Actuarial Fiscal Note

Date Requested:January 30, 2015
Time Requested:11:48 AM
Agency: Consolidated Public Retirement Board
CBD Number: Version: Bill Number: Resolution Number:
2602 Introduced HB2504
CBD Subject: Retirement

Retirement Systems Impacted by Legislation:

PERS

FUND(S):

PERS 2510

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 contains clarifying definitions for PERS trust funds. It does not increase benefits provided by PERS



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 the Normal Cost nor Accrued Actuarial Liabilities of the Plan.
    

Analysis of Impact on Public Pension Policy:


    Clarifiecation amendments for PERS



Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


    The bill contains clarifying definitions for PERS trust funds. It does not increase benefits provided by PERS



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 the Normal Cost nor Accrued Actuarial Liabilities of the Plan.
    



Memorandum


    Clarifiecation amendments for PERS



    Person submitting Fiscal Note: Harry W. Mandel, Board Actuary, MAAA, MSPA, EA
    Email Address: harry.w.mandel@wv.gov