Actuarial Fiscal Note


Retirement Systems Impacted by Legislation:

PERS and TRS

FUND(S):

PERS 2510 and TRS 2601

Sources of Revenue:

Other Fund State and 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).


    The bill provides technical clean up and clarifications impacting CPRB administration of the Plans. The primary provisions clarify and restate certain definitions.
    
    There is no increase in benefits to any members of PERS or TRS. There is no change in either the Normal Cost nor the Actuarial Accrued Liabilities.



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:


    Changes are clarifications in nature. There are no changes in either the Normal Cost nor the Actuarial Accrued Liabilities.

Analysis of Impact on Public Pension Policy:


    The Bill provides clarifications necessary for the daily administration of the plans.



Fiscal Note Summary


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


    The bill provides technical clean up and clarifications impacting CPRB administration of the Plans. The primary provisions clarify and restate certain definitions.
    
    There is no increase in benefits to any members of PERS or TRS. There is no change in either the Normal Cost nor the Actuarial Accrued Liabilities.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2014
Increase/Decrease
(use"-")
2015
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):


    Changes are clarifications in nature. There are no changes in either the Normal Cost nor the Actuarial Accrued Liabilities.



Memorandum


    The Bill provides clarifications necessary for the daily administration of the plans.



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