Actuarial Fiscal Note


Retirement Systems Impacted by Legislation:

State Police Plan B

FUND(S):

Plan B 2162

Sources of Revenue:

General Fund

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 State Police Plan B. These include correcting definitions, modifying disability language and elimination of the rules requirements for setting the annual employer contribution percentage of payroll based on the CPRB annual Actuarial Valuation.
    
    There is no increase in benefits to any members of Plan B. 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:


    All changes are clarification in nature. There are no changes in either the Normal Cost nor the Actuarial Accrued Liabilities.

Analysis of Impact on Public Pension Policy:


    Bill allows for clarifications impacting the daily administration of Plan B.



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 State Police Plan B. These include correcting definitions, modifying disability language and elimination of the rules requirements for setting the annual employer contribution percentage of payroll based on the CPRB annual Actuarial Valuation.
    
    There is no increase in benefits to any members of Plan B. 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):


    All changes are clarification in nature. There are no changes in either the Normal Cost nor the Actuarial Accrued Liabilities.



Memorandum


    Bill allows for clarifications impacting the daily administration of Plan B.



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