Actuarial Fiscal Note
Date Requested:January 26, 2015 Time Requested:11:08 AM |
Agency: |
Consolidated Public Retirement Board |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
2571 |
Introduced |
SB299 |
|
CBD Subject: |
Retirement |
---|
|
Retirement Systems Impacted by Legislation:
State Police Plan B
FUND(S):
Plan B 2162
Sources of Revenue:
General Fund
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 a clarification of the provisions regarding the commencement of Disability Retirement Benefits.
There is no impact on either the Normal Cost nor the Actuarial Accrued Liabililtities
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 provides a clarification of the commencement of Disability Retirement Benefits under the plan. It does not increase the benefits under the plan
Analysis of Impact on Public Pension Policy:
Bill is intended to clarify administrative provisions.
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This Bill provides a clarification of the provisions regarding the commencement of Disability Retirement Benefits.
There is no impact on either the Normal Cost nor the Actuarial Accrued Liabililtities
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 provides a clarification of the commencement of Disability Retirement Benefits under the plan. It does not increase the benefits under the plan
Memorandum
Bill is intended to clarify administrative provisions.
Person submitting Fiscal Note: Harry W. Mandel, Board Actuary, MAAA, MSPA, EA
Email Address: harry.w.mandel@wv.gov