Fiscal/Actuarial Note
Date Requested:March 04, 2013
Time Requested:03:34 PM
Agency: Consolidated Public Retirement Board
CBD Number: Version: Bill Number: Resolution Number:
2013R2430 Introduced SB418
CBD Subject: "ANNUAL COMPENSATION"
Retirement Systems Impacted by Legislation:
Emergency Medical Services Retirement System
FUND(S)
EMSRS
Sources of Revenue
You must select Revenue Source(s)!
Other Fund Local Governments
Does the proposed legislation create:
You must make a selection(s)!
Neither Program nor Fund

    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
N/A N/A
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.
Fiscal Note Summary

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

    None - Local governmental 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):
    None - Local governmental plan


Memorandum
    None - Local governmental plan.
Person Submitting Fiscal Note
Harry W. Mandel, MAAA, MSPA, EA, Board Actuary
Email
harry.w.mandel@wv.gov