FISCAL NOTE
Date Requested: February 23, 2021
Time Requested: 10:11 AM |
| Agency: |
Municipal Pensions Oversight Board |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1506 |
Introduced |
HB2575 |
|
|---|
| CBD Subject: |
Professions and Occupations |
|---|
|
FUND(S):
NA
Sources of Revenue:
Other Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
HOUSE BILL 2575 WILL HAVE ZERO IMPACT ON STATE REVENUES OR DISBURSEMENTS.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2021
Increase/Decrease
(use"-") |
2022
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 age at which a member enters a paid fire department has no impact on the cost to the plan.
Memorandum
House Bill 2575 references the pension plan created in Chapter 8, Article 22A, as well as the members included in the Public Employee Retirement System. It does not include paid departments participating in pension plans created in Chapter 8, Article 22. As of February 2021, there are ten municipalities with paid fire departments participating in pension plans created in Article 22 open to new members. As written, this bill excludes those municipalities.
Person submitting Fiscal Note: Michelle Painter
Email Address: michelle.t.painter@wv.gov