| Date Requested:February 21, 2009 Time Requested:12:21 PM |
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| Retirement Systems Impacted by Legislation: Teachers Retirement System / Teachers Defined Contribution |
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| FUND(S) TRS 2601 / TDC 2191 |
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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 provides for changes in administrative language requested by the Plan Administrator.
There are no changes in actual benefits to be paid to members due to the Bill. |
| 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 |
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| Based on an actuarial review of the Bill, there are no changes in either the Normal Cost nor the Actuarial Accrued Liabilities expected due to the administrative changes contained in the Bill. |
Analysis of Impact on Public Pension Policy |
| Bill clarifies certain administrative provisions to correspond to the administrative procedures adopted for the Plan. |
Explain in a clear and concise manner what effect this measure will have on costs and revenues of state government.
| This bill provides for changes in administrative language requested by the Plan Administrator.
There are no changes in actual benefits to be paid to members due to the Bill. |
| 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 | ||
|---|---|---|---|
| 2009 Increase/Decrease (use"-") |
2010 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):
Based on an actuarial review of the Bill, there are no changes in either the Normal Cost nor the Actuarial Accrued Liabilities expected due to the administrative changes contained in the Bill. |
| Bill clarifies certain administrative provisions to correspond to the administrative procedures adopted for the Plan. |
| Person Submitting Fiscal Note |
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| Harry W. Mandel, Board Actuary, MAAA, MSPA, EA |
| harry.w.mandel@wv.gov |