Fiscal/Actuarial Note
Date Requested:January 28, 2014
Time Requested:01:42 PM
Agency: Consolidated Public Retirement Board
CBD Number: Version: Bill Number: Resolution Number:
2014R1937 Introduced HB4366
CBD Subject: RECIPROCAL SERVICE CREDIT CLARIFIED
Retirement Systems Impacted by Legislation:
PERS and TRS
FUND(S)
PERS 2510 and TRS 2601
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

    The bill provides technical clean up and clarifications impacting CPRB administration of the Plans. The primary provisions clarify and restate certain definitions.
    
    There is no increase in benefits to any members of PERS or TRS. There is no change in either the Normal Cost nor the Actuarial Accrued Liabilities.
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
    Changes are clarifications in nature. There are no changes in either the Normal Cost nor the Actuarial Accrued Liabilities.
Analysis of Impact on Public Pension Policy
    The Bill provides clarifications necessary for the daily administration of the plans.
Fiscal Note Summary

Explain in a clear and concise manner what 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 Plans. The primary provisions clarify and restate certain definitions.
    
    There is no increase in benefits to any members of PERS or TRS. There is no change in either the Normal Cost nor the Actuarial Accrued Liabilities.

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
2014
Increase/Decrease
(use"-")
2015
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):
    Changes are clarifications in nature. There are no changes in either the Normal Cost nor the Actuarial Accrued Liabilities.


Memorandum
    The Bill provides clarifications necessary for the daily administration of the plans.
Person Submitting Fiscal Note
Harry W. Mandel, Board Actuary, MAAA, MSPA, EA
Email
harry.w.mandel@wv,gov