Actuarial Fiscal Note
Retirement Systems Impacted by Legislation:
Deputy Sheriff Retirement System
FUND(S):
DSRS 2150
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).
The Bill modifies current civil service statutes for deputy sheriffs to allow continued employment past age 65 in the case where a deputy sheriff receives written authorization to continue employment by his sheriff.
This change is not expected to change liabilities nor contributions to the DSRS.
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:
Currently deputy sheriffs in the DSRS have a mandatory retirement age of 65 in civil service statutes. The bill allows a sheriff to provide written authorization to work past age 65 in limited circumstance.
The change in the bill is not expected to significantly change retirement usage in DSRS. As such, the bill has no impact on either the Normal Cost nor the Actuarial Accrued Liabilities of DSRS.
Analysis of Impact on Public Pension Policy:
The bill has no impact on pension policy for DSRS.
The bill does impact civil service rules regarding mandatory retirement for deputy sheriffs. The impact of allowing selective deputies to work past age 65 should be carefully reviewed.
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This impacts a local governmental plan and employees only and does not impact the costs nor revenues of state government.
Fiscal Note Detail
| 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 |
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):
This impacts a local governmental plan and employees only and does not impact the costs nor revenues of state government.
Memorandum
This impacts a local governmental plan and employees only and does not impact the costs nor revenues of state government.
Person submitting Fiscal Note: Harry W. Mandel, Board Actuary, MAAA, MSPA, EA
Email Address: harry.w.mandel@wv.gov