Sec. 4. Collective bargaining agreements approval. The allocations made in section 1 of this Act and the attributions made in section 2 of this Act include the amounts required to fund the collective bargaining agreements approved in Private and Special Law 2003, chapter 34.

Sec. 5. Technology replacement approval. Of the amount authorized to be expended in section 1 of this Act, $200,000 is the initial expenditure request towards the cost of replacing the benefits payroll technology currently used by the Maine State Retirement System. This technology will become obsolete on December 31, 2006.

Sec. 6. Authorization to expend retirement system reserve administrative operating funds. Of the amount authorized to be expended in section 1 of this Act for the administrative costs of the retirement system, $400,000 must be provided from the system's reserve administrative operating funds.

Emergency clause. In view of the emergency cited in the preamble, this Act takes effect July 1, 2005.

SUMMARY

Effective July 1, 1993, the Maine State Retirement System is required by statute to present its annual operating budget to the Legislature for approval. This bill is the system's 12th annual budget. It is for fiscal year 2005-06.

This bill identifies the retirement system's personal services costs and its costs for all other operating expenses.

For information purposes, the bill presents the attribution of expenses to the 3 retirement system member and employer categories: General Fund; Non-General Fund; and Participating Local District.

This bill requests $200,000 to begin funding for a multimillion dollar expenditure to replace aging and soon-to-be- desupported benefits payroll technology.