Actuarial Fiscal Note
Date Requested:March 07, 2025
Time Requested:09:37 AM |
| Agency: |
Consolidated Public Retirement Board |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 3634 |
Introduced |
HB3183 |
|
|---|
| CBD Subject: |
Retirement; State Personnel |
|---|
|
Retirement Systems Impacted by Legislation:
PERS 2501; TRS 2600; State Police Plan A 2392; State Police Plan B 2393; JRS 2140; DSRS 2150; EMSRS 2615; MPFRS 2390; NRPORS 2397; TDC 2190
FUND(S):
Special Fund
Sources of Revenue:
Creates New Expense
Legislation creates:
PERS, TRS, State Police Plan A, State Police Plan B, JRS, DSRS, EMSRS, MPFRS, NRPORS, and TDC
Actuarial Note Summary
Impact this measure will have on the liabilities and contributions associated with the retirement system(s).
HB 3183 updates the West Virginia Statute to add a “confidential information exempt from disclosure” section, §5-10D-15, in an attempt to prevent fraudulent acts. This section will be mirrored after similar language in WV Code §5-10B-12 for the State Deferred Compensation 457 retirement plan.
The update to West Virginia Statute from HB 3183 is not expected to materially impact the unfunded actuarial accrued liability (UAAL) or the contribution requirements for the retirement plans administered by the Consolidated Public Retirement Board. Namely, PERS, TRS, State Police Plan A, State Police Plan B, JRS, DSRS, EMSRS, MPFRS, NRPORS, and TDC.
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 |
0000 |
N/A |
Explanation of above Actuarial estimates:
The update to West Virginia Statute from HB 3183 is not expected to materially impact the unfunded actuarial accrued liability (UAAL) or the contribution requirements for the retirement plans administered by the Consolidated Public Retirement Board. Namely, PERS, TRS, State Police Plan A, State Police Plan B, JRS, DSRS, EMSRS, MPFRS, NRPORS, and TDC.
Analysis of Impact on Public Pension Policy:
The update to West Virginia Statute from HB 3183 is not expected to materially impact the unfunded actuarial accrued liability (UAAL) or the contribution requirements for the retirement plans administered by the Consolidated Public Retirement Board. Namely, PERS, TRS, State Police Plan A, State Police Plan B, JRS, DSRS, EMSRS, MPFRS, NRPORS, and TDC.
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
HB 3183 updates the West Virginia Statute to add a “confidential information exempt from disclosure” section, §5-10D-15, in an attempt to prevent fraudulent acts. This section will be mirrored after similar language in WV Code §5-10B-12 for the State Deferred Compensation 457 retirement plan.
The update to West Virginia Statute from HB 3183 is not expected to materially impact the unfunded actuarial accrued liability (UAAL) or the contribution requirements for the State retirement plans administered by the Consolidated Public Retirement Board. Namely, PERS, TRS, State Police Plan A, State Police Plan B, JRS, NRPORS, and TDC.
The plans DSRS, EMSRS, and MPFRS consist of local governments and do not impact the costs or revenues of state government.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2025
Increase/Decrease
(use"-") |
2026
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 update to West Virginia Statute from HB 3183 is not expected to materially impact the unfunded actuarial accrued liability (UAAL) or the contribution requirements for the State retirement plans administered by the Consolidated Public Retirement Board. Namely, PERS, TRS, State Police Plan A, State Police Plan B, JRS, NRPORS, and TDC.
The plans DSRS, EMSRS, and MPFRS consist of local governments and do not impact the costs or revenues of state government.
Memorandum
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.
For the appropriate actuarial disclosures, see the corresponding July 1, 2024 funding valuation reports for PERS, TRS, State Police Plan A, ,State Police Plan B, JRS, DSRS, EMSRS, MPFRS, and NRPORS, expected to be published on March 31, 2025.
Kenneth Woodson Jr., the CPRB Board Actuary, is a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries. He meets the Qualification Standards of the American Academy of Actuaries to render the actuarial opinions contained in this Actuarial/Fiscal Note.
Person submitting Fiscal Note: Kenneth M. Woodson Jr.
Email Address: kenneth.m.woodson@wv.gov