Fiscal/Actuarial Note
Date Requested:March 04, 2013
Time Requested:02:11 PM
Agency: Consolidated Public Retirement Board
CBD Number: Version: Bill Number: Resolution Number:
2013R2434 Introduced SB430
CBD Subject: ADDING DEFINITION OF EMPLOYMENT
Retirement Systems Impacted by Legislation:
Teachers Defined Contribution
FUND(S)
TDC 2191
Sources of Revenue
You must select Revenue Source(s)!
Other Fund State & Local Govts
Does the proposed legislation create:
You must make a selection(s)!
Neither Program nor Fund

    This Bill provides for technical corrections and clean up. These include clarifications and expansion of definitions and revised error correction provisions.
    
    The bill does not increase benefits payable under the terms of the plan. There is no increase in the Contribution rate of the plan.
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
    The bill does not increase any benefits regularly payable under the plan.
Analysis of Impact on Public Pension Policy
    The technical and clean up provisions assist the CPRB in the administration of the plan.
Fiscal Note Summary

Explain in a clear and concise manner what effect this measure will have on costs and revenues of state government.

    This Bill provides for technical corrections and clean up. These include clarifications and expansion of definitions and revised error correction provisions.
    
    The bill does not increase benefits payable under the terms of the plan. There is no increase in the Contribution rate of the plan.

Fiscal Note Detail
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
2013
Increase/Decrease
(use"-")
2014
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
3. Explanation of above estimates (including long-range effect):
    The bill does not increase any benefits regularly payable under the plan.


Memorandum
    The technical and clean up provisions assist the CPRB in the administration of the plan.
Person Submitting Fiscal Note
Harry W. Mandel, MAAA, MSPA, EA, Board Actuary
Email
harry.w.mandel@wv.gov