Actuarial Fiscal Note
Date Requested:February 11, 2019
Time Requested:12:08 PM |
| Agency: |
Consolidated Public Retirement Board |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1790 |
Comm. Sub. |
SB261 |
|
|---|
| CBD Subject: |
Courts |
|---|
|
Retirement Systems Impacted by Legislation:
PERS 2501
FUND(S):
Special Fund
Sources of Revenue:
Creates New Expense
Legislation creates:
PERS
Actuarial Note Summary
Impact this measure will have on the liabilities and contributions associated with the retirement system(s).
The committee substitute for SB 261 codifies the number of magistrates serving in each county following the 2020 election cycle and the maximum number of magistrate court deputy clerks appointed in the state of West Virginia.
The committee substitute for SB 261 increases the total number of magistrates by 3 as of the effective date of the bill and ultimately increases the total number of magistrates by 4. In addition, the committee substitute for SB 261 increases the maximum number of magistrate court deputy clerks appointed in the state of West Virginia from 72 to 77.
Relative to the total number of members in PERS, the incremental change in the number of magistrates and magistrate court deputy clerks introduced in the committee substitute for SB 261 is very small. Therefore, the increase in Normal Cost and Unfunded Actuarial Accrued Liability from the committee substitute for SB 261 is immaterial for PERS.
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:
Relative to the total number of members in PERS, the incremental change in the number of magistrates and magistrate court deputy clerks introduced in the committee substitute for SB 261 is very small. Therefore, the increase in Normal Cost and Unfunded Actuarial Accrued Liability from the committee substitute for SB 261 is immaterial for PERS.
Analysis of Impact on Public Pension Policy:
Relative to the total number of members in PERS, the incremental change in the number of magistrates and magistrate court deputy clerks introduced in the committee substitute for SB 261 is very small. Therefore, the increase in Normal Cost and Unfunded Actuarial Accrued Liability from the committee substitute for SB 261 is immaterial for PERS.
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The committee substitute for SB 261 codifies the number of magistrates serving in each county following the 2020 election cycle and the maximum number of magistrate court deputy clerks appointed in the state of West Virginia.
The committee substitute for SB 261 increases the total number of magistrates by 3 as of the effective date of the bill and ultimately increases the total number of magistrates by 4. The committee substitute for SB 261 also increases the maximum number of magistrate court deputy clerks appointed in the state of West Virginia from 72 to 77.
Relative to the total number of members in PERS, the incremental change in the number of magistrates and magistrate court deputy clerks introduced in the committee substitute for SB 261 is very small. Therefore, the increase in Normal Cost and Unfunded Actuarial Accrued Liability from the committee substitute for SB 261 is immaterial for PERS.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2019
Increase/Decrease
(use"-") |
2020
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 committee substitute for SB 261 is not expected to materially impact the Normal Cost or Unfunded Actuarial Accrued Liability of PERS.
Relative to the total number of members in PERS, the incremental change in the number of magistrates and magistrate court deputy clerks introduced in the committee substitute for SB 261 is very small.
Memorandum
Relative to the total number of members in PERS, the incremental change in the number of magistrates and magistrate court deputy clerks introduced in the committee substitute for SB 261 is very small.
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.
Person submitting Fiscal Note: Kenneth M. Woodson Jr., Board Actuary, CPRB
Email Address: kenneth.m.woodson@wv.gov