| Date Requested:February 10, 2012 Time Requested:03:31 PM |
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| Retirement Systems Impacted by Legislation: Teachers Retirement System |
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| FUND(S) TRS 2601 |
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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 that an application for disability retirement under TRS must include a statement of disability from the member’s own physician.
The bill does not change the benefits that may become payable to the member. It is intended to match current administrative procedures being followed by the CPRB in the administration of TRS disability benefits. The bill could result in a reduction in future litigation costs. |
| 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 change any benefits payable to a disabled member. There is no change in either the Normal Cost nor the Actuarial Accrued Liabilities under TRS. |
Analysis of Impact on Public Pension Policy |
| Provides for a clarification in Statutes to match administrative proceedures. |
Explain in a clear and concise manner what effect this measure will have on costs and revenues of state government.
| This Bill provides that an application for disability retirement under TRS must include a statement of disability from the member’s own physician.
The bill does not change the benefits that may become payable to the member. It is intended to match current administrative procedures being followed by the CPRB in the administration of TRS disability benefits. The bill could result in a reduction in future litigation costs. |
| 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 | ||
|---|---|---|---|
| 2012 Increase/Decrease (use"-") |
2013 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 does not change any benefits payable to a disabled member. There is no change in either the Normal Cost nor the Actuarial Accrued Liabilities under TRS. |
| Provides for a clarification in Statutes to match administrative proceedures. |
| Person Submitting Fiscal Note |
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| Harry W. Mandel, Board Actuary, MAAA, MSPA, EA |
| harry.w.mandel@wv,gov |