Fiscal/Actuarial Note
Date Requested:February 23, 2009
Time Requested:11:14 AM
Agency: Consolidated Public Retirement Board
CBD Number: Version: Bill Number: Resolution Number:
2009R1747 Introduced HB2703
CBD Subject: TRS-CLARIFYING TERMS LOAN PROVISIONS
Retirement Systems Impacted by Legislation:
Teachers Retirement System
FUND(S)
TRS 2601
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 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
    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.
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 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.

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
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
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.


Memorandum
    Bill clarifies certain administrative provisions to correspond to the administrative procedures adopted for the Plan.
Person Submitting Fiscal Note
Harry W. Mandel, Board Actuary, MAAA, MSPA, EA
Email
harry.w.mandel@wv.gov