Actuarial Fiscal Note
Retirement Systems Impacted by Legislation:
PERS and TRS
FUND(S):
PERS 2510 and TRS 2601
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 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 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 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
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
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 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 Address: harry.w.mandel@wv,gov