FISCAL NOTE
Date Requested: January 28, 2015
Time Requested: 01:41 PM |
| Agency: |
Consolidated Public Retirement Board |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2572 |
Introduced |
SB342 |
|
|---|
| CBD Subject: |
Retirement |
|---|
|
FUND(S):
All CPRB Administered Plans
Sources of Revenue:
Other Fund State and Local Gov'ts
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This Bill provides for the documentation of administrative procedures to be used in the correction of administrative errors resulting in over or underpayment of benefits. It inludes methods of recovery of overpayments and distribution of underpayments.
It does not impact the Normal Cost nor the Actuarial Accrued Liabilities of the plans being modified.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2015
Increase/Decrease
(use"-") |
2016
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 bill is intended to assist the CPRB in the recovery of overpayments and the determination of amounts due to settle underpayments. The bill does not increase any benefits due to any member or beneficiary.
Memorandum
Provides consisstency between all CPRB administered plans in the area of error corrections.
Person submitting Fiscal Note: Harry W. Mandel, Board Actuary, MAAA, MSPA, EA
Email Address: harry.w.mandel@wv.gov