| 122nd MAINE LEGISLATURE | |||||||||
| LD 579 | LR 1173(01) | ||||||||
| An Act To Supplement Benefits for State Employees and Teachers Whose Pensions Are Subject to Reductions Enacted in 1993 | |||||||||
| Fiscal Note for Original Bill | |||||||||
| Sponsor: Sen. Mills of Somerset | |||||||||
| Committee: Labor | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Undetermined current biennium cost increase - All Funds | |||||||||
| Fiscal Detail and Notes | |||||||||
| This legislation will increase the normal cost component of the employer retirement rate resulting in increased employer contributions to the Maine State Retirement System for State employees and teachers beginning in fiscal year 2005-06. The amount can not be determined at this time. However, estimates based on a previous study indicate that the increase in the normal cost for State employees and teachers would be 0.98% and 0.85%, respectively. These costs will need to be recalculated based on current data. The additional cost to the Maine State Retirement System to manage the funds contributed to the new plan can not be determined at this time and will be determined once more specific information is provided. | |||||||||