|Date Requested:February 20, 2009
Time Requested:03:36 PM
|Retirement Systems Impacted by Legislation:
Deputy Sheriff Retirement System
Sources of Revenue
You must select Revenue Source(s)!
|Other Fund Local Government|
Does the proposed legislation create:Neither Program nor Fund
You must make a selection(s)!
| The bill provides clean up language for plan administration.
The bill does not modify the benefits generally payable under the Plan. There is no change in the Normal Cost nor the Actuarial Accrued Liabilities of the Plan due to the Bill.
The Bill changes should help minimize the possibility of future litigation in the administration of the Plan.
|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
Explanation of above estimates
| The bill’s provisions are administrative in nature as follows:
1. Modifies and clarifies certain definitions.
2. Clarifies employer error correction policies and procedures.
3. Loan provisions clarifications and settlement procedures.
4. Disability provisions including medical recertifications.
The provisions as outlined do not impact the benefits under the Plan taken into account in the actuarial valuation process. The bill will not impact the Normal Cost nor Actuarial Accrued Liabilities of the Plan.
Analysis of Impact on Public Pension Policy
|Clean up provisions are required to assure uniform future administration of certain technical plan benefits under disability and member loan provisions. These changes will also minimize the possibility of future litigation, especially in the disability provisions.|
Explain in a clear and concise manner what effect this measure will have on costs and revenues of state government.
|DSRS is a local government plan and will not impact State Government.|
|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|
|1. Estmated Total Cost||0||0||0|
|Repairs and Alterations|
|2. Estimated Total Revenues|
3. Explanation of above estimates (including long-range effect):Not Applicable - local governmental plan.
|Not Applicable - local governmental plan.|
|Person Submitting Fiscal Note|
|Harry W. Mandel, Board Actuary, MAAA, MSPA, EA|