Supplement: WV SB442 | 2022 | Regular Session
For additional supplements on West Virginia SB442 please see the Bill Drafting List
Bill Title: Relating to WV Public Employee Retirement System
Status: 2022-03-11 - Communicated to Senate [SB442 Detail]
Download: West_Virginia-2022-SB442-.html
SB 442 clarifies in the PERS WV Statute §5-10-14(b) that TRS Tier 2 members who transfer service into PERS can only transfer this service into PERS Tier 2.
In addition, SB 442 adds section §5-10-30(d) to the WV Statute and permits PERS members who are subject to the 105% provision contained in WV Code §5-10-17(b), upon the member's written application filed with the board of trustees, to receive their accumulated contributions.
The updates to West Virginia Statute section §5-10-14(b) and §5-10-30(d) from SB 442 are not expected to materially impact the PERS unfunded actuarial accrued liability (UAAL) or the contribution requirements of PERS.
The updates to West Virginia Statute section §5-10-14(b) and §5-10-30(d) from SB 442 are not expected to materially impact the PERS unfunded actuarial accrued liability (UAAL) or the contribution requirements of PERS.
The updates to West Virginia Statute section §5-10-14(b) and §5-10-30(d) from SB 442 are not expected to materially impact the PERS unfunded actuarial accrued liability (UAAL) or the contribution requirements of PERS.
SB 442 clarifies in the PERS WV Statute §5-10-14(b) that TRS Tier 2 members who transfer service into PERS can only transfer this service into PERS Tier 2.
In addition, SB 442 adds section §5-10-30(d) to the WV Statute and permits PERS members who are subject to the 105% provision contained in WV Code §5-10-17(b), upon the member's written application filed with the board of trustees, to receive their accumulated contributions.
The updates to West Virginia Statute section §5-10-14(b) and §5-10-30(d) from SB 442 are not expected to materially impact the PERS unfunded actuarial accrued liability (UAAL) or the contribution requirements of PERS.
The updates to West Virginia Statute section §5-10-14(b) and §5-10-30(d) from SB 442 are not expected to materially impact the PERS unfunded actuarial accrued liability (UAAL) or the contribution requirements of PERS.
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.
For the appropriate actuarial disclosures, see the July 1, 2021 funding valuation report for PERS, expected to be published on March 31, 2022.
Kenneth Woodson Jr., the CPRB Board Actuary, is a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries. He meets the Qualification Standards of the American Academy of Actuaries to render the actuarial opinions contained in this Actuarial/Fiscal Note.
Person submitting Fiscal Note: Kenneth M. Woodson Jr.
Email Address: kenneth.m.woodson@wv.gov
Bill Title: Relating to WV Public Employee Retirement System
Status: 2022-03-11 - Communicated to Senate [SB442 Detail]
Download: West_Virginia-2022-SB442-.html
Actuarial Fiscal Note
Date Requested:January 20, 2022 Time Requested:02:29 PM |
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Retirement Systems Impacted by Legislation:
PERS 2501FUND(S):
Special FundSources of Revenue:
Creates New ExpenseLegislation creates:
PERSActuarial Note Summary
Impact this measure will have on the liabilities and contributions associated with the retirement system(s).
SB 442 clarifies in the PERS WV Statute §5-10-14(b) that TRS Tier 2 members who transfer service into PERS can only transfer this service into PERS Tier 2.
In addition, SB 442 adds section §5-10-30(d) to the WV Statute and permits PERS members who are subject to the 105% provision contained in WV Code §5-10-17(b), upon the member's written application filed with the board of trustees, to receive their accumulated contributions.
The updates to West Virginia Statute section §5-10-14(b) and §5-10-30(d) from SB 442 are not expected to materially impact the PERS unfunded actuarial accrued liability (UAAL) or the contribution requirements of PERS.
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 | 2035 | N/A |
Explanation of above estimates:
The updates to West Virginia Statute section §5-10-14(b) and §5-10-30(d) from SB 442 are not expected to materially impact the PERS unfunded actuarial accrued liability (UAAL) or the contribution requirements of PERS.
Analysis of Impact on Public Pension Policy:
The updates to West Virginia Statute section §5-10-14(b) and §5-10-30(d) from SB 442 are not expected to materially impact the PERS unfunded actuarial accrued liability (UAAL) or the contribution requirements of PERS.
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
SB 442 clarifies in the PERS WV Statute §5-10-14(b) that TRS Tier 2 members who transfer service into PERS can only transfer this service into PERS Tier 2.
In addition, SB 442 adds section §5-10-30(d) to the WV Statute and permits PERS members who are subject to the 105% provision contained in WV Code §5-10-17(b), upon the member's written application filed with the board of trustees, to receive their accumulated contributions.
The updates to West Virginia Statute section §5-10-14(b) and §5-10-30(d) from SB 442 are not expected to materially impact the PERS unfunded actuarial accrued liability (UAAL) or the contribution requirements of PERS.
Fiscal Note Detail
Effect of Proposal | Fiscal Year | ||
---|---|---|---|
2022 Increase/Decrease (use"-") |
2023 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 updates to West Virginia Statute section §5-10-14(b) and §5-10-30(d) from SB 442 are not expected to materially impact the PERS unfunded actuarial accrued liability (UAAL) or the contribution requirements of PERS.
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.
For the appropriate actuarial disclosures, see the July 1, 2021 funding valuation report for PERS, expected to be published on March 31, 2022.
Kenneth Woodson Jr., the CPRB Board Actuary, is a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries. He meets the Qualification Standards of the American Academy of Actuaries to render the actuarial opinions contained in this Actuarial/Fiscal Note.
Person submitting Fiscal Note: Kenneth M. Woodson Jr.
Email Address: kenneth.m.woodson@wv.gov