123rd MAINE LEGISLATURE
		LD 1630		LR 2477(01)
	An Act To Address an Inequity in the Judicial Retirement System
	Fiscal Note for Original Bill
	Sponsor: President Edmonds of Cumberland
	Committee: Judiciary
	Fiscal Note Required: Yes
Fiscal Note
Current biennium cost increase - General Fund
Fiscal Detail and Notes
	Allowing members of Maine's judiciary with retirement contributions earned in the Maine Legislative Retirement system to fully transfer these contributions to the Maine Judicial Retirement System will increase the normal cost component of the employer retirement rate, resulting in increased employer contributions to the Maine State Retirement System.  This provision will also increase the unfunded liability of the Maine State Retirement System.  The amount can not be determined at this time.  However, the Maine State Retirement System did obtain the actuarial costs relating to the portability of benefits for judges with legislative service in 2005.  At that time, there were three members who would have qualified for the provision.  The cost of the unfunded liability was $264,000 and the increase in the normal cost rate would have been .20% of payroll.  These costs would need to be updated by the actuary if the Joint Standing Committee on Judiciary approves this legislation.