FISCAL NOTE
Date Requested: January 17, 2018
Time Requested: 11:47 AM |
| Agency: |
Consolidated Public Retirement Board |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1864 |
Comm. Sub. |
HB3095 |
|
|---|
| CBD Subject: |
Education (Higher) |
|---|
|
FUND(S):
TRS 2600
Sources of Revenue:
General Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The House Education Committee Substitute (and the bill as introduced) violates §18-7A-28e, known as “2005 Pension Reform”, which prohibits increases to benefits for active members of TRS. Current retirees of TRS are prohibited from working more than 7 hours at any Institute of Higher Education without a reduction in their monthly annuity. Thus, allowing retirees to return to work with no limit on the number of hours allowed is providing an additional benefit that is not currently available.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2018
Increase/Decrease
(use"-") |
2019
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
999,999,999 |
999,999,999 |
999,999,999 |
| Personal Services |
999,999,999 |
999,999,999 |
999,999,999 |
| Current Expenses |
999,999,999 |
999,999,999 |
999,999,999 |
| Repairs and Alterations |
999,999,999 |
999,999,999 |
999,999,999 |
| Assets |
999,999,999 |
999,999,999 |
999,999,999 |
| Other |
999,999,999 |
999,999,999 |
999,999,999 |
| 2. Estimated Total Revenues |
999,999,999 |
999,999,999 |
999,999,999 |
Explanation of above estimates (including long-range effect):
The House Education Committee Substitute (and the bill as introduced) violates §18-7A-28e, known as “2005 Pension Reform”, which prohibits increases to benefits for active members of TRS. Current retirees of TRS are prohibited from working more than 7 hours at any Institute of Higher Education without a reduction in their monthly annuity. Thus, allowing retirees to return to work with no limit on the number of hours allowed is providing an additional benefit that is not currently available.
Memorandum
The House Education Committee Substitute (and the bill as introduced) violates §18-7A-28e, known as “2005 Pension Reform”, which prohibits increases to benefits for active members of TRS. Current retirees of TRS are prohibited from working more than 7 hours at any Institute of Higher Education without a reduction in their monthly annuity. Thus, allowing retirees to return to work with no limit on the number of hours allowed is providing an additional benefit that is not currently available.
Person submitting Fiscal Note: Melody Bailey, Actuarial Analyst, WVCPRB
Email Address: melody.j.bailey@wv.gov