Actuarial Fiscal Note

Date Requested:February 21, 2017
Time Requested:01:39 PM
Agency: Consolidated Public Retirement Board
CBD Number: Version: Bill Number: Resolution Number:
2632 Introduced HB2586
CBD Subject: Retirement

Retirement Systems Impacted by Legislation:



FUND(S):

PERS, TRS, TDC, SPTA, SPTB, JRS, DSRS, EMSRS, MPFRS

Sources of Revenue:

Other Fund N/A

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).


    



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.


    Provisions of the bill are administrative, bringing statute as it relates to Required Minimum Distributions into accordance with Section 401(a)(9) of the Internal Revenue Code.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2017
Increase/Decrease
(use"-")
2018
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):


    Provisions of the bill are administrative in nature and produce no additional costs to any of the plans administered by the CPRB.



Memorandum


    



    Person submitting Fiscal Note: Melody Bailey, Actuarial Analyst, WV CPRB
    Email Address: melody.j.bailey@wv.gov