Actuarial Fiscal Note
Retirement Systems Impacted by Legislation:
Public Safety State Police Plan A
FUND(S):
Dept of Public Safety Plan A - Account 2161
Sources of Revenue:
General Fund
Legislation creates:
Neither Program nor Fund
Actuarial Note Summary
Impact this measure will have on the liabilities and contributions associated with the retirement system(s).
The provisions of this bill are administrative in nature concerning actions necessary to administer current plan provisions.
The Bill will not impact either the Actuarial Accrued Liabilities nor the Normal Cost in the actuarial valuation of the plan.
Fiscal Detail of Actuarial Impact
Impact on current benefit costs, prior service benefit costs and ongoing contribution requirements following full implementation.
| Impact On |
Following Full Implementation |
| Increase in Unfunded Actuarial Accrued Liability |
Initial Impact on Annual Contribution Requirement of System(s) |
Contribution Increase as a Percentage of Annual Payroll |
| Total Annual Costs |
$0.00 |
$0.00 |
0.00 % |
| Normal Cost of System |
N/A |
$0.00 |
0.00 % |
| Past Service Liabilities |
$0.00 |
$0.00 |
0.00 % |
Fiscal Year Past Service
Amortization Period Ends |
N/A |
|
N/A |
Explanation of above Actuarial estimates:
The provisions of the bill do not impact the actuarial valuation benefits nor assumptions and therefore have no cost impact on the liabilities or contribution requirements.
Analysis of Impact on Public Pension Policy:
The bill clarifies when a disability retirement benefit will cease to be paid following a finding that a disabled retiree has exceeded the substantial gainful employment earnings limitation. The bill additionally provides that retirement benefits shall cease upon the discovery of fraud by the retiree or the allowance of fraud on behalf of the retiree.
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The bill is administrative in nature and will not increase State costs or revenues.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2006
Increase/Decrease
(use"-") |
2007
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 Fiscal Note estimates (include possible long-range effect):
There are no reported costs since the changes will not impact the actuarial valuation benefits nor assumptions.
The bill provides administrative provisions necessary to most economically provide benefits and terminate benefits as currently called for under the plan.
Memorandum
Person submitting Fiscal Note: Harry W. Mandel, MAAA, MSPA, EA
Email Address: HMandel@wvadmin.gov