| Date Requested:February 02, 2011 Time Requested:11:23 AM |
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| Retirement Systems Impacted by Legislation: Public Employees Retirement System |
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|---|---|---|---|
| FUND(S) 2510 |
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Sources of Revenue You must select Revenue Source(s)! | |||
| General Fund,Other Fund State and Local Govts | |||
Does the proposed legislation create:
Neither Program nor Fund You must make a selection(s)! | |||
| The bill provides for clarifications of administrative provisions. It does not increase the Normal Cost nor the Actuarial Accrued Liabilities of the Plan for current members. |
| 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 provides administrative clarifications only including:
1. Excludes lump sum compensation payments from contributions to PERS and from determining FAP. 2. Clarifies termination withdrawal and repayment provisions. 3. For new hires July 1, 2011 and after, requires at least 5 years of contributory service for vested retirement benefits. 4. Clean up of certain disability benefit administration provisions. 5. Clean up for corrections to certain contribution/benefit under payments and overpayments. The is no change in the Normal Cost nor Actuarial Accrued Liabilities due to these changes. |
Analysis of Impact on Public Pension Policy |
| CPRB administrative clarifications that do not increase any members benefit entitlements. |
Explain in a clear and concise manner what effect this measure will have on costs and revenues of state government.
| The bill provides for clarifications of administrative provisions. It does not increase the Normal Cost nor the Actuarial Accrued Liabilities of the Plan for current members. |
| 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 | ||
|---|---|---|---|
| 2011 Increase/Decrease (use"-") |
2012 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):
The Bill provides administrative clarifications only including:
1. Excludes lump sum compensation payments from contributions to PERS and from determining FAP. 2. Clarifies termination withdrawal and repayment provisions. 3. For new hires July 1, 2011 and after, requires at least 5 years of contributory service for vested retirement benefits. 4. Clean up of certain disability benefit administration provisions. 5. Clean up for corrections to certain contribution/benefit under payments and overpayments. The is no change in the Normal Cost nor Actuarial Accrued Liabilities due to these changes. |
| CPRB administrative clarifications that do not increase any members benefit entitlements. |
| Person Submitting Fiscal Note |
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| Harry W. Mandel, Board Actuary, MAAA, MSPA, EA |
| harry.w.mandel@wv.gov |