|
|
|
|
|
|
|
|
130th MAINE LEGISLATURE |
|
|
LD 99 |
|
LR 4(03) |
|
|
|
An Act To Require
the State To Divest Itself of Assets Invested in the Fossil Fuel Industry |
|
Fiscal Note for
Bill as Amended by Committee Amendment " " |
|
Committee: Labor and Housing |
|
Fiscal Note Required: Yes |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fiscal Note |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2021-22 |
FY 2022-23 |
Projections FY 2023-24 |
Projections FY 2024-25 |
| Net Cost
(Savings) |
|
|
|
|
|
|
General Fund |
|
$300,000 |
$300,000 |
$300,000 |
$300,000 |
|
|
|
|
|
|
|
| Appropriations/Allocations |
|
|
|
|
|
|
General Fund |
|
$300,000 |
$300,000 |
$300,000 |
$300,000 |
|
|
|
|
|
|
|
| Fiscal Detail
and Notes |
|
|
|
|
|
|
This bill
includes ongoing General Fund appropriations of $300,000 per year beginning
in fiscal year 2021-22 to a newly created Investment Review program account
within the Maine Public Employees Retirement System (MainePERS) for the
administrative costs to identify, on an ongoing basis, the extent to which
the assets of any state pension or annuity fund are invested in the stocks,
securities or other obligations of any corporation or company, or any
subsidiary, affiliate or parent of any fossil fuel company and to collect the
data required to meet the annual reporting requirement. |
|
According to
MainePERS, both the Maine Constitution and IRS plan qualification
requirements restrict the use of plan assets to the exclusive purpose of
providing retirement and certain related benefits. Because the costs to fulfill the
requirements of this legislation are not associated with providing retirement
benefits it is not appropriate to pay them out of the retirement trust fund. |
|
Additional costs
to the Office of the Treasurer of State to implement the requirements of this
legislation can be absorbed within existing budgeted resources. |
|
|
|
|
|
|
|