Actuarial Fiscal Note
Retirement Systems Impacted by Legislation:
All CPRB administered retirement sytems
FUND(S):
PERS 2510, TRS 2601, Plan A 2161, Plan B 2162, JRS 2140, DSRS 2150 and TDC
Sources of Revenue:
General Fund,Other Fund varies by system
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 is a clarification bill for existing practices in the administration of less than honorable service situations under all plans. Retirement benefits will not be impacted by the changes.
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:
There is no impact on the Normal Cost nor Actuarial Accrued Liabilities for any Plan covered under the Bill. Bill provides definition clarifications for less than honorable service statutes currently being administered by CPRB.
Analysis of Impact on Public Pension Policy:
Changes should limit possibility of future litigation due to clarifications in definitions.
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This bill is a clarification bill for existing practices in the administration of less than honorable service situations under all plans. Retirement benefits will not be impacted by the changes.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2008 Increase/Decrease (use"-") |
2009 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 is no impact on the Normal Cost nor Actuarial Accrued Liabilities for any Plan covered under the Bill. Bill provides definition clarifications for less than honorable service statutes currently being administered by CPRB.
Memorandum
Changes should limit possibility of future litigation due to clarifications in definitions.
Person submitting Fiscal Note: Harry W. Mandel, MAAA, MSPA, EA, Board Actuary
Email Address: Harry.W.Mandel@wv.gov