| Date Requested:January 17, 2008 Time Requested:10:11 AM |
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| Retirement Systems Impacted by Legislation: Public Employees Retirement System |
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|---|---|---|---|
| FUND(S) PERS 2510 |
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Sources of Revenue You must select Revenue Source(s)! | |||
| General Fund | |||
Does the proposed legislation create:
Neither Program nor Fund You must make a selection(s)! | |||
| This bill is a clarification bill for the administration of PERS. Changes include that no retirement contributions are made on lump sum leave payments, removeal of minimum $500 restriction on eligible rollover and change employee to member. Retirement benefits will not be impacted by the changes. |
| 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 estimates |
|---|
| There is no impact on the Normal Cost nor Actuarial Accrued Liabilities. Bill provides clarification changes only. |
Analysis of Impact on Public Pension Policy |
| Changes should limit possibility of future litigation due to clarifications in definitions. |
Explain in a clear and concise manner what effect this measure will have on costs and revenues of state government.
| This bill is a clarification bill for the administration of PERS. Changes include that no retirement contributions are made on lump sum leave payments, removeal of minimum $500 restriction on eligible rollover and change employee to member. Retirement benefits will not be impacted by the changes. |
| Show over-all effect in Item 1 and 2 and, in Item 3, give an explanation of Breakdown by fiscal year, including long-range effect. |
| 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 | |||
| Current Expenses | |||
| Repairs and Alterations | |||
| Assets | |||
| Other | |||
| 2. Estimated Total Revenues | |||
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3. Explanation of above estimates (including long-range effect):
There is no impact on the Normal Cost nor Actuarial Accrued Liabilities. Bill provides clarification changes only. |
| Changes should limit possibility of future litigation due to clarifications in definitions. |
| Person Submitting Fiscal Note |
|---|
| Harry W. Mandel, MAAA, MSPA, EA, Board Actuary |
| Harry.W.Mandel@wv.gov |