Actuarial Fiscal Note

Date Requested:January 30, 2015
Time Requested:11:50 AM
Agency: Consolidated Public Retirement Board
CBD Number: Version: Bill Number: Resolution Number:
2603 Introduced HB2506
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