Actuarial Fiscal Note


Retirement Systems Impacted by Legislation:

Teachers Retirement System / Teachers Defined Contribution

FUND(S):

TRS 2601 / TDC 2191

Sources of Revenue:

General Fund

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 changes in administrative language requested by the Plan Administrator.
    
    There are no changes in actual benefits to be paid to members due to the Bill.



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 estimates:


    Based on an actuarial review of the Bill, there are no changes in either the Normal Cost nor the Actuarial Accrued Liabilities expected due to the administrative changes contained in the Bill.

Analysis of Impact on Public Pension Policy:


    Bill clarifies certain administrative provisions to correspond to the administrative procedures adopted for the Plan.



Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


    This bill provides for changes in administrative language requested by the Plan Administrator.
    
    There are no changes in actual benefits to be paid to members due to the Bill.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2009
Increase/Decrease
(use"-")
2010
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 estimates (including long-range effect):


    Based on an actuarial review of the Bill, there are no changes in either the Normal Cost nor the Actuarial Accrued Liabilities expected due to the administrative changes contained in the Bill.



Memorandum


    Bill clarifies certain administrative provisions to correspond to the administrative procedures adopted for the Plan.



    Person submitting Fiscal Note: Harry W. Mandel, Board Actuary, MAAA, MSPA, EA
    Email Address: harry.w.mandel@wv.gov