| Date Requested:March 04, 2013 Time Requested:03:20 PM |
| |||||||||||||||
| Retirement Systems Impacted by Legislation: Teachers Retirement System |
|||
|---|---|---|---|
| FUND(S) TRS 2601 |
|||
Sources of Revenue You must select Revenue Source(s)! | |||
| Other Fund State & Local Govts | |||
Does the proposed legislation create:
Neither Program nor Fund You must make a selection(s)! | |||
| This Bill provides for technical corrections and clean up. These include clarifications and expansion of definitions, revised error correction provisions and deletion of obsolete provisions.
The bill does not increase benefits payable under the terms of the plan. There is no increase in the Normal Cost nor the Actuarial Accrued Liabilities 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. There is no increase in the plan Normal Cost or the Actuarial Accrued Liabilities. |
Analysis of Impact on Public Pension Policy |
| The technical and clean up provisions assist the CPRB in the administration of the plan. |
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, revised error correction provisions and deletion of obsolete provisions.
The bill does not increase benefits payable under the terms of the plan. There is no increase in the Normal Cost nor the Actuarial Accrued Liabilities of the plan. |
| 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. There is no increase in the plan Normal Cost or the Actuarial Accrued Liabilities. |
| 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 |
| harry.w.mandel@wv.gov |