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