Actuarial Fiscal Note
Retirement Systems Impacted by Legislation:
DSRS
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).
This Bill provides for technical corrections, including a restatement of the error correction procedures.
There are no increases in benefits provided under the Plan. There is no increase in either the Normal Cost nor the Actuarial Accrued Liabilities for 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:
There are no increases in benefits provided under the Plan.
Analysis of Impact on Public Pension Policy:
The bill provides for technical changes clarifying current administrative procedures.
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
None - Local Governments' plan.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2013 Increase/Decrease (use"-") |
2014 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):
Not a State plan. Local Governments only.
Memorandum
None.
Person submitting Fiscal Note: Harry W. Mandel, MAAA, MSPA, EA, Board Actuary
Email Address: harry.w.mandel@wv.gov