Actuarial Fiscal Note

Date Requested:January 30, 2018
Time Requested:12:03 PM
Agency: Consolidated Public Retirement Board
CBD Number: Version: Bill Number: Resolution Number:
1958 Draft - Comm. Sub. SB341
CBD Subject: Courts

Retirement Systems Impacted by Legislation:

sfgbfsgn

FUND(S):

General Fund

Sources of Revenue:



Legislation creates:

gnbfg



Actuarial Note Summary


Impact this measure will have on the liabilities and contributions associated with the retirement system(s).


    Summarize in a clear and concise manner what impact this measure will have on the liabilities and contributions associated with the retirement system(s).



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:


    Please explain increases and decreases in Normal Cost and Actuarial Accrued Liabilities, including assumptions and data sources. Please also include a long-range schedule of contributions if fiscal impact is expected to vary in future years.

Analysis of Impact on Public Pension Policy:


    Please identify the direct and indirect expected impact on public pension policy for members covered under the retirement system(s). Also discuss any areas of vagueness, technical defects, and/or any special issues not captured elsewhere on this form.



Fiscal Note Summary


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


    Summarize in a clear and concise manner what impact this measure will have on costs and revenues of state government.



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 estimates (including long-range effect):


    Please explain increases and decreases in personal services, current expenses, repairs and alterations, assets, other costs and revenues, including assumptions and data sources and delineation between start-up and ongoing costs. Please also include a long-range schedule of costs and revenues if fiscal impact is expected to vary in future years.



Memorandum


    Please identify any areas of vagueness, technical defects, reasons a bill would not have a fiscal impact, and/or any special issues not captured elsewhere on this form.



    Person submitting Fiscal Note: John Tice
    Email Address: john.tice@wvlegislature.gov