Actuarial Fiscal Note


Retirement Systems Impacted by Legislation:

Teachers Retirement System

FUND(S):

TRS 2601

Sources of Revenue:

Other Fund State & Local Govts

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 and clean up. These include clarifications and expansion of definitions, revised error correction provisions and deletion of obsolete provisions.
    
    The bill does not increase benefits payable under the terms of the plan. There is no increase in the Normal Cost nor the Actuarial Accrued Liabilities of the plan.



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 increase any benefits regularly payable under the plan. There is no increase in the plan Normal Cost or the Actuarial Accrued Liabilities.

Analysis of Impact on Public Pension Policy:


    The technical and clean up provisions assist the CPRB in the administration of the plan.



Fiscal Note Summary


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


    This Bill provides for technical corrections and clean up. These include clarifications and expansion of definitions, revised error correction provisions and deletion of obsolete provisions.
    
    The bill does not increase benefits payable under the terms of the plan. There is no increase in the Normal Cost nor the Actuarial Accrued Liabilities of 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):


    The bill does not increase any benefits regularly payable under the plan. There is no increase in the plan Normal Cost or the Actuarial Accrued Liabilities.



Memorandum


    The technical and clean up provisions assist the CPRB in the administration of the plan.



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