Actuarial Fiscal Note
Retirement Systems Impacted by Legislation:
Public Employees Retirement System
FUND(S):
PERS 2510
Sources of Revenue:
Other Fund State and Local Govts
Legislation creates:
Neither Program nor Fund
Actuarial Note Summary
Impact this measure will have on the liabilities and contributions associated with the retirement system(s).
The bill provides technical clean up and clarifications impacting CPRB administration of the Plan. The primary provisions clarify certain compensation definitions, Refund of Employee contributions for short term rehired members and the elimination of the Emergency and Legislative Rules requirements for setting the Employer Contirbution rate annually by the CPRB Board based upon the annual Actuarial Valuation for PERS.
There is no increase in benefits to any members of PERS. There is no change in either the Normal Cost nor the Actuarial Accrued Liabilities.
Fiscal Detail of Actuarial Impact
Impact on current benefit costs, prior service benefit costs and ongoing contribution requirements following full implementation.
| 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 Actuarial estimates:
Changes are clarifications or procedural changes in nature. There are no changes in either the Normal Cost nor the Actuarial Accrued Liabilities. The elimination of the emergency rules requirement does not change the CPRB methodology or timing for setting the annual Employer Contribution rate.
Analysis of Impact on Public Pension Policy:
Bill provides clarifications impacting the daily administration of PERS.
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The bill provides technical clean up and clarifications impacting CPRB administration of the Plan. The primary provisions clarify certain compensation definitions, Refund of Employee contributions for short term rehired members and the elimination of the Emergency and Legislative Rules requirements for setting the Employer Contirbution rate annually by the CPRB Board based upon the annual Actuarial Valuation for PERS.
There is no increase in benefits to any members of PERS. There is no change in either the Normal Cost nor the Actuarial Accrued Liabilities.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2014
Increase/Decrease
(use"-") |
2015
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
0 |
0 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
0 |
0 |
| 2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above Fiscal Note estimates (include possible long-range effect):
Changes are clarifications or procedural changes in nature. There are no changes in either the Normal Cost nor the Actuarial Accrued Liabilities. The elimination of the emergency rules requirement does not change the CPRB methodology or timing for setting the annual Employer Contribution rate.
Memorandum
Bill provides clarifications impacting the daily administration of PERS.
Person submitting Fiscal Note: Harry W. Mandel, Board Actuary, MAAA, MSPA, EA
Email Address: harry.w.mandel@wv,giv