Actuarial Fiscal Note
Retirement Systems Impacted by Legislation:
Emergency Medical Services Retirement System
FUND(S):
EMSRS - New fund with IMB
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).
This bill contains technical changes designed to clarify the administrative provisions for the newly established Emergency Medical Services Retirement System. The administrative provisions are intended to clarify provisions regarding benefits but do not modify the benefits nor rights to benefits for members in the Plan.
The bill does not impact the Normal Cost nor the Actuarial Accrued Liability of EMSRS.
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 Bill does not impact either the Normal Cost nor the Actuarial Accrued Liabilities for EMS.
Analysis of Impact on Public Pension Policy:
Changes are intended to clarify the administrative provisions of the EMSRS and should prevent possible issues regarding benefit amounts or entitlements in the future.
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The EMSRS is a local governmental plan administered on a single plan statewide basis. It does not impact the costs nor revenues of 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):
None.
Memorandum
None.
Person submitting Fiscal Note: Harry W. Mandel, MAAA, MSPA, EA, Board Actuary
Email Address: Harry.W.Mandel@wv.gov