| Date Requested:March 05, 2013 Time Requested:01:36 PM |
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| Retirement Systems Impacted by Legislation: All CPRB Administered Plan |
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|---|---|---|---|
| FUND(S) All CPRB administered |
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Sources of Revenue You must select Revenue Source(s)! | |||
| Other Fund State and Local Govts | |||
Does the proposed legislation create:
Neither Program nor Fund You must make a selection(s)! | |||
| This bill provides CPRB with additional legal recourse regarding delinquent contributions to any CPRB administered plan in the case of successor liability due to the sale of the participating employer.
The bill does not increase any benefits otherwise provided under any CPRB administered plans. There is no increase in either Normal Cost nor Actuarial Accrued Liability. |
| 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 |
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| The bill does not change benefits provided under any CPRB administered plan. There is no increase in either Normal Cost nor Actuarial Accrued Liabilities for any CPRB administered plan. |
Analysis of Impact on Public Pension Policy |
| The bill provides additional protections for the CPRB in collecting delinquent plan contributions. |
Explain in a clear and concise manner what effect this measure will have on costs and revenues of state government.
| This bill provides CPRB with additional legal recourse regarding delinquent contributions to any CPRB administered plan in the case of successor liability due to the sale of the participating employer.
The bill does not increase any benefits otherwise provided under any CPRB administered plans. There is no increase in either Normal Cost nor Actuarial Accrued Liability. |
| 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 | |||
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3. Explanation of above estimates (including long-range effect):
The bill does not change benefits provided under any CPRB administered plan. There is no increase in either Normal Cost nor Actuarial Accrued Liabilities for any CPRB administered plan. |
| The bill provides additional protections for the CPRB in collecting delinquent plan contributions. |
| Person Submitting Fiscal Note |
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| Harry W. Mandel, MAAA, MSPA, EA, Board Actuary |
| harry.w.mandel@wv.gov |