Actuarial Fiscal Note
Date Requested:January 28, 2015 Time Requested:03:55 PM |
Agency: |
Consolidated Public Retirement Board |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
2600 |
Introduced |
HB2505 |
|
CBD Subject: |
Retirement |
---|
|
Retirement Systems Impacted by Legislation:
DSRS, EMSRS and MPFRS
FUND(S):
DSRS, EMSRS and MPFRS
Sources of Revenue:
Other Fund Local Governments
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).
This Bill provides for administrative guidence for members of DSRS, EMSRS or MPFRS who subsequently work in dual employment with another CPRB administered plan The bill clarifies the dual employment provisions and does not increase benefits payable from any plan.
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:
The bill is administrative in nature and does not increase any benefits under any plan administered by the CPRB. There is no increase in either Normal Cost nor Actuarial Accrued Liabillities under any plan.
Analysis of Impact on Public Pension Policy:
Bill prevents multiple service credits under any plan due to dual employment after first being a member of DSRS, EMSRS or MPFRS.
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This Bill provides for administrative guidence for members of DSRS, EMSRS or MPFRS who subsequently work in dual employment with another CPRB administered plan The bill clarifies the dual employment provisions and does not increase benefits payable from any plan.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2015 Increase/Decrease (use"-") |
2016 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):
The bill is administrative in nature and does not increase any benefits under any plan administered by the CPRB. There is no increase in either Normal Cost nor Actuarial Accrued Liabillities under any plan.
Memorandum
Bill prevents multiple service credits under any plan due to dual employment after first being a member of DSRS, EMSRS or MPFRS.
Person submitting Fiscal Note: Harry W. Mandel, Board Actuary, MAAA, MSPA, EA
Email Address: harry.w.mandel@wv.gov