FISCAL NOTE
Date Requested: February 10, 2023
Time Requested: 03:27 PM |
| Agency: |
Municipal Pensions Oversight Board |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 3672 |
Introduced |
HB3364 |
|
|---|
| CBD Subject: |
Retirement |
|---|
|
FUND(S):
Special Revenue
Sources of Revenue:
Special Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The revisions included in this bill would not increase or decrease revenues or expenditures for the Municipal Pensions Oversight Board.
The changes contemplated in this bill would reduce the expenditures of a municipality by requiring the municipality to close its pension plan that is funded using the alternative method of funding which requires an ever increasing 107% of the prior years required contribution each year from the municipality. The municipal policemen's or firemen's pension fund(s) would be closed to newly hired police officers or firefighters. Newly hired police officers or firefighters would be placed in the statewide Municipal Police Officers and Firefighters Retirement System operated by the Consolidated Public Retirement Board. Municipal costs to the statewide system are fixed between 8.5% and 10.5% of payroll annually.
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):
The revisions included in this bill would not increase or decrease revenues or expenditures for the Municipal Pensions Oversight Board.
Memorandum
The revisions included in this bill would not increase or decrease revenues or expenditures for the Municipal Pensions Oversight Board.
The changes contemplated in this bill would reduce the expenditures of a municipality by requiring the municipality to close its pension plan that is funded using the alternative method of funding which requires an ever increasing 107% of the prior years required contribution each year from the municipality. The municipal policemen's or firemen's pension fund(s) would be closed to newly hired police officers or firefighters. Newly hired police officers or firefighters would be placed in the statewide Municipal Police Officers and Firefighters Retirement System operated by the Consolidated Public Retirement Board. Municipal costs to the statewide system are fixed between 8.5% and 10.5% of payroll annually.
Person submitting Fiscal Note: Blair Taylor, Executive Director
Email Address: blair.m.taylor@wv.gov