FISCAL NOTE

Date Requested: March 02, 2017
Time Requested: 10:22 AM
Agency: Consolidated Public Retirement Board
CBD Number: Version: Bill Number: Resolution Number:
1756 Introduced HB2637
CBD Subject: Education (K12)


FUND(S):

TRS 2600

Sources of Revenue:

Other Fund N/A

Legislation creates:

Neither Program nor Fund



Fiscal Note Summary


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


The changes proposed by HB2637, if enacted, would not cause any increase in the Unfunded Actuarial Accrued Liability or Normal Cost of TRS. There would be no impact on the contribution required to the plan.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2017
Increase/Decrease
(use"-")
2018
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 changes proposed by HB2637, if enacted, would not cause any increase in the Unfunded Actuarial Accrued Liability or Normal Cost of TRS. There would be no impact on the contribution required to the plan.



Memorandum


As far as concerns TRS, this bill is a continuation of current policy which allows very limited reemployment of retired teachers only in areas of critical need that might exist throughout the state. As such, there are no anticipated costs to the plan.



    Person submitting Fiscal Note: Melody Bailey, Actuarial Analyst, WVCPRB
    Email Address: melody.j.bailey@wv.gov