Actuarial Fiscal Note
Retirement Systems Impacted by Legislation:
Teachers Retirement System
FUND(S):
TRS 2601
Sources of Revenue:
Other Fund State & 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).
This Bill provides for technical corrections and clean up. These include clarifications and expansion of definitions, revised error correction provisions and deletion of obsolete provisions.
The bill does not increase benefits payable under the terms of the plan. There is no increase in the Normal Cost nor the Actuarial Accrued Liabilities of the plan.
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 increase any benefits regularly payable under the plan. There is no increase in the plan Normal Cost or the Actuarial Accrued Liabilities.
Analysis of Impact on Public Pension Policy:
The technical and clean up provisions assist the CPRB in the administration of the plan.
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This Bill provides for technical corrections and clean up. These include clarifications and expansion of definitions, revised error correction provisions and deletion of obsolete provisions.
The bill does not increase benefits payable under the terms of the plan. There is no increase in the Normal Cost nor the Actuarial Accrued Liabilities of the plan.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2013 Increase/Decrease (use"-") |
2014 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 does not increase any benefits regularly payable under the plan. There is no increase in the plan Normal Cost or the Actuarial Accrued Liabilities.
Memorandum
The technical and clean up provisions assist the CPRB in the administration of the plan.
Person submitting Fiscal Note: Harry W. Mandel, MAAA, MSPA, EA, Board Actuary
Email Address: harry.w.mandel@wv.gov