Actuarial Fiscal Note
Date Requested:February 22, 2017
Time Requested:08:31 AM |
| Agency: |
Consolidated Public Retirement Board |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2451 |
Introduced |
SB355 |
|
|---|
| CBD Subject: |
Retirement |
|---|
|
Retirement Systems Impacted by Legislation:
PERS, TRS, TDC, SPTA, SPTB, JRS, DSRS, EMSRS, MPFRS
FUND(S):
Sources of Revenue:
Other Fund N/A
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 is administrative in nature and proposes language that clarifies payment of Required Minimum Distributions as required under Section 401(a)(9) of the Internal Revenue Code for all plans administered by the CPRB. There are no additional costs to any plan administered by the CPRB.
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 |
N/A |
Explanation of above Actuarial estimates:
Provisions of the bill are administrative in nature and produce no additional costs to any of the plans administered by the CPRB.
Analysis of Impact on Public Pension Policy:
Provisions of the bill are administrative, bringing statute as it relates to Required Minimum Distributions into accordance with Section 401(a)(9) of the Internal Revenue Code.
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
Provisions of the bill are administrative in nature and produce no additional costs to state government.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2017
Increase/Decrease
(use"-") |
2018
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):
Provisions of the bill are administrative in nature and produce no additional costs to state government.
Memorandum
Person submitting Fiscal Note: Melody Bailey, Actuarial Analyst, WVCPRB
Email Address: melody.j.bailey@wv.gov