|Date Requested:March 04, 2013
Time Requested:03:23 PM
|Retirement Systems Impacted by Legislation:
Emergency Medical Services Retirement System
Sources of Revenue
You must select Revenue Source(s)!
|Other Fund Local Governments|
Does the proposed legislation create:Neither Program nor Fund
You must make a selection(s)!
| This Bill provides technical corrections and clean up provisions including definitions, error correction procedures, return to covered employment and correction of Disability Retirement eligibility provisions to be consistent with the actuarial treatment of disability eligibility.
The bill does not increase either the Normal Cost nor the Actuarial Accrued Liabilities under 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
Explanation of above estimates
|All changes are technical corrections or clean up provisions and do not impact either the Normal Cost nor the Actuarial Accrued Liabilities. Failure to correct the disability provisions would result in an increase in plan costs by providing for unintended eligibility for benefits not included in the actuarial costs of the plan.|
Analysis of Impact on Public Pension Policy
|The bill provides technical corrections and clean up to assist 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.
|None - Local Governmental 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|
|1. Estmated Total Cost||0||0||0|
|Repairs and Alterations|
|2. Estimated Total Revenues|
3. Explanation of above estimates (including long-range effect):None - Local governments plan.
|None - Local governments plan.|
|Person Submitting Fiscal Note|
|Harry W. Mandel, MAAA, MSPA, EA, Board Actuary|