Actuarial Fiscal Note

Date Requested:February 23, 2022
Time Requested:11:51 AM
Agency: Consolidated Public Retirement Board
CBD Number: Version: Bill Number: Resolution Number:
2868 Introduced SB676
CBD Subject: State Personnel

Retirement Systems Impacted by Legislation:

TRS 2600

FUND(S):

Special Fund

Sources of Revenue:

Creates New Expense

Legislation creates:

TRS



Actuarial Note Summary

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


    The purpose of this bill is to allow a classroom teacher to apply to the county superintendent to exclude any personal leave used for religious reasons from counting as a personal leave day for the purposes of determining whether that teacher is eligible for the $500 bonus available to classroom teachers who use not more than four days of personal leave during the 200-day employment term.
    
    SB 676 is not expected to impact the TRS employer Normal Cost or the TRS Unfunded Actuarial Accrued Liability.
    



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:


    SB 676 is not expected to impact the TRS employer Normal Cost or the TRS Unfunded Actuarial Accrued Liability.

Analysis of Impact on Public Pension Policy:


    SB 676 is not expected to impact the TRS employer Normal Cost or the TRS Unfunded Actuarial Accrued Liability.



Fiscal Note Summary


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


    The purpose of this bill is to allow a classroom teacher to apply to the county superintendent to exclude any personal leave used for religious reasons from counting as a personal leave day for the purposes of determining whether that teacher is eligible for the $500 bonus available to classroom teachers who use not more than four days of personal leave during the 200-day employment term.
    
    SB 676 is not expected to impact the TRS employer Normal Cost or the TRS Unfunded Actuarial Accrued Liability.
    



Fiscal Note Detail


Effect of Proposal Fiscal Year
2022
Increase/Decrease
(use"-")
2023
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):


    SB 676 is not expected to impact the TRS employer Normal Cost or the TRS Unfunded Actuarial Accrued Liability.



Memorandum


    This Actuarial/Fiscal Note is being submitted by the Consolidated Public Retirement Board. It has been reviewed by the CPRB Actuary. Both the Board and the CPRB Actuary are available upon request for questions.
    
    For the appropriate actuarial disclosures, see the July 1, 2021 funding valuation report for TRS, expected to be published on March 31, 2022.
    
    In particular, future actuarial measurements may differ significantly from current measurements due to System experience differing from that anticipated by the economic and demographic assumptions, changes expected as part of the natural operation of the methodology used for these measurements, and changes in system provisions or applicable law or regulations.
    
    Kenneth Woodson Jr., the CPRB Board Actuary, is a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries. He meets the Qualification Standards of the American Academy of Actuaries to render the actuarial opinions contained in this Actuarial/Fiscal Note.
    



    Person submitting Fiscal Note: Kenneth M. Woodson Jr.
    Email Address: kenneth.m.woodson@wv.gov