|Date Requested:January 09, 2014
Time Requested:03:10 PM
|Retirement Systems Impacted by Legislation:
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)!
| The bill revises the voluntary transfer provisions for certain EMS directors currently participating in PERS.
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
| The EMS directors’ transfer window includes a provision requiring the transferring EMS directory to pay all increased benefit costs. Due to this provision, there is no benefit related costs to the employers.
The benefit transfer costs require a highly technical actuarial cost analsysis for both PERS and EMSRS benefits. It is estimated that the increased administrative costs and fees are approximately $2,500 per calculation date.
Analysis of Impact on Public Pension Policy
|The bill is designed to provide an extended 36 month window for an applying EMS director to make the required lump sum payment.|
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||2500||2500||0|
|Repairs and Alterations|
|2. Estimated Total Revenues|
3. Explanation of above estimates (including long-range effect):Local Governmental Plan
|Local Governmental Plan.|
|Person Submitting Fiscal Note|
|Harry W. Mandel, Board Actuary, MAAA, MSPA, EA|