| 122nd MAINE LEGISLATURE | |||||||||
| LD 748 | LR 0129(02) | ||||||||
| An Act Requiring Equal Retirement Benefits for Corrections Officers and Mental Health Workers with 25 Years of State Service | |||||||||
| Fiscal Note for Bill as Amended by Committee Amendment " " | |||||||||
| Committee: Labor | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Potential current biennium cost increase - General Fund | |||||||||
| Current Costs - Legislative Study | |||||||||
| Legislative Study | |||||||||
| The projected costs to fund the general operating expenses of the Commission to Study Eliminating the Normal Retirement Age for Corrections Officers and Mental Health Workers is $2,900 in fiscal year 2005-06. The Legislature's proposed Part I budget includes $30,000 in fiscal year 2005-06 and $20,000 in fiscal year 2006-07 for legislative studies. Whether the amounts are sufficient to fund all studies will depend on the number of studies authorized by the Legislative Council and the Legislature. | |||||||||
| Additional costs to the Maine State Retirement System associated with serving on the Commission can be absorbed utilizing existing budgeted resources. If, during the course of the Commission's work, the services of the System's actuary is needed, there will be additional costs to the Retirement System associated with the actuarial fees. The amount, and the ability of the Retirement System to absorb those costs without a General Fund appropriation, can not be determined at this time. | |||||||||