Actuarial Fiscal Note


Retirement Systems Impacted by Legislation:

All CPRB Administered

FUND(S):

All CPRB

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 CPRB with additional legal recourse regarding delinquent contributions to any CPRB administered plan in the case of successor liability due to the sale of the participating employer.
    
    The bill does not increase any benefits otherwise provided under any CPRB administered plans. There is no increase in either Normal Cost nor Actuarial Accrued Liability.



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 change benefits provided under any CPRB administered plan. There is no increase in either Normal Cost nor Actuarial Accrued Liabilities for any CPRB administered plan.

Analysis of Impact on Public Pension Policy:


    The bill provides additional protections for the CPRB in collecting delinquent plan contributions.



Fiscal Note Summary


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


    This bill provides CPRB with additional legal recourse regarding delinquent contributions to any CPRB administered plan in the case of successor liability due to the sale of the participating employer.
    
    The bill does not increase any benefits otherwise provided under any CPRB administered plans. There is no increase in either Normal Cost nor Actuarial Accrued Liability.



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 change benefits provided under any CPRB administered plan. There is no increase in either Normal Cost nor Actuarial Accrued Liabilities for any CPRB administered plan.



Memorandum


    The bill provides additional protections for the CPRB in collecting delinquent plan contributions.



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