Actuarial Fiscal Note

Date Requested:January 16, 2018
Time Requested:11:26 AM
Agency: Municipal Pensions Oversight Board
CBD Number: Version: Bill Number: Resolution Number:
1232 Introduced HB4152
CBD Subject: Retirement

Retirement Systems Impacted by Legislation:



FUND(S):



Sources of Revenue:

Other Fund NA

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 Fiscal Note request does not affect any of the municipal pensions funds the Municipal Pensions Oversight Board is responsible for overseeing in WV Code 8-22-16 through 8-22-28.
    
    The Municipal Police Officers and Firefighters Retirement System (WV Code 8-22A et seq)is operated by the Consolidated Public Retirement Board and this Fiscal Note Request should be directed to that Board.
    
    



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:


    

Analysis of Impact on Public Pension Policy:


    



Fiscal Note Summary


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


    This Fiscal Note request does not affect any of the municipal pensions funds the Municipal Pensions Oversight Board is responsible for overseeing in WV Code 8-22-16 through 8-22-28.
    
    The Municipal Police Officers and Firefighters Retirement System (WV Code 8-22A et seq)is operated by the Consolidated Public Retirement Board and this Fiscal Note Request should be directed to that Board.
    
    



Fiscal Note Detail


Effect of Proposal Fiscal Year
2018
Increase/Decrease
(use"-")
2019
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):


    



Memorandum


    This Fiscal Note request does not affect any of the municipal pensions funds the Municipal Pensions Oversight Board is responsible for overseeing in WV Code 8-22-16 through 8-22-28.
    
    The Municipal Police Officers and Firefighters Retirement System (WV Code 8-22A et seq)is operated by the Consolidated Public Retirement Board and this Fiscal Note Request should be directed to that Board.
    
    



    Person submitting Fiscal Note: Blair M. Taylor
    Email Address: blair.m.taylor@wv.gov