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: |
2601 |
Introduced |
HB2507 |
|
CBD Subject: |
Retirement |
---|
|
Retirement Systems Impacted by Legislation:
Municiple Police and Fire Retirement System
FUND(S):
Local Governments
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).
The bill is administrative in nature and provides provisions for entering the MPFRS from previous employment with a different local plan. There is no impact on either the Normal Cost nor Actuarial Accrued Liabilities.
It is noted the MPFRS will not recognize any pror service with any local governmental plan. Any recognition of prior service will incure actuarial costs.
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:
All hires eligible for MPFRS do not receive any past service credits ant therefore there is no increase in costs.
Analysis of Impact on Public Pension Policy:
Administrative clarification for a new member who had previous employment with a different local governmental police or fire plan.
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The bill is administrative in nature and provides provisions for entering the MPFRS from previous employment with a different local plan. There is no impact on either the Normal Cost nor Actuarial Accrued Liabilities.
It is noted the MPFRS will not recognize any pror service with any local governmental plan. Any recognition of prior service will incure actuarial costs.
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):
MPFRS is a local governmental plan and is not sponsored by the State of West Virginia.
Memorandum
Administrative clarification for a new member who had previous employment with a different local governmental police or fire plan.
Person submitting Fiscal Note: Harry W. Mandel, Board Actuary, MAAA, MSPA, EA
Email Address: harry.w.mandel@wv.gov