Actuarial Fiscal Note

Date Requested:January 28, 2015
Time Requested:03:55 PM
Agency: Consolidated Public Retirement Board
CBD Number: Version: Bill Number: Resolution Number:
2600 Introduced HB2505
CBD Subject: Retirement

Retirement Systems Impacted by Legislation:

DSRS, EMSRS and MPFRS

FUND(S):

DSRS, EMSRS and MPFRS

Sources of Revenue:

Other Fund Local Governments

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 guidence for members of DSRS, EMSRS or MPFRS who subsequently work in dual employment with another CPRB administered plan The bill clarifies the dual employment provisions and does not increase benefits payable from any plan.



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 is administrative in nature and does not increase any benefits under any plan administered by the CPRB. There is no increase in either Normal Cost nor Actuarial Accrued Liabillities under any plan.
    

Analysis of Impact on Public Pension Policy:


    Bill prevents multiple service credits under any plan due to dual employment after first being a member of DSRS, EMSRS or MPFRS.



Fiscal Note Summary


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


    This Bill provides for administrative guidence for members of DSRS, EMSRS or MPFRS who subsequently work in dual employment with another CPRB administered plan The bill clarifies the dual employment provisions and does not increase benefits payable from any plan.



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 is administrative in nature and does not increase any benefits under any plan administered by the CPRB. There is no increase in either Normal Cost nor Actuarial Accrued Liabillities under any plan.
    



Memorandum


    Bill prevents multiple service credits under any plan due to dual employment after first being a member of DSRS, EMSRS or MPFRS.



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