Actuarial Fiscal Note
Retirement Systems Impacted by Legislation:
Deputy Sheriff Retirement System
FUND(S):
DSRS 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 provides technical clarifications and clean up to conform to existing practices which includes:
1. Defining errors and the corrections of errors, including contributions and interest.
2. Removes $500 minimum limit for qualified rollovers.
3. Defined disability benefit starting date.
4. Details disability review requirements and suspension of benefits for failure to provide requested information to CPRB.
5. Clarifies that a loan must be paid off for 60 days before a new loan may be taken out.
The changes do not change the amount of benefits normally provided under the plan and therefore do not impact the Normal Cost nor the 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 provisions of the bill do not modify the expected benefit payments to which members are entitled under the plan and therefore there is no cost impact on the plan.
Analysis of Impact on Public Pension Policy:
Clarifications are intended to reduce the possibility of future litigation.
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
DSRS is a local governmental plan. There is no impact on state government.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2008 Increase/Decrease (use"-") |
2009 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):
DSRS is a local governmental plan. There is no impact on state government.
Memorandum
None.
Person submitting Fiscal Note: Harry W. Mandel, MAAA, MSPA, EA, Board Actuary
Email Address: Harry.W.Mandel@wv.gov