| 122nd MAINE LEGISLATURE | |||||||||
| LD 748 | LR 0129(01) | ||||||||
| An Act Requiring Equal Retirement Benefits for Corrections Officers and Mental Health Workers with 25 Years of State Service | |||||||||
| Fiscal Note for Original Bill | |||||||||
| Sponsor: Sen. Gagnon of Kennebec | |||||||||
| Committee: Labor | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Undetermined current biennium cost increase - General Fund | |||||||||
| Undetermined current biennium cost increase - Federal Expenditures Fund | |||||||||
| Undetermined current biennium cost increase - Other Special Revenue Funds | |||||||||
| Fiscal Detail and Notes | |||||||||
| This concept draft proposes to add direct-care mental health workers in the Department of Health and Human Services to the 1998 Special Plan. It is unclear whether the intent of this proposal is to add this group of workers to the special plan on a retroactive or prospective basis. | |||||||||
| Adding this group of employees to the 1998 Special Plan on a prospective basis only will increase the normal cost component of the employer retirement rate for this group from 6.04% to 6.89% beginning in fiscal year 2005-06. | |||||||||
| Adding this group to the 1998 Special Plan on a retroactive basis will also increase the unfunded liability of the Maine State Retirement System. Pursuant to the Constitution of Maine, Article IX, Section 18-A, unfunded liabilities may not be created except those that result from experience losses. The Maine State Retirement System will require one-time additional General Fund appropriations and other funds allocations, the amounts of which can not be determined at this time, representing the full actuarial value of the increase to the unfunded liability. | |||||||||
| It is also unclear as to the specific job classifications that would be included under this legislation. The total cost of this proposal can not be determined until further clarification is provided. | |||||||||