Actuarial Fiscal Note
Retirement Systems Impacted by Legislation:
Deputy Sheriff Retirement System
FUND(S):
2150
Sources of Revenue:
Other Fund Local Governments
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 clarifies that a member’s retirement date is the later of being first eligible for unreduced benefits, termination of employment and completing a proper application with the CPRB. It further clarifies that at actual retirement, the accrued benefit based on service and average pay at termination of employment is the benefit payable regardless of retirement date. Further, that late retirement provides a minimum benefit equal to the accrued benefit at the earliest unreduced retirement date had the member terminated employment actuarially adjusted to the actual late retirement date.
These provisions clarify current CPRB practice and have no impact on either the Normal Cost nor Actuarial Accrued Liabilities 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 bill provides a clarification of the retirement amount and benefit commencement provisions consistent with CPRB administrative interpretations of DSRS. As a result there is no change in any benefit otherwise payable.
The bill has no impact on the Normal Cost nor Actuarial Accrued Liabilities of the plan.
Analysis of Impact on Public Pension Policy:
The bill is intended to clarify existing provisions and practices only.
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The DSRS is a local government sponsored plan and has no impact on state government.
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):
Local government plan does no impact state costs.
Memorandum
None.
Person submitting Fiscal Note: Harry W. Mandel, MAAA, MSPA, Board Actuary
Email Address: HMandel@wvadmin.gov