Actuarial Fiscal Note
Retirement Systems Impacted by Legislation:
PERS and TRS
FUND(S):
2510 and 2601
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 bill provides an increase in the taxable annuity income exclusion from $2,000 to $20,000 for PERS and TRS annuitants as well as certain federal and military pensions.
The bill does not impact the benefit entitlements under either PERS or TRS. It will not have an impact on the costs of either 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:
There is no impact on the annuity benefits being provided under either PERS nor TRS and therefore there is no finacial impact on the Plans.
Analysis of Impact on Public Pension Policy:
The bill will impact tax revenues to the State.
The State Tax Department should provide costs for this bill.
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The bill provides an increase in the taxable annuity income exclusion from $2,000 to $20,000 for PERS and TRS annuitants as well as certain federal and military pensions.
The bill does not impact the benefit entitlements under either PERS or TRS. It will not have an impact on the costs of either plan.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2007 Increase/Decrease (use"-") |
2008 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 is no impact on the annuity benefits being provided under either PERS nor TRS and therefore there is no finacial impact on the Plans.
Memorandum
The bill will impact tax revenues to the State.
The State Tax Department should provide costs for this bill.
Person submitting Fiscal Note: Harry W. Mandel, MAAA, MSPA, Board Actuary
Email Address: HMandel@wvadmin.gov