Actuarial Fiscal Note
Date Requested:January 23, 2018 Time Requested:12:11 PM |
Agency: |
Consolidated Public Retirement Board |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
2048 |
Introduced |
SB339 |
|
CBD Subject: |
Insurance, Retirement |
---|
|
Retirement Systems Impacted by Legislation:
N/A
FUND(S):
N/A
Sources of Revenue:
Special 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).
The bill provides technical cleanup of definitions for the Retiree Health Benefit Fund, including clarification of employer required definitions in order to meet GASB 75 accounting and financial reporting standards. This fund is not administered by the CPRB, and so questions of actuarial and fiscal impact should be directed to PEIA.
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 |
0 |
N/A |
Explanation of above Actuarial estimates:
The bill provides technical cleanup of definitions for the Retiree Health Benefit Fund, including clarification of employer required definitions in order to meet GASB 75 accounting and financial reporting standards. This fund is not administered by the CPRB, and so questions of actuarial and fiscal impact should be directed to PEIA.
Analysis of Impact on Public Pension Policy:
The bill provides technical cleanup of definitions for the Retiree Health Benefit Fund, including clarification of employer required definitions in order to meet GASB 75 accounting and financial reporting standards. This fund is not administered by the CPRB, and so questions of actuarial and fiscal impact should be directed to PEIA.
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The bill provides technical cleanup of definitions for the Retiree Health Benefit Fund, including clarification of employer required definitions in order to meet GASB 75 accounting and financial reporting standards. This fund is not administered by the CPRB, and so questions of actuarial and fiscal impact should be directed to PEIA.
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):
The bill provides technical cleanup of definitions for the Retiree Health Benefit Fund, including clarification of employer required definitions in order to meet GASB 75 accounting and financial reporting standards. This fund is not administered by the CPRB, and so questions of actuarial and fiscal impact should be directed to PEIA.
Memorandum
The bill provides technical cleanup of definitions for the Retiree Health Benefit Fund, including clarification of employer required definitions in order to meet GASB 75 accounting and financial reporting standards. This fund is not administered by the CPRB, and so questions of actuarial and fiscal impact should be directed to PEIA.
Person submitting Fiscal Note: Melody Bailey, Actuarial Analyst, WV CPRB
Email Address: melody.j.bailey@wv.gov