Actuarial Fiscal Note

Date Requested:March 03, 2017
Time Requested:11:47 AM
Agency: Consolidated Public Retirement Board
CBD Number: Version: Bill Number: Resolution Number:
2278 Introduced SB506
CBD Subject:

Retirement Systems Impacted by Legislation:

PERS

FUND(S):

PERS 2501

Sources of Revenue:

Other Fund N/A

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 proposes to exempt annuities received by DNR officers in PERS from WV state income tax. There are no changes to any current or future PERS retirement benefits, and therefore no pension costs or savings.
    
    A Fiscal Note should be requested from the WV Department of Revenue, as this bill would affect WV State Tax collections.
    



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 FY2035 N/A


Explanation of above Actuarial estimates:


    There are no changes to any current or future PERS retirement benefits, and therefore no pension costs or savings.
    
    A Fiscal Note should be requested from the WV Department of Revenue, as this bill would affect WV State Tax collections.
    

Analysis of Impact on Public Pension Policy:


    The bill proposes to exempt annuities received by DNR officers in PERS from WV state income tax. Current exemptions are already in place for retirees of any West Virginia municipal police or fire plan, State Police retirement plan, or the Deputy Sheriff’s Retirement System.



Fiscal Note Summary


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


    There are no changes to any current or future PERS retirement benefits, and therefore no pension costs or savings.
    
    A Fiscal Note should be requested from the WV Department of Revenue, as this bill would affect WV State Tax collections.
    



Fiscal Note Detail


Effect of Proposal Fiscal Year
2017
Increase/Decrease
(use"-")
2018
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):


    There are no changes to any current or future PERS retirement benefits, and therefore no pension costs or savings.
    
    A Fiscal Note should be requested from the WV Department of Revenue, as this bill would affect WV State Tax collections.
    



Memorandum


    A Fiscal Note should be requested from the WV Department of Revenue, as this bill would affect WV State Tax collections.



    Person submitting Fiscal Note: Melody Bailey, Actuarial Analyst, WVCPRB
    Email Address: melody.j.bailey@wv.gov