For PERS and TRS current annuitants with at least 20 years of credited service, SB 673 would provide a benefit increase of $2 per month for each year of credited service.
This bill would violate the West Virginia Statute §5-10-22h, known as “2005 Pension Reform”, which prohibits the increase of existing benefits or the creation of new benefits for inactive participants of PERS if the new benefits increase the Actuarial Accrued Liability (AAL) of PERS by more than 1% based on the most recent actuarial funding valuation.
This bill would violate the West Virginia Statute §5-10-22h, known as “2005 Pension Reform”, which prohibits the increase of existing benefits or the creation of new benefits for inactive participants of PERS if the new benefits increase the Actuarial Accrued Liability (AAL) of PERS by more than 1% based on the most recent actuarial funding valuation.
This bill would violate the West Virginia Statute §5-10-22h, known as “2005 Pension Reform”, which prohibits the increase of existing benefits or the creation of new benefits for inactive participants of PERS if the new benefits increase the Actuarial Accrued Liability (AAL) of PERS by more than 1% based on the most recent actuarial funding valuation.
For PERS and TRS current annuitants with at least 20 years of credited service, SB 673 would provide a benefit increase of $2 per month for each year of credited service.
This bill would violate the West Virginia Statute §5-10-22h, known as “2005 Pension Reform”, which prohibits the increase of existing benefits or the creation of new benefits for inactive participants of PERS if the new benefits increase the Actuarial Accrued Liability (AAL) of PERS by more than 1% based on the most recent actuarial funding valuation.
Effect of Proposal |
Fiscal Year |
2020 Increase/Decrease (use"-") |
2021 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) |
1. Estmated Total Cost |
1,000,000,000,000,000,000 |
1,000,000,000,000,000,000 |
1,000,000,000,000,000,000 |
Personal Services |
1,000,000,000,000,000,000 |
1,000,000,000,000,000,000 |
1,000,000,000,000,000,000 |
Current Expenses |
1,000,000,000,000,000,000 |
1,000,000,000,000,000,000 |
1,000,000,000,000,000,000 |
Repairs and Alterations |
1,000,000,000,000,000,000 |
1,000,000,000,000,000,000 |
1,000,000,000,000,000,000 |
Assets |
1,000,000,000,000,000,000 |
1,000,000,000,000,000,000 |
1,000,000,000,000,000,000 |
Other |
1,000,000,000,000,000,000 |
1,000,000,000,000,000,000 |
1,000,000,000,000,000,000 |
2. Estimated Total Revenues |
1,000,000,000,000,000,000 |
1,000,000,000,000,000,000 |
1,000,000,000,000,000,000 |
For PERS and TRS current annuitants with at least 20 years of credited service, SB 673 would provide a benefit increase of $2 per month for each year of credited service.
This bill would violate the West Virginia Statute §5-10-22h, known as “2005 Pension Reform”, which prohibits the increase of existing benefits or the creation of new benefits for inactive participants of PERS if the new benefits increase the Actuarial Accrued Liability (AAL) of PERS by more than 1% based on the most recent actuarial funding valuation.
For PERS and TRS current annuitants with at least 20 years of credited service, SB 673 would provide a benefit increase of $2 per month for each year of credited service.
This bill would violate the West Virginia Statute §5-10-22h, known as “2005 Pension Reform”, which prohibits the increase of existing benefits or the creation of new benefits for inactive participants of PERS if the new benefits increase the Actuarial Accrued Liability (AAL) of PERS by more than 1% based on the most recent actuarial funding valuation.
The CPRB Board and the CPRB Board Actuary are available to discuss this Actuarial/Fiscal Note.
Kenneth M. Woodson Jr., Board Actuary, CPRB