|
Permitting
teachers who took a leave of absence prior to July 1, 1993 for educational
development activities to purchase up to one year of service credit and, if
purchased prior to July 1, 2009 have that purchased service credit included
in the determination of whether the member had ten years of service credit on
July 1, 1993, will increase the unfunded liability of the Maine State
Retirement System if that determination moves them from a less favorable
retirement plan to a more favorable retirement plan. Pursuant to the constitution of Maine,
Article IX, Section 18-A, unfunded liabilities may not be created except
those that result from experience losses.
The Maine State Retirement System will require a one-time General Fund
appropriation, the amount of which can not be determined at this time,
representing the full actuarial value of the increase to the unfunded
liability resulting from this provision. |