Actuarial Fiscal Note

Date Requested:February 15, 2019
Time Requested:09:20 AM
Agency: Consolidated Public Retirement Board
CBD Number: Version: Bill Number: Resolution Number:
2074 Comm. Sub2 SB1
CBD Subject: Education (Higher), Education (K12)

Retirement Systems Impacted by Legislation:

TRS 2600

FUND(S):

Special Fund

Sources of Revenue:

Creates New Expense

Legislation creates:

TRS



Actuarial Note Summary

Impact this measure will have on the liabilities and contributions associated with the retirement system(s).


    The Committee Substitute (2) for SB 1 establishes Advanced Career Education (ACE) programs and the WV Invests Grant Program.
    
    The increase in cost for TRS from Committee Substitute (2) for SB 1 is expected to be immaterial.
    



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:


    We do not expect a material increase in the TRS employer Normal Cost or Unfunded Actuarial Accrued Liability from the Committee Substitute (2)
    for SB 1.

Analysis of Impact on Public Pension Policy:


    We do not expect a material increase in the TRS employer Normal Cost or Unfunded Actuarial Accrued Liability from the Committee Substitute (2)
    for SB 1.



Fiscal Note Summary


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


    The Committee Substitute (2) for SB 1 establishes Advanced Career Education (ACE) programs and the WV Invests Grant Program.
    
    The increase in cost for TRS from Committee Substitute (2) for SB 1 is expected to be immaterial.
    



Fiscal Note Detail


Effect of Proposal Fiscal Year
2019
Increase/Decrease
(use"-")
2020
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):


    We do not expect a material increase in the TRS employer Normal Cost or Unfunded Actuarial Accrued Liability from the Committee Substitute (2)
    for SB 1.



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.



    Person submitting Fiscal Note: Kenneth M. Woodson Jr., Board Actuary, CPRB
    Email Address: kenneth.m.woodson@wv.gov