FISCAL NOTE

Date Requested: February 02, 2023
Time Requested: 05:06 PM
Agency: State Police, WV
CBD Number: Version: Bill Number: Resolution Number:
3347 Introduced HB3226
CBD Subject: Retirement


FUND(S):

General

Sources of Revenue:

General Fund

Legislation creates:

Increases Existing Expenses



Fiscal Note Summary


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


Summarize in a clear and concise manner what impact this measure will have on costs and revenues of state government. This piece of legislation lowers the age of the 1% annual annuity adjustment for retirees and surviving spouses under the West Virginia State Police Retirement System from 63 to 55 years of age. This may have an unknown impact on future State Police agency contributions as calculated/determined by the Consolidated Public Retirement Board’s Actuary.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2023
Increase/Decrease
(use"-")
2024
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):


Please explain increases and decreases in personal services, current expenses, repairs and alterations, assets, other costs and revenues, including assumptions and data sources and delineation between start-up and ongoing costs. Please also include a long-range schedule of costs and revenues if fiscal impact is expected to vary in future years.



Memorandum


Please identify any areas of vagueness, technical defects, reasons a bill would not have a fiscal impact, and/or any special issues not captured elsewhere on this form.



    Person submitting Fiscal Note: Connie E Gundy, Comptroller
    Email Address: connie.e.gundy@wvsp.gov