122nd MAINE LEGISLATURE
LD 284 LR 0018(01)
An Act To Increase Retired Teachers' Insurance Benefits
Fiscal Note for Original Bill
Sponsor: Rep. Canavan of Waterville
Committee: Labor
Fiscal Note Required: Yes
   
             
Fiscal Note
Projections Projections
2005-06 2006-07 2007-08 2008-09
Net Cost (Savings)
General Fund $1,617,692 $1,888,287 $2,152,648 $2,454,018
Appropriations/Allocations
General Fund $1,617,692 $1,888,287 $2,152,648 $2,454,018
Fiscal Detail and Notes
The Retired Teacher's Health Insurance program within the Department of Education will require additional General Fund appropriations of $1,617,692 in fiscal year 2005-06 and $1,888,287 in fiscal year 2006-07 to increase the State's share of funding health insurance for retired teachers from 40% to 45% beginning August 1, 2005. This estimate assumes that health insurance premiums for retired teachers will grow at 7% per year through the 2006-2007 biennium.
The Governor's Current Services Budget for the 2006-2007 biennium includes funding to increase the state's contribution for funding health insurance for retired teachers from 40% to 45% effective July 1, 2005.