Actuarial Fiscal Note

Date Requested:January 14, 2026
Time Requested:07:58 PM

1944	Introduced	SB206
Agency:	Consolidated Public Retirement Board
CBD Number:	Version:	Bill Number:	Resolution Number:
CBD Subject:	Retirement

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 purpose of SB 206 is to allow a person who is elected sheriff of a West Virginia county, and who is not participating in another retirement system administered by the Consolidated Public Retirement Board (CPRB), to retire from PERS provided they have attained the age of 62 with eight or more years of contributing service as an elected sheriff of a West Virginia county.

    At any point in time, the maximum number of county Sheriffs in PERS would be 55, one for each county in West Virginia.

    As of July 1, 2025, there are 35,606 active members in PERS, therefore, the number of sheriffs that would benefit from SB 206 is very small compared to the total active members in PERS.


    Due to the limited number of PERS members impacted by the bill, SB 206 is not expected to materially change the unfunded actuarial accrued liability (UAAL) or the annual contribution requirement 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
Impact On	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	2035	N/A

Explanation of above Actuarial estimates:

Due to the limited number of PERS members impacted by the bill, SB 206 is not expected to materially change the unfunded actuarial accrued liability (UAAL) or the annual contribution requirement for PERS.

Analysis of Impact on Public Pension Policy:

    SB 206 would allow a sheriff, who participates only in the Public Employees’ Retirement System (PERS), to retire upon attaining the age of sixty-two with eight or more years of contributory service as an elected sheriff.

    Currently, PERS Tier 2 members can retire at age 62 with 10 years of eligibility service.

    Therefore, SB 206 would allow a PERS Tier 2 member, who is elected sheriff of a West Virginia county, to retire earlier than a non-sheriff PERS Tier 2 member.

Fiscal Note Summary

Effect this measure will have on costs and revenues of state government.

Fiscal Note Detail

Effect of Proposal	Fiscal Year
Effect of Proposal	2026 Increase/Decrease (use"-")	2027 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 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 July 1, 2025, funding valuation report for PERS, expected to be published in April 2026.

    In particular, future actuarial measurements may differ significantly from current measurements due to System experience differing from that anticipated by the economic and demographic assumptions, changes expected as part of the natural operation of the methodology used for these measurements, and changes in system provisions or applicable law or regulations. An analysis of the potential range of such future differences is beyond the scope of the request addressed here.

    Regarding Actuarial Standards of Practice 51, the risk assessment for PERS is not expected to materially change because of SB 206.

    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