Actuarial Fiscal Note
Retirement Systems Impacted by Legislation:
Teachers Retirement System
FUND(S):
TRS 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 primarily provides clarifications to plan provisions including:
1. Changes in fund name
2. Definition of employer error and correction procedures
3. Correct certain references
4. Eliminate $500 minimum for eligible rollovers
5. Clarify when new loan can be issued following repayment of prior loan
All changes are technical in nature and do not change actual retirement benefits payable to members. There are not changes in either 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:
All changes are clarifications and administrative procedures and do not modify the benefits payable by the Plan.
Analysis of Impact on Public Pension Policy:
Clarifications should reduce the possibility of future litigation.
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The bill primarily provides clarifications to plan provisions including:
1. Changes in fund name
2. Definition of employer error and correction procedures
3. Correct certain references
4. Eliminate $500 minimum for eligible rollovers
5. Clarify when new loan can be issued following repayment of prior loan
All changes are technical in nature and do not change actual retirement benefits payable to members. There are not changes in either the Normal Cost nor the Actuarial Accrued Liabilities of the Plan.
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):
All changes are clarifications and administrative procedures and do not modify the benefits payable by the Plan.
Memorandum
Clarifications should reduce the possibility of future litigation.
Person submitting Fiscal Note: Harry W. Mandel, MAAA, MSPA, EA, Board Actuary
Email Address: Harry.W.Mandel@wv.gov