| 122nd MAINE LEGISLATURE | |||||||||
| LD 284 | LR 0018(03) | ||||||||
| An Act To Increase Retired Teachers' Insurance Benefits | |||||||||
| Fiscal Note for Bill as Amended by Committee Amendment " " | |||||||||
| Committee: Labor | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Minority Report | |||||||||
| Fiscal Note | |||||||||
| Projections | Projections | ||||||||
| 2005-06 | 2006-07 | 2007-08 | 2008-09 | ||||||
| Net Cost (Savings) | |||||||||
| General Fund | $11,323,842 | $13,218,012 | $15,068,534 | $17,178,128 | |||||
| Appropriations/Allocations | |||||||||
| General Fund | $11,323,842 | $13,218,012 | $15,068,534 | $17,178,128 | |||||
| Fiscal Detail and Notes | |||||||||
| This bill includes General Fund appropriations of $11,323,842 in fiscal year 2005-06 and $13,218,012 in fiscal year 2006-07 for the Retired Teacher's Health Insurance program within the Department of Education to increase the State's share of funding health insurance for retired teachers from 40% to 75% 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. The General Fund appropriations in this bill may need to be adjusted based on final legislative actions on the "current services" budget. | |||||||||