Actuarial Fiscal Note
Retirement Systems Impacted by Legislation:
State Police Plan B
FUND(S):
Plan B 2162
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).
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 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:
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
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
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):
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 Address: Harry.W.Mandel@wv.gov