Actuarial Fiscal Note


Retirement Systems Impacted by Legislation:

Emergency Medical Services Retirement System

FUND(S):

EMSRS

Sources of Revenue:

Other Fund Local Governments

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 clarifies certain administrative provisions including:
    
    1. Definitions including employer error and participating employers.
    2. Set actuarial valuation date to WV fiscal year.
    3. Clarify employer contribution set by Board with 10.5% cap.
    4. Disability definitions and annual review provisions.
    
    The bill changes are administrative in nature and will not impact EMSRS benefit payments. The bill has no impact on the Normal Cost nor the Actuarial Accrued Liabilities of EMSRS.



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:


    The Bill does not impact either the Normal Cost nor the Actuarial Accrued Liabilities of the EMSRS.
    
    Changes are administrative in nature and are intended to head off potential future litigation.

Analysis of Impact on Public Pension Policy:


    Bill provides clarifications that are necessary for the CPRB Board to administer the EMSRS benefit provisions.



Fiscal Note Summary


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


    EMSRS is a local governmental plan. EMSRS does to impact the costs nor revenues of state government.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2010
Increase/Decrease
(use"-")
2011
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):


    EMSRS is a local governmental plan. EMSRS does to impact the costs nor revenues of state government.



Memorandum


    EMSRS is a local governmental plan. EMSRS does to impact the costs nor revenues of state government.



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