Actuarial Fiscal Note
Date Requested:January 26, 2015 Time Requested:09:44 AM |
Agency: |
Consolidated Public Retirement Board |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
2567 |
Introduced |
SB302 |
|
CBD Subject: |
Retirement |
---|
|
Retirement Systems Impacted by Legislation:
TDC and MPFRS
FUND(S):
TDC - 2191 MPFRS
Sources of Revenue:
Other Fund State and local governmen
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 administrative changes only. It does not impact the Normal Cost nor the Actuarial Accrued Liabilities of the plans being modified.
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 Actuarial estimates:
The bill provvides for administrative changes for the less than honourable service provisions of TDC. It also adds coverage for the MPFRS.
Analysis of Impact on Public Pension Policy:
Provides that MPFRS be under the same less than honourable service provisions as other CPRB administered plans.
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This Bill provides for administrative changes only. It does not impact the Normal Cost nor the Actuarial Accrued Liabilities of the plans being modified.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2015 Increase/Decrease (use"-") |
2016 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 Fiscal Note estimates (include possible long-range effect):
The bill provvides for administrative changes for the less than honourable service provisions of TDC. It also adds coverage for the MPFRS.
Memorandum
Provides that MPFRS be under the same less than honourable service provisions as other CPRB administered plans.
Person submitting Fiscal Note: Harry W. Mandel, Board Actuary, MAAA, MSPA, EA
Email Address: harry.w.mandel@wv.gov