| Date Requested:January 26, 2010 Time Requested:03:39 PM |
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| Retirement Systems Impacted by Legislation: Emergency Medical Services Retirement System |
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| FUND(S) EMSRS |
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Sources of Revenue You must select Revenue Source(s)! | |||
| Other Fund Local Governments | |||
Does the proposed legislation create:
Neither Program nor Fund You must make a selection(s)! | |||
| This Bill clarifies certain administrative provisions including:
1. Definitions including employer error and participating employers. 2. Set actuarial valuation date to WV fiscal year. 3. Clarify employer contribution set by Board with 10.5% cap. 4. Disability definitions and annual review provisions. The bill changes are administrative in nature and will not impact EMSRS benefit payments. The bill has no impact on the Normal Cost nor the Actuarial Accrued Liabilities of EMSRS. |
| 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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| The Bill does not impact either the Normal Cost nor the Actuarial Accrued Liabilities of the EMSRS.
Changes are administrative in nature and are intended to head off potential future litigation. |
Analysis of Impact on Public Pension Policy |
| Bill provides clarifications that are necessary for the CPRB Board to administer the EMSRS benefit provisions. |
Explain in a clear and concise manner what effect this measure will have on costs and revenues of state government.
| EMSRS is a local governmental plan. EMSRS does to impact the costs nor revenues of 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 | ||
|---|---|---|---|
| 2010 Increase/Decrease (use"-") |
2011 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):
EMSRS is a local governmental plan. EMSRS does to impact the costs nor revenues of state government. |
| EMSRS is a local governmental plan. EMSRS does to impact the costs nor revenues of state government. |
| Person Submitting Fiscal Note |
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| Harry W. Mandel, Board Actuary, MAAA, MSPA, EA |
| harry.w.mandel@wv.gov |