Fiscal/Actuarial Note
Date Requested:March 05, 2013
Time Requested:01:36 PM
Agency: Consolidated Public Retirement Board
CBD Number: Version: Bill Number: Resolution Number:
2013R2431 Introduced HB2822
CBD Subject: DELINQUENT RETIREMENT
Retirement Systems Impacted by Legislation:
All CPRB Administered Plan
FUND(S)
All CPRB administered
Sources of Revenue
You must select Revenue Source(s)!
Other Fund State and Local Govts
Does the proposed legislation create:
You must make a selection(s)!
Neither Program nor Fund

    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
    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.
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 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.

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 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.


Memorandum
    The bill provides additional protections for the CPRB in collecting delinquent plan contributions.
Person Submitting Fiscal Note
Harry W. Mandel, MAAA, MSPA, EA, Board Actuary
Email
harry.w.mandel@wv.gov