Actuarial Fiscal Note
Date Requested:February 15, 2019 Time Requested:09:20 AM |
Agency: |
Consolidated Public Retirement Board |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
2074 |
Comm. Sub2 |
SB1 |
|
CBD Subject: |
Education (Higher), Education (K12) |
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|
Retirement Systems Impacted by Legislation:
TRS 2600
FUND(S):
Special Fund
Sources of Revenue:
Creates New Expense
Legislation creates:
TRS
Actuarial Note Summary
Impact this measure will have on the liabilities and contributions associated with the retirement system(s).
The Committee Substitute (2) for SB 1 establishes Advanced Career Education (ACE) programs and the WV Invests Grant Program.
The increase in cost for TRS from Committee Substitute (2) for SB 1 is expected to be immaterial.
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:
We do not expect a material increase in the TRS employer Normal Cost or Unfunded Actuarial Accrued Liability from the Committee Substitute (2)
for SB 1.
Analysis of Impact on Public Pension Policy:
We do not expect a material increase in the TRS employer Normal Cost or Unfunded Actuarial Accrued Liability from the Committee Substitute (2)
for SB 1.
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The Committee Substitute (2) for SB 1 establishes Advanced Career Education (ACE) programs and the WV Invests Grant Program.
The increase in cost for TRS from Committee Substitute (2) for SB 1 is expected to be immaterial.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2019 Increase/Decrease (use"-") |
2020 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):
We do not expect a material increase in the TRS employer Normal Cost or Unfunded Actuarial Accrued Liability from the Committee Substitute (2)
for SB 1.
Memorandum
This Actuarial/Fiscal Note is being submitted by the Consolidated Public Retirement Board. It has been reviewed by the CPRB Actuary. Both the Board and the CPRB Actuary are available upon request for questions.
Person submitting Fiscal Note: Kenneth M. Woodson Jr., Board Actuary, CPRB
Email Address: kenneth.m.woodson@wv.gov