Fiscal/Actuarial Note
Date Requested:January 28, 2014
Time Requested:01:45 PM
Agency: Consolidated Public Retirement Board
CBD Number: Version: Bill Number: Resolution Number:
2014R1931 Introduced SB443
CBD Subject: POLICE RETIREMENT SYSTEM MODIFICATIONS
Retirement Systems Impacted by Legislation:
State Police Plan B
FUND(S)
Plan B 2162
Sources of Revenue
You must select Revenue Source(s)!
General Fund
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 State Police Plan B. These include correcting definitions, modifying disability language and elimination of the rules requirements for setting the annual employer contribution percentage of payroll based on the CPRB annual Actuarial Valuation.
    
    There is no increase in benefits to any members of Plan B. 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
    All changes are clarification in nature. There are no changes in either the Normal Cost nor the Actuarial Accrued Liabilities.
Analysis of Impact on Public Pension Policy
    Bill allows for clarifications impacting the daily administration of Plan B.
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 State Police Plan B. These include correcting definitions, modifying disability language and elimination of the rules requirements for setting the annual employer contribution percentage of payroll based on the CPRB annual Actuarial Valuation.
    
    There is no increase in benefits to any members of Plan B. 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):
    All changes are clarification in nature. There are no changes in either the Normal Cost nor the Actuarial Accrued Liabilities.


Memorandum
    Bill allows for clarifications impacting the daily administration of Plan B.
Person Submitting Fiscal Note
Harry W. Mandel, Board Actuary, MAAA, MSPA, EA
Email
harry.w.mandel@wv.gov