Supplement: WV HB3148 | 2023 | Regular Session | Municipal Pensions Oversight Board
For additional supplements on West Virginia HB3148 please see the Bill Drafting List
Bill Title: Relating to financing municipal policemen’s and firemen’s pension and relief funds
Status: 2023-05-01 - Chapter 89, Acts, Regular Session, 2023 [HB3148 Detail]
Download: West_Virginia-2023-HB3148-Municipal_Pensions_Oversight_Board.html
The revisions included in this bill will not increase or decrease revenues or expenditures for the Municipal Pensions Oversight Board. The changes contemplated in this bill may initially impose a modestly higher cost to a municipality choosing to switch to an actuarially sound method of funding its policemen's and/or firemen's pension plans from the the conservation funding methodology, which is not actuarially sound. However the initial cost increases will diminish in a relatively short period of time and will be a net savings to municipalities and their pension plans.
The revisions included in this bill will not increase or decrease revenues or expenditures for the Municipal Pensions Oversight Board.
The revisions included in this bill will not increase or decrease revenues or expenditures for the Municipal Pensions Oversight Board. The changes contemplated in this bill may initially impose a modestly higher cost to a municipality choosing to switch to an actuarially sound method of funding its policemen's and/or firemen's pension plans from the the conservation funding methodology, which is not actuarially sound. However the initial cost increases will diminish in a relatively short period of time and will be a net savings to municipalities and their pension plans.
Person submitting Fiscal Note: Matthew D. Pauley, MPOB CFO
Email Address: matthew.d.pauley@wv.gov
Bill Title: Relating to financing municipal policemen’s and firemen’s pension and relief funds
Status: 2023-05-01 - Chapter 89, Acts, Regular Session, 2023 [HB3148 Detail]
Download: West_Virginia-2023-HB3148-Municipal_Pensions_Oversight_Board.html
FISCAL NOTE
| Date Requested: January 30, 2023 Time Requested: 03:12 PM |
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FUND(S):
Special RevenueSources of Revenue:
Special FundLegislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The revisions included in this bill will not increase or decrease revenues or expenditures for the Municipal Pensions Oversight Board. The changes contemplated in this bill may initially impose a modestly higher cost to a municipality choosing to switch to an actuarially sound method of funding its policemen's and/or firemen's pension plans from the the conservation funding methodology, which is not actuarially sound. However the initial cost increases will diminish in a relatively short period of time and will be a net savings to municipalities and their pension plans.
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 will not increase or decrease revenues or expenditures for the Municipal Pensions Oversight Board.
Memorandum
The revisions included in this bill will not increase or decrease revenues or expenditures for the Municipal Pensions Oversight Board. The changes contemplated in this bill may initially impose a modestly higher cost to a municipality choosing to switch to an actuarially sound method of funding its policemen's and/or firemen's pension plans from the the conservation funding methodology, which is not actuarially sound. However the initial cost increases will diminish in a relatively short period of time and will be a net savings to municipalities and their pension plans.
Person submitting Fiscal Note: Matthew D. Pauley, MPOB CFO
Email Address: matthew.d.pauley@wv.gov
