Actuarial Fiscal Note


Retirement Systems Impacted by Legislation:

Deputy Sheriffs' Retirement System

FUND(S):

DSRS 2150

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 provides for technical corrections, including a restatement of the error correction procedures.
    
    There are no increases in benefits provided under the Plan. There is no increase in either the Normal Cost nor the Actuarial Accrued Liabilities for DSRS.



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:


    There are no increases in benefits provided under the Plan due to this bill.

Analysis of Impact on Public Pension Policy:


    The bill provides for technical changes clarifying current administrative procedures.



Fiscal Note Summary


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


    None - Local Governments sponsor the Plan.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2013
Increase/Decrease
(use"-")
2014
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):


    None - Local Governments sponsor the plan.



Memorandum


    None



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