FISCAL NOTE
Date Requested: January 30, 2023
Time Requested: 03:12 PM |
| Agency: |
Municipal Pensions Oversight Board |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 3188 |
Introduced |
HB3148 |
|
|---|
| CBD Subject: |
|
|---|
|
FUND(S):
Special Revenue
Sources of Revenue:
Special Fund
Legislation 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