Actuarial Fiscal Note
Date Requested:January 19, 2018
Time Requested:02:51 PM |
| Agency: |
Consolidated Public Retirement Board |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1851 |
Introduced |
HB4219 |
|
|---|
| CBD Subject: |
Education (K12) |
|---|
|
Retirement Systems Impacted by Legislation:
TRS
FUND(S):
TRS 2600
Sources of Revenue:
General Fund
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 makes no changes to benefits provided to active members or retirees of the Teachers Retirement System (TRS), and as such does not change any costs associated with the system. As written, the bill clarifies that employees of education services cooperatives who are providing services of an educational nature will continue to be eligible for membership in the TRS, as is current practice.
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 |
2034 |
N/A |
Explanation of above Actuarial estimates:
This bill makes no change, but only clarifies current practice, and so makes no change to the costs associated with TRS.
Analysis of Impact on Public Pension Policy:
This bill makes no change, but only clarifies current practice, and so makes no change to the costs associated with TRS.
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This bill makes no changes to benefits provided to active members or retirees of the Teachers Retirement System (TRS), and as such does not change any costs associated with the system. As written, the bill clarifies that employees of education services cooperatives who are providing services of an educational nature will continue to be eligible for membership in the TRS, as is current practice.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2018
Increase/Decrease
(use"-") |
2019
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):
This bill makes no change, but only clarifies current practice, and so makes no change to the costs associated with TRS.
Memorandum
This bill makes no change, but only clarifies current practice, and so makes no change to the costs associated with TRS.
Person submitting Fiscal Note: Melody Bailey, Actuarial Analyst, WV CPRB
Email Address: melody.j.bailey@wv.gov