Actuarial Fiscal Note
Retirement Systems Impacted by Legislation:
PERS DRS EMSRS MPFRS State Police PLan A &B
FUND(S):
2510 2161 2162 2150 MPFRS EMSRS
Sources of Revenue:
Other Fund State and 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).
The bill provides technical clean up and clarifications impacting CPRB administration of the Plans. The primary provisions clarify that QDRO spousal benefit rights do not apply to either Dependent Scholarship benefits nor Burial Death Benefits.
There is no increase in benefits to any members of the covered plans (PERS, DSRS, State Police Plan A and Plan B, EMSRS and MPFRS). There is no change in either the Normal Cost nor the Actuarial Accrued Liabilities.
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:
All changes are clarification in nature. There are no changes in either the Normal Cost nor the Actuarial Accrued Liabilities.
Analysis of Impact on Public Pension Policy:
Bill allows for clarifications impacting the daily administration of plans.
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The bill provides technical clean up and clarifications impacting CPRB administration of the Plans. The primary provisions clarify that QDRO spousal benefit rights do not apply to either Dependent Scholarship benefits nor Burial Death Benefits.
There is no increase in benefits to any members of the covered plans (PERS, DSRS, State Police Plan A and Plan B, EMSRS and MPFRS). There is no change in either the Normal Cost nor the Actuarial Accrued Liabilities.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2014 Increase/Decrease (use"-") |
2015 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):
All changes are clarification in nature. There are no changes in either the Normal Cost nor the Actuarial Accrued Liabilities.
Memorandum
Bill allows for clarifications impacting the daily administration of plans.
Person submitting Fiscal Note: Harry W. Mandel, Board Actuary, MAAA, MSPA, EA
Email Address: harry.w.mandel@wv.gov