Actuarial Fiscal Note
Date Requested:February 12, 2016 Time Requested:09:44 AM |
Agency: |
Consolidated Public Retirement Board |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
2612 |
Introduced |
HB4487 |
|
CBD Subject: |
Retirement, State Personnel |
---|
|
Retirement Systems Impacted by Legislation:
PERS and TRS
FUND(S):
PERS and TRS
Sources of Revenue:
Other Fund State, local and schools
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 intended to provide technical corrections to certain provisions of SB529 which passed in the 2005 regular session. These include: 1) Nonmonetary remuneration excluded from pension benefit compensation; 2) Compensated Board members; 3) Reinstatement contribution and interest payement requirements; 4)Legislative employee PERS service purchases.
The technical changes do not impact the regular retirement benefits in either PERS nor TRS. There is no increase in either the Normal Cost nor the Actuarial Accrued Liabilities as a result of the technical corrections.
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:
SB529 which passed in the 2015 Regular Session contained certain errors due to drafting issues. This bill corrects the errors. All benefits remain unchanged from the original intent.
Analysis of Impact on Public Pension Policy:
The Bill corrects certain drafting errors contained in SB 529.
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This bill is intended to provide technical corrections to certain provisions of SB529 which passed in the 2005 regular session. These include: 1) Nonmonetary remuneration excluded from pension benefit compensation; 2) Compensated Board members; 3) Reinstatement contribution and interest payement requirements; 4)Legislative employee PERS service purchases.
The technical changes do not impact the regular retirement benefits in either PERS nor TRS. There is no increase in either the Normal Cost nor the Actuarial Accrued Liabilities as a result of the technical corrections.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2016 Increase/Decrease (use"-") |
2017 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):
SB529 which passed in the 2015 Regular Session contained certain errors due to drafting issues. This bill corrects the errors. All benefits remain unchanged from the original intent.
Memorandum
The Bill corrects certain drafting errors contained in SB 529.
Person submitting Fiscal Note: Harry W. Mandel, Board Actuary, MAAA, MSPA, EA
Email Address: harry.w.mandel@wv.gov