Actuarial Fiscal Note

Date Requested:February 03, 2015
Time Requested:09:04 AM
Agency: Consolidated Public Retirement Board
CBD Number: Version: Bill Number: Resolution Number:
2598 Introduced HB2560
CBD Subject: Retirement

Retirement Systems Impacted by Legislation:

TDC and MPFRS

FUND(S):

TDC 2191; MPFRS

Sources of Revenue:

Other Fund State and local govts

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 administrative changes only. 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 provvides for administrative changes for the less than honourable service provisions of TDC. It also adds coverage for the MPFRS.
    

Analysis of Impact on Public Pension Policy:


    Provides that MPFRS be under the same less than honourable service provisions as other CPRB administered plans.



Fiscal Note Summary


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


    This Bill provides for administrative changes only. 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 provvides for administrative changes for the less than honourable service provisions of TDC. It also adds coverage for the MPFRS.
    



Memorandum


    Provides that MPFRS be under the same less than honourable service provisions as other CPRB administered plans.



    Person submitting Fiscal Note: Harry W. Mandel, Board Actuary, MAAA, MSPA, EA
    Email Address: harry.w.mandel@wv.gov