Fiscal/Actuarial Note
Date Requested:January 24, 2008
Time Requested:03:49 PM
Agency: Consolidated Public Retirement Board
CBD Number: Version: Bill Number: Resolution Number:
2008R1616 Introduced SB301
CBD Subject: Relating to State Police Retirement Fund
Retirement Systems Impacted by Legislation:
State Police Plan B
FUND(S)
Plan B 2162
Sources of Revenue
You must select Revenue Source(s)!
General Fund
Does the proposed legislation create:
You must make a selection(s)!
Neither Program nor Fund

    This bill is a clarification bill for the administration of State Police Plan B. Changes include adding and clarifying definitions for administration. The bill removes the minimum $500 restriction on eligible rollover. It additionally clarifies the starting date for surviving spouse or dependent children’s benefits. 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 administrative and clarification changes only.
Analysis of Impact on Public Pension Policy
    Changes should limit possibility of future litigation due to clarifications in definitions.
Fiscal Note Summary

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 State Police Plan B. Changes include adding and clarifying definitions for administration. The bill removes the minimum $500 restriction on eligible rollover. It additionally clarifies the starting date for surviving spouse or dependent children’s benefits. Retirement benefits will not be impacted by the changes.

Fiscal Note Detail
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
3. Explanation of above estimates (including long-range effect):
    There is no impact on the Normal Cost nor Actuarial Accrued Liabilities. Bill provides administrative and clarification changes only.


Memorandum
    Changes should limit possibility of future litigation due to clarifications in definitions.
Person Submitting Fiscal Note
Harry W. Mandel, MAAA, MSPA, EA, Board Actuary
Email
Harry.W.Mandel@wv.gov