. The Consolidated Retirement Board must transfer assets from the Public Employees Retirement System trust fund in the West Virginia Division of Natural Resources Police Officers Retirement System for all transferring Natural Resources Police Officer within ninety days of the effective date. Because this bill does not provide a decreasing modification from Personal Income Tax for the West Virginia Division of Natural Resources Police Officer Retirement System, retirees would lose the current $2,000 modification for retirees of the Public Employees Retirement System and the Teachers’ Retirement System. There would be a minimal gain in revenue from the inclusion of this income in the retirees’ taxable income.
There would be no additional administrative costs.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2020
Increase/Decrease
(use"-") |
2021
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):
As written, this bill would establish a new retirement fund, the West Virginia Division of Natural Resources Police Officer Retirement System. The Consolidated Retirement Board must transfer assets from the Public Employees Retirement System trust fund in the West Virginia Division of Natural Resources Police Officers Retirement System for all transferring Natural Resources Police Officer within ninety days of the effective date. Because this bill does not provide a decreasing modification from Personal Income Tax for the West Virginia Division of Natural Resources Police Officer Retirement System, retirees would lose the current $2,000 modification for retirees of the Public Employees Retirement System and the Teachers’ Retirement System. There would be a minimal gain in revenue from the inclusion of this income in the retirees’ taxable income.
There would be no additional administrative costs.
Memorandum
The stated purpose of this bill is to establish the West Virginia Division of Natural Resources Police Officer Retirement System.
The bill purports to create the new retirement fund under Article 17 in Chapter 20 of the West Virginia Code. Article 17 of Chapter 20 is already taken.
The bill does not have a decreasing modification for Personal Income Tax for the West Virginia Division of Natural Resources Police Officer Retirement System so all retirement income received under this plan would be taxable.
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov