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 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 estimates (including 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