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, which are effective until October 31, 2006.

Sec. 5. Technology replacement approval. Of the amount authorized to be expended in section 1 of this Act, $200,000 is a new expenditure request towards the cost of a complete line-of-business automated system that includes within it replacing the current benefits payroll technology, which will become unsupported and 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 and operating costs of the retirement system, $400,000 of this amount must be provided from the system's Administrative Expense Fund established in the Maine Revised Statutes, Title 5, section 17301.

Emergency clause. In view of the emergency cited in the preamble, this Act takes effect July 1, 2006.

SUMMARY

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 13th annual budget. It is for fiscal year 2006-07.

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 continue the funding of a complete line-of-business computer system, including replacement of aging and failing benefits payroll technology.