Actuarial Fiscal Note
Retirement Systems Impacted by Legislation:
Local Police, Fire, Waterworks and Sewerage Plans
FUND(S):
N/A
Sources of Revenue:
Other Fund Local Governments
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 does not impact any plans administered by the CPRB.
Impacted Police, Fire, Waterworks and/or Sewerage plans impacted by this bill are sponsored locally by local governmental employers. A fiscal note request should be sent to all local governmental employers sponsoring impacted plans in West Virginia.
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 does not impact any plans administered by the CPRB.
The Bill will impact the normal cost and actuarial accrued liabilities of locally sponsored Police, Fire, Waterworks and Sewerage plans maintained and administered at the local governmental level. Additional contact information on these plans might be available through the State Treasurer’s office for Police and Fire plans.
Analysis of Impact on Public Pension Policy:
The Bill does not impact any plans administered by the CPRB.
The Bill provides an unfunded mandate for local Police, Fire, Waterworks and Sewerage plans to provide additional benefits under existing plans.
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This Bill only impacts local governmental Police, Fire, Waterworks and Sewerage plans. The Bill does not impact either the Costs nor the revenues of state government.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2010 Increase/Decrease (use"-") |
2011 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):
This Bill only impacts local governmental Police, Fire, Waterworks and Sewerage plans. The Bill does not impact either the Costs nor the revenues of state government.
Memorandum
This Bill only impacts local governmental Police, Fire, Waterworks and Sewerage plans. The Bill does not impact either the Costs nor the revenues of state government.
Person submitting Fiscal Note: Harry W. Mandel, Board Actuary, MAAA, MSPA, EA
Email Address: harry.w.mandel@wv.gov