Actuarial Fiscal Note
Date Requested:January 28, 2015
Time Requested:01:41 PM |
| Agency: |
Consolidated Public Retirement Board |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2572 |
Introduced |
SB342 |
|
|---|
| CBD Subject: |
Retirement |
|---|
|
Retirement Systems Impacted by Legislation:
CPRB Administered Plans
FUND(S):
All CPRB Administered Plans
Sources of Revenue:
Other Fund State and Local Gov'ts
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 the documentation of administrative procedures to be used in the correction of administrative errors resulting in over or underpayment of benefits. It inludes methods of recovery of overpayments and distribution of underpayments.
It does not impact the Normal Cost nor the Actuarial Accrued Liabilities of the plans being modified.
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 intended to assist the CPRB in the recovery of overpayments and the determination of amounts due to settle underpayments. The bill does not increase any benefits due to any member or beneficiary.
Analysis of Impact on Public Pension Policy:
Provides consisstency between all CPRB administered plans in the area of error corrections.
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This Bill provides for the documentation of administrative procedures to be used in the correction of administrative errors resulting in over or underpayment of benefits. It inludes methods of recovery of overpayments and distribution of underpayments.
It does not impact the Normal Cost nor the Actuarial Accrued Liabilities of the plans being modified.
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 intended to assist the CPRB in the recovery of overpayments and the determination of amounts due to settle underpayments. The bill does not increase any benefits due to any member or beneficiary.
Memorandum
Provides consisstency between all CPRB administered plans in the area of error corrections.
Person submitting Fiscal Note: Harry W. Mandel, Board Actuary, MAAA, MSPA, EA
Email Address: harry.w.mandel@wv.gov